30 Sep 2004 17:48
30.09.2004 17:40:24 Commodities News Summary
TOP NEWS
> UPDATE 1-Europe gold scores new 5-1/2 month peak [nL30562680]
LONDON - Gold scaled new 5-1/2 month peaks in Europe on Thursday, moving above $417 an ounce as funds seized on a struggling dollar to extend their positions in bullion, dealers said.
Silver responded strongly as funds spread their purchases, with the industrial and precious metal moving to levels last seen five weeks ago around $6.90.
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METALS > UPDATE 4-S.Africa Implats hit by strike, Angloplat [nL30343700]
JOHANNESBURG - Work at the world's second largest platinum producer ground to a halt on Thursday as workers launched a strike against Impala Platinum (/IMPJ.J), but a planned stoppage at Angloplat (/AMSJ.J) was delayed again.
Workers started the Implats stoppage late on Wednesday, when wage talks reached deadlock between union officials and Implats, which accounts for nearly a third of world platinum supply.
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> Codelco sets record copper premium for Europe in 0 [nL30249564]
LONDON - Chile's state-owned Codelco, the world's largest copper producer, has set 2005 copper cathode premium for Europe at $115 a tonne, a record high, an official with its London office said on Thursday.
This compared with its 2004 premium of $60 over the London Metal Exchange cash price.
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> Chalco set to lift alumina price by 200 yuan -trad [nL30185917]
LONDON - The world's No.2 alumina producer, state-owned Aluminium Corp of China Ltd. (Chalco) (/2600.HK), is set to lift its prices by more than five percent in response to higher import prices, traders said on Thursday.
Chalco, the country's dominant supplier, will charge another 200 yuan ($24) a tonne for 2004 alumina contracts, taking its sales price to 4,130 yuan ($499) from 3,930.
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> Spain workers to strike at Atlantic Copper smelter [nL30250662]
MADRID - Workers at Atlantic Copper's smelting plant in Huelva, Spain, have called strikes for four days in October to protest against a company plan to cut 75 jobs, a union leader said on Thursday.
An Atlantic Copper spokeswoman confirmed the company had presented a plan to cut jobs but declined further comment.
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GRAINS/LIVESTOCK > Frost across northern US Midwest may damage corn, [nN30505818]
CHICAGO - Frosty weather on Saturday and early next week across the northern Midwest may harm some of the immature U.S. corn and soybean crops, a private forecaster said Thursday.
Temperatures early Saturday across the northwestern U.S. Midwest were expected to hit lows of 28 to 35 degrees Fahrenheit, while equivalent readings were forecast for the western Corn Belt on Monday and Tuesday and the eastern belt on Tuesday and Wednesday, said Meteorlogix forecaster Joel Burgio.
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> World grain markets on hold till early 2005-analys [nL302446]
GENEVA - World grain markets will continue to feel supply-driven price pressure for the next few months but bullish trends could re-emerge around February next year, a leading analyst said on Thursday.
Large corn (maize) and wheat crops around the world have depressed prices and markets have little upside until the new northern hemisphere crop cycle and possibly China returns as a net importer, Dan Basse, President of AgResource, told the Global Grain 2004 conference.
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> EU seen on course to approve more gene foods [nL29183509]
BRUSSELS - The European Union's executive arm will open the door to imports of more genetically modified (GMO) foods over the next 12 months despite deep divisions among the EU's 25 member states over the whole issue of biotechnology, diplomats say.
The EU's quirky process for taking decisions means the rifts among national governments make it easy for the executive Commission to apply the rubber stamp to GMO applications.
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> India's soybean output seen up on area rise, rains [nBM21016]
BOMBAY - India's soybean output is likely to rise 5.5 percent to 7.31 million tonnes in the winter season from a year ago because of a rise in crop area and improved rains in September, an industry official said on Thursday.
But soymeal exports from this year's harvests are expected to fall to about 3 million tonnes from 3.45 million in the previous year on rising domestic consumption, Rajesh Agrawal, chairman of the Soybean Processors Association of India, told Reuters.
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> UPDATE 1-IGC ups wheat, coarse grain output foreca [nL30158801]
LONDON - The International Grains Council (IGC) upped its forecast for world wheat output for the fourth month in a row on Thursday, reflecting expectations of bigger crops in Europe.
In its latest report, the IGC said global wheat output would come in at around 615 million tonnes this season, one million tonnes higher than its August estimate and 11 percent up on the 554 million estimated for 2003/04.
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> EU's Turkey study underlines farm, trade problems [nL30630830]
BRUSSELS - Turkey needs to liberalise its protected farming sector and drop restrictions on EU imports of items like beef as part of long preparations to join the bloc, a European Commission study said on Thursday.
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SOFT COMMODITIES
> Ivory Coast Oct-Aug cocoa beans exports slide [nL3033059]
ABIDJAN - Ivory Coast cocoa bean exports totalled 999,864 tonnes from October to August of the 2003/2004 season, down about seven percent from the same period last season, port data showed on Thursday.
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> EU sells 213,000 T white sugar at tender -trade [nEUSUG1]
LONDON - The European Union sold 213,000 tonnes of white sugar at a maximum rebate of 45.415 euros per 100 kg at Thursday's tender, traders said.
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> Madagascar suffers collapse in vanilla income [nL30155739]
ANTANANARIVO - Madagascar, the world's top vanilla producer, is facing a collapse in export earnings following a slump in last year's surging prices, a top industry official said on Thursday.
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© Reuters 2004
