13 Okt 2004 18:03
13.10.2004 17:58:22 Commodities News Summary
TOP NEWS
UPDATE 2-Copper price collapses, oil and equities [nL13498792]
LONDON - Copper prices dived nearly 10 percent in London and eight percent in New York on Wednesday as investment funds jettisoned holdings and took profits after driving it to 16-year highs on Monday.
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> UPDATE 1-Europe gold falls on firm dollar, $410 su [nL1390947]
LONDON - Gold fell in Europe on Wednesday, coming under pressure from a stronger dollar and a general washout in commodity markets across the board, traders and analysts said.
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> Commodity companies' stocks fall with metal prices [nN13603415]
NEW YORK - Shares of mining and steel companies fell in the biggest single-day commodities decline in more than two years on Wednesday as copper and other metal prices fell from recent highs.
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METALS
> London mining shares sink as LME prices tumble [nL13434548]
LONDON - London's major listed mining stocks were hammered across the board on Wednesday as metal prices, copper in > particular, plunged on a wave of corrective selling by London Metal Exchange traders.
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> Angloplat says most workers on job despite strike [nL1338873]
JOHANNESBURG - Most workers at the world's largest platinum producer Anglo American Platinum (/AMSJ.J) returned to work on Wednesday despite the main union seeking to press on with a strike, the company said.
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> UPDATE 1-Most Zimbabwe mine workers back to work - [nL13271507]
HARARE - Zimbabwe's main mining body said on Wednesday the majority of workers had gone back to work after the government ordered unions to call off a five-day strike that could threaten export earnings.
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> Russia RUSAL may build 1 mln T alumina plant [nL13273591]
ST.PETERSBURG - Russia's top aluminium producer RUSAL may build an alumina plant with an estimated capacity of 1 million tonnes of intermediate product per year by 2010-2011, a regional official said on Wednesday.
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> Chalco gets go-ahead for Shanxi alumina project [nHKG246088]
HONG KONG - Aluminum Corp. of China Ltd. (Chalco) (/2600.HK) is set to start building a new alumina refinery in Shanxi province after getting approval from the local government, industry and company officials said on Wednesday.
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> INTERVIEW-No let-up in Chinese copper demand -Phel [nCUL256811]
LONDON - Measures taken by the Chinese government this year to cool its overheated economy did not suppress the appetite of the most populous nation for copper to feed its construction boom, the chief executive of no. 2 copper producer Phelps Dodge (/PD.N) said.
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> UPDATE 2-Singapore LME aluminium stocks rise 22 pe [nSP244555]
SINGAPORE - Aluminium stocks in Singapore's London Metal Exchange warehouses rose by almost 22 percent on Wednesday to 105,850 tonnes, data from the exchange showed.
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> INTERVIEW-Codelco Teniente wants front seat in cop [nN13709208]
RANCAGUA, Chile - While Chile's El Teniente copper mine is putting the finishing touches on a major expansion, it is already looking ahead to its next big leap in output to feed what it sees as unrelenting global appetite for the metal.
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GRAINS > CBOT soybeans sag on record US crop outlook, harve [nN13611070]
CHICAGO - Chicago Board of Trade soybean futures sagged on Wednesday while soyoil futures and deferred soymeal set contract lows on forecasts for a record U.S. soy crop this year and excellent harvest progress, brokers said.
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> CBOT wheat sags on setback, spread unwinding [nN1314656]
CHICAGO - Soft red winter wheat futures at the Chicago Board of Trade were lower on Wednesday on a setback from Tuesday's rally, traders said.
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> ANALYSIS-Southern Africa faces dry weather threat [nL13606036]
JOHANNESBURG - Raised sea temperatures indicate Southern Africa faces a weak El Nino weather pattern, with reduced rains in the next few months threatening the coming year's crops, forecasters say.
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> Saskatchewan harvest 76 pct complete-report [nN13732256]
WINNIPEG, Manitoba - Farmers in the Canadian Prairie province of Saskatchewan were finished with 76 percent of harvest as of Oct. 10, the provincial government said in its crop report.
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> UPDATE 2-ONIC sees brighter French grain export ou [nL13456612]
PARIS - French grain export prospects have brightened following a big wheat sale to China and a European Union decision to restart subsidies on barley exports, national cereals office ONIC said on Wednesday.
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> Canada grain weighers return but inspectors strike [nN133648]
WINNIPEG, Manitoba - Canadian grain weighers returned to work on Wednesday but inspectors were still on strike, a spokesman for the Canadian Grain Commission said on Wednesday.
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> Forecasters warn of extra-cold winter in Britain [nL13492942]
LONDON - Get out your woollies -- forecasters who accurately predicted a wet summer say it's going to be extra chilly in Britain this winter.
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> UPDATE 1-Ukraine grain exports jump to 1.2 mln T i [nL13302633]
KIEV - Ukraine's grain exports rose to 1.2 million tonnes in September 2004 from 757,000 tonnes in August and 219,000 tonnes in July, a Kiev-based agriculture agency said on Wednesday, far below figures provided by the government.
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> Denmark, Italy call for EU task force on GMO crops [nL13286883]
BRUSSELS - Denmark and Italy will argue next week that Europe needs a special task force to help EU countries decide how their farmers should separate different crop types, particularly biotech, officials said on Wednesday.
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COCOA/COFFEE/SUGAR > Colombia Sept. coffee exports and production fall [nN1311982]
BOGOTA, Colombia - Colombian coffee exports fell to 472,000 60-kg bags in September from 744,000 bags in the same month last year, the Colombian Coffee Growers' Federation said on Wednesday.
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> Pakistan sugar output seen falling in 2004/05 [nISL176563]
KARACHI - Pakistan sugar production is expected to decline in the year from November to 3.3 million to 3.4 million tonnes from a year-earlier 4.0 million tonnes, industry officials said on Wednesday.
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© Reuters 2004
