Beiträge von GoldenCentury

05 Okt 2004 18:14

05.10.2004 18:05:57 Commodities News Summary

TOP NEWS
> UPDATE 1-Platinum firms restart wage talks on endi [nL05647992]

JOHANNESBURG - The world's two biggest platinum producers said on Tuesday they were going back to the negotiating table to try to end strikes that started last week.

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> EU to review national GMO bans from moratorium era [nL05640525]

BRUSSELS - Six EU governments face pressure to scrap national bans on certain gene-spliced foods that had been approved for growing and processing before the bloc began its 1998-2004 biotech ban, officials said on Tuesday.

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> COMEX copper firms on prospects for Chile strike [nN05397845]

NEW YORK - U.S. copper futures posted moderate gains Tuesday morning as they took a half-hearted cue from prospects for a Chilean strike later this week and a softer dollar, traders said.

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> Europe gold ends on firm note, eyes dollar/euro [nL05191751]

* Spot gold rises to $415.60/416.35 per troy ounce by the European market close on Tuesday at 1515 GMT, against $413.80/414.55 quoted in New York late on Monday.

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> Crop-munching African locusts head north and west [nL0514530]

NDANDE, Senegal - Swarms of desert locusts which have ravaged crops across impoverished West Africa are expected to move north over the coming weeks, the U.N. Food and Agriculture Organisation (FAO) said on Tuesday.

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METALS > UPDATE 4-Australia's BHP plans up to A$1.5 bln buy [nSYD32511]

MELBOURNE - BHP Billiton Ltd./Plc. (/BHP.AX) (/BLT.L), the world's largest diversified miner, said on Tuesday it would buy back up to A$1.5 billion ($1.1 billion) of its Australian-listed shares, driving the stock to a record high.

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> UPDATE 1-Codelco sees 2005 copper output at 1.7 ml [nN04252338]

VINA DEL MAR, Chile - Chile's state-owned Codelco, the world's largest copper producer, expects to produce about 1.7 million tonnes of copper in 2005, similar to expected 2004 volumes, the company's chief executive said on Monday.

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> RusAl to invest $1 bln in Venezuela bauxite/alumin [nN05286145]

CARACAS, Venezuela - Russian aluminum producer RusAl plans to invest $1 billion in a project to mine bauxite in Venezuela and build a 1-million-tonne alumina plant in the South American country, Venezuelan Vice President Jose Vicente Rangel said Tuesday.

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> UPDATE 1-S.African DRD lays off 1,619 workers, cos [nL05562777]

JOHANNESBURG - South African gold miner Durban Roodepoort Deep (DRD) (/DURJ.J) said on Tuesday it had laid off 1,619 workers in a restructuring of its loss-making Blyvoor mine.

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GRAINS/LIVESTOCK > UPDATE 1-S.Korea's Nonghyup Feed buys max 155,000 [nSEO146554]

SEOUL - South Korea's Nonghyup Feed Inc. has bought between 145,000 and 155,000 tonnes of optional-origin corn for feed production for December arrival, traders said on Tuesday.

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> EU's next farm chief names 3 Danes to inner circle [nL0547582]

BRUSSELS - Incoming EU agriculture chief Mariann Fischer Boel has named three fellow Danes to top positions in her inner circle to help advise her over the next five years, officials said on Tuesday.

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> Brazil 05/06 soy export registers shadow of yr ago [nN30585997]

SAO PAULO, Brazil - Brazilian soybean and product registrations for export in 2005/06 (Feb/Jan) were a mere pittance of registrations at this time last year, Brazil's Vegetable Oils Industry Association (Abiove) said on Tuesday.

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> Indonesia eyes biodiesel as palm oil output grows [nJAK312651]

JAKARTA - Indonesia is exploring the biodiesel market as world palm oil demand stagnates, especially as it plans to double palm oil area to 10 million hectares over the next 30 years, officials said on Tuesday.

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COCOA/COFFEE/SUGAR > French teargas stone-hurling Ivory Coast militants [nL0593944]

ABIDJAN - Demonstrators hurled rocks at French soldiers outside their base in Ivory Coast's main city of Abidjan on Tuesday and troops used teargas to try to disperse them.

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> India seen boosting sugar demand into 2005 - FAO [nL05275075]

LONDON - India, the world's biggest sugar consumer, is expected to raise sugar imports later this year and in 2005 to compensate for declining stocks after a poor harvest, a United Nations sugar expert said on Tuesday.

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> Conroy finds more gold mineralisation in Ireland [nL0585578]

LONDON - AIM-listed Irish based Conroy Diamonds and Gold (/CDG.L) Plc said on Tuesday it found more high-grade gold mineralisation in the Armagh-Monaghan Gold Belt.

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> UPDATE 1-Ivory Coast cocoa arrivals 1,379,894 T by [nL05618108]

ABIDJAN - Cocoa arrivals at ports in Ivory Coast reached 1,379,894 tonnes between the start of the 2003/04 (Oct-Sept) campaign and September 15, official data from the Coffee and Cocoa Bourse (BCC) showed on Tuesday.

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05 Okt 2004 16:08

05.10.2004 16:01:36 COMEX gold up early, weak dollar restores confidence

NEW YORK, Oct 5 (Reuters) - COMEX gold steadied Tuesday after its pullback from last week's highs, helped by a weaker dollar, another record oil price, and concern that these could foreshadow inflation.

At 9:20 a.m. EDT (1320 GMT), December gold was up $1.70 at $417.30 an ounce, winning back some of Monday's $5.60 decline. The range was $414.50 to $418, with traders keeping Friday's 5-1/2 month high at $421.90 in sight.

Spot was quoted at $415.35/6.10, up from $413.80/4.55 at the close. London's early fix was $414.25.

"It's a little bit of buying off the crude and we're making new highs on the euro. It held $413.30 yesterday and it's trying to inch back up here, but there's no volume," a floor broker said, mentioning a technical level arising from several recent daily lows and highs.

At the NYMEX energy pits, oil came within 10 cents of $51 a barrel Tuesday morning on the ACCESS electronic trading system. Gold has been following crude. Investors see it as a store of value if soaring energy costs spread in the economy, and undermine the dollar's purchasing power.

"It's knocking on the door there. Basically we're trading within a small range in gold this morning," said Frank Aburto, a bullion trader with F.C. Stone. "It's just marking time. But to me, it looks a little steadier for the day at least."

Gold has also been supported by instability in Iraq, fears of al Qaeda attacks and uncertainty before the November U.S. presidential election.

Funds loaded up on the safe-haven metal, but have not built a long position as big as the extreme seen early this year when gold futures reached 16-year highs above $430 an ounce.

December silver was up 8.0 cents at $6.845 an ounce, trading from $6.72 to $6.85. On Friday it touched $7.00 for the first time since Aug. 20, but fell sharply on Monday.

Spot silver fetched $6.78/81, up from $6.72/75 late Monday. The fix was $6.735.

NYMEX January platinum was up $6 at $835 an ounce, finding its footing after a $31 fall Monday. Spot was at $832.00/836.00.

December palladium was up $2.60 at $219.70 an ounce. Spot palladium last traded at $214.00/218.00.

© Reuters 2004

05 Okt 2004 11:47

05.10.2004 11:45:01 Base metals barely budge in subdued LME premarket

LONDON, Oct 5 (Reuters) - London Metal Exchange (LME) base metals put in a mixed performance on Tuesday during routine premarket trade.

Dealers attributed low liquidity to the absence of Chinese players, with markets there closed until Thursday for a national holiday.

Copper nosed back into positive territory after warehouse stocks fell on Tuesday. Given the metal's widening backwardation, some had feared further rises after the previous session's inflow of over 8,000 tonnes.

Three months gained $2 to $2,985.5/89.5 a tonne by 0936 GMT, but lacked the impetus to regain the psychological $3,000 level.

"There's really not much happening. They're all holding quite well," one trader said.

Base metals saw impressive gains across the complex last week as investment funds returned to buy.

Traders were waiting for further direction later in the day when Federal Reserve Chairman Alan Greenspan is due to comment on the state of the U.S. economy.

Later in the week, non-farm payrolls would be scrutinised.

"Nearer term, the metals are likely to consolidate current levels in the absence of Chinese liquidity," Martin Fewings, base metals analyst with Mitsui Bussan said in a report.

Aluminium stuck to narrow ranges, with price dips still seen well supported. The metal was indicated at $1,825/28 from $1,823.

Nickel added $25 to $15,600/700 a tonne, with further inflows of full plate cathode into the Gothenburg warehouse keeping the market on the defensive.

Analysts said nickel was attempting to find an equilibrium level following last week's extreme volaitlity.

"The broad uptrend remains in place and will be negated only by a close below $14,200," Robin Bhar, metals analyst with Standard Bank London, said in a report.

Lead gained $19 to $925/29, while tin dropped $100 to $9,050/9,100.

Traders said zinc continued to attract CTA-type buying, gaining $9.5 to $1,137/40, having earlier scored a fresh six-month peak at $1,142.50 a tonne.

05 Okt 2004 10:06

05.10.2004 09:57:38 TECHNICALS-Gold seen in narrow range, eyes dollar

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SPOT NY CLOSE * SUPPORT * RESIST * RSI14 * MA10 * MA30
GOLD 418.85/9.60 * 414.00 * 421.00 * 78.4 * 412.13 * 406.54
SILVER 6.89/6.92 * 6.70 * 7.00 * 84.7 * 6.58 * 6.47
PLAT 858.00/2.00 * 825.00 * 875.00 * 51.9 * 852.50 * 849.10
----------------- VIEWS FROM THE MARKET - Oct 5 ---------------

LONDON, Oct 5 (Reuters) - Gold is seen steady in a range on Tuesday, with short-term direction still tied to currency moves, traders and analysts said.

The market would also watch oil prices, with New York's benchmark crude contract popping back over $50 a barrel overnight.

Traders said the market had come under pressure the previous day in the absence of any declarations from Friday's G7 meeting about gold sales by central banks.

The dollar hit one-week highs agains the euro on Tuesday, although currency markets were awaiting comments from Federal Reserve Chairman Alan Greenspan on the U.S. economy later in the day.

GOLD - Seen range-bound, with risk skewed to the upside.

"The key and main issue is going to be the dollar/euro," said Frederic Panizzutti of MKS Finance in Switzerland.

He said gold might test $418 an ounce if the euro strengthened significantly during the day.

"We're in a $412-418 range for now and only a sharp recovery in the euro could help gold to move back up and over $418," Panizzutti said.

ScotiaMocatta put support from Monday's low of $411 down to $408, with a break of that opening the way to a test of $405.

Dresdner Kleinwort Wasserstein said the previous day's selling had stalled recent upward momentum.

"We don't rule out further selling into rallies over the next couple of days although upcoming physical demand should give support."

The euro was quoted at $1.2283/86 by 0738 GMT, off its one-week low of $1.2257 hit in New York on Monday.

Benchmark oil futures were higher at $50.26/bbl.

At 0741 GMT spot gold was quoted little changed at $413.75/414.50, from New York's late quote on Monday of $413.80/414.55.

SILVER - Seen vulnerable to long liquidation having failed to crack its $7.00 target the previous day.

"Expect support from (Monday's) low $6.67 to $6.65, although a convincing break will encourage further selling with a goal of $6.51," ScotiaMocatta said.

At 0745 GMT spot silver was quoted unchanged at $6.72/6.75.

PLATINUM - Seen shaky after Monday's $40 sell-off.

"Though trend indicators are now pointing south, the question is whether this consumer interest is strong enough to help platinum to find a bottom around $820 or whether there is more selling to come," Dresdner's Zumpfe said.

He saw a target of $800 in the event of selling.

Platinum fell as low as $815 an ounce on Monday, its lowest since July 30, disregarding news that work stoppages at the world's largest producer Angloplat could affect output.

At 0749 GMT spot platinum was quoted at $828.00/833.00, gaining $2.00 on New York's close.

Mache auch wieder mit!

Gruss
GC

04 Okt 2004 17:51

04.10.2004 17:19:39 Commodities News Summary

TOP NEWS
> UPDATE 1-Angloplat says platinum strike starts to [nL04623674]

JOHANNESBURG - A strike at the world's biggest platinum producer Angloplat (/AMSJ.J) has started to hit output, but only 30-40 percent of the workforce is taking part, the firm said on Monday.

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> UPDATE 2-Platinum drops sharply in Europe despite [nL0480103]

LONDON - Precious metal platinum dived to its lowest in more than nine weeks on Monday in Europe as the market ignored comments from the world's biggest producer saying that strike action was affecting output, dealers said.

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> UPDATE 2-Bird flu kills nine-year-old Thai girl, 3 [nBKK17246]

BANGKOK - Asia's bird flu epidemic, which experts fear could spawn a human pandemic, has claimed its 31st victim, a nine-year-old Thai girl who had contact with infected chickens at home.

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> Fear stalks village of Thai bird flu victim [nBKK13744]

KAMPHAENG PHET, Thailand - In a crowded hospital lobby in northern Thailand, masked patients wait to see the doctor, worried that the smallest cough could lead to death.

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METALS > INTERVIEW-Outokumpu sees no squeeze in nickel mark [nL01563121]

STOCKHOLM - Finland's Outokumpu (/OUT1V.HE) has not seen a squeeze in the market for nickel -- crucial for stainless steel manufacturers -- and that prices should fall by the second half of 2005, its president told Reuters on Friday.

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> UPDATE 1-India's National Aluminium raises product [nBM30336]

BOMBAY - State-run National Aluminium Company Ltd. , India's second-largest aluminium maker, said on Monday it had raised metal prices by 2,500 rupees per tonne.

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> FEATURE-Brazil gold rides new investment wave [nN03438498]

RIO DE JANEIRO, Brazil - A new wave of miners and investors, attracted by higher bullion prices and a clampdown on illegal small-scale mining, is reviving Brazil's run-down gold mining industry.

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> Billion-dollar copper lawsuit starts in UK court [nL0489139]

LONDON - A lawsuit between Japan's Sumitomo Corp and metals broker Credit Lyonnais Rouse (CLR), the final legacy of 1996's multi-billion-dollar copper market scandal, started on Monday in Britain's High Court.

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GRAINS/LIVESTOCK
> France expected to announce big China wheat deal [nL04230732]

PARIS - A major grain export deal with China should be announced this weekend during a visit to the country by President Jacques Chirac, French traders said on Monday.

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SOFT COMMODITIES
> Licht sees flat 04/05 world sugar output yr/yr [nL0496531]

LONDON - World sugar output is expected to remain little changed year-on-year at 143.9 million tonnes in 2004/05, and demand is seen up two to three million tonnes, possibly to 144-145 million, German analyst F.O. Licht said.

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> UPDATE 1-Funds set sights on sugar, ABN AMRO says [nL0479209]

LONDON - Hedge funds are pouring fresh money into sugar markets on the promise of better returns than alternative investments, Netherlands-based bank ABN AMRO said on Monday.

"Hedge funds are the new kings of the sugar market and are set to influence prices in the medium term," ABN AMRO said.

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> Ivory Coast main cocoa harvest gathers pace [nL03588371]

OURAGAHIO, Ivory Coast - Ivory Coast's main cocoa harvest is gathering pace but growers are reluctant to sell beans before a new minimum indicative price is set for 2004/05, farmers and buyers in a major growing region said.

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© Reuters 2004

04 Okt 2004 17:53

04.10.2004 17:33:21 Europe gold closes sharply down, platinum tumbles

* Spot gold falls to end at $412.75/413.50 per troy ounce by 1515 GMT, compared with $418.85/419.60 late in New York on Friday.

* Gold under pressure from firm dollar versus the euro , softer oil price below $50 a barrel and large spec exposure. Euro last at $1.2267.

* Platinum tumbles to lowest in over nine weeks at $815.00/820.00 by 1528 GMT from $858.00/862.00 in New York late on Friday.

* Platinum market players sell despite news that production at the world's biggest producer Angloplat (/AMSJ.J) has started to be affected by a strike.

* Silver falls in line with losses in gold to $6.71/6.74 from $6.89/6.92 late on Friday in New York.

* Palladium follows platinum down to $213.00/218.00 from $218.50/223.50 previously.

04 Okt 2004 11:54

04.10.2004 11:40:31 Copper pares gains on stock rise in LME pre-market

LONDON, Oct 4 (Reuters) - Copper prices were braked by stock increases in Monday's early pre-market on the London Metal Exchange (LME), while fund buying shored up zinc and aluminium, traders said.

Analysts expected a period of consolidation, with further gains possibly ahead, after the sharp jump in prices of most metals last week.

Copper was buoyant in early trade, peaking at $3,015.50 a tonne, before news of inflows into Singapore warehouses caused a wobble.

"The fact that stocks are up has taken the shine off a little bit," one trader said. "We've just got to keep an eye on stocks over the next couple of days. This could be the start of more coming in."

LME inventories rose 8,350 to 100,150 tonnes on Monday.

Three months was quoted at $2,996/3,001 by 0908 GMT, up $1 on Friday's evening kerb close.

Sempra Metals economist John Kemp said fund interest in New York COMEX copper had jumped to its highest in several months.

The number of funds with positions of all types was running at its highest since October/November 2003, while the average position was the highest since February 2004 and well above the norm for the past 10 years.

"The significant increase in fund involvement is probably a source of fragility," he said in a report. "It is unlikely the funds will boost their position much further."

Technically. however, copper's performance had opened the way for a re-test of March's near nine-year high of $3,055. Copper peaked at $3,019 last Thursday.

The cash/threes backwardation remained firm at $130/135, up from $125/135 at the end of last week.

Traders said fund buying buoyed aluminium and zinc in early trade, although the former then gave up most of its gains after copper fell.

Aluminium was last quoted at $1,824/28, up $4. Zinc gained $23 to $1,130/33, not far from last week's six-month high of $1,140.

Robin Bhar of Standard Bank London said in a daily report that talk continued to circulate of surplus aluminium in Asia in the process of being warranted, which could be reflected soon in rising stocks.

Aluminium stocks in LME warehouses have more than halved since the start of the year, totalling 682,800 tonnes as of Monday.

Lead added $4 to $910/915 a tonne. Tin shed $100 to 9,050/9,150.

Nickel drifted down to $15,750/15,900 from $15,900, but was seen subdued as traders licked their wounds after last week's extreme volatility.

The metal gained nearly $1,600, or 10 percent, last Thursday, only to give back most of that in the following session.

04 Okt 2004 10:04

04.10.2004 10:02:20 TECHNICALS-Gold seen firm, eyes dollar/oil

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SPOT NY CLOSE * SUPPORT * RESIST * RSI14 * MA10 * MA30
GOLD 418.85/9.60 * 414.00 * 421.00 * 78.4 * 412.13 * 406.54
SILVER 6.89/6.92 * 6.70 * 7.00 * 84.7 * 6.58 * 6.47
PLAT 858.00/2.00 * 825.00 * 875.00 * 51.9 * 852.50 * 849.10
----------------- VIEWS FROM THE MARKET - Oct 4 ---------------

LONDON, Oct 4 (Reuters) - Gold's direction will remain tied to the dollar and oil prices, with last week's positive performance setting the precious metal up to test $420/25 an ounce, traders said on Monday.

Early trade was very subdued, slipping against late levels at the end of last week in New York as the dollar firmed a little and oil prices fell back under $50 a barrel.

"Light oil and dollar related profit taking has been seen from Asian players this morning, but overall gold seems happy to follow the course of least resistance, which for the time being is higher," James Moore of TheBullionDesk.com said in a daily note.

GOLD - Chart analysts see prospects for further gains.

"This view is given added weight by the fact that the 10-day and 30-day moving averages, having crossed last week, are now diverging," Angus MacMillan, metals strategist with Prudential Bache said in a weekly note.

He noted however that recent buying activity had pushed the RSI well into overbought territory.

"It is very hard to give a forecast given the quiet trading conditions," a German trader said.

"We have to keep an eye on the oil price, but we need some fresh impetus to get us going again."

He noted gold priced in euros (XAUEUR=R) remained strong, trading at 337.00 euros an ounce, not far from a peak of 339.44 at the end of August.

The dollar gained to trade around $1.2370, up from levels of $1.2417 at the end of last week, with little market-moving news coming from Friday's meeting of the Group of Seven industrial nations.

Benchmark oil futures were steady at $49.70/bbl, slightly off Friday's close above $50.

If gold manages to crack $420/25, it will then look to take out a peak at $430.40 from April, which was 10 cents off January's 15-year high.

At 0748 GMT spot gold was quoted at $417.00/417.75, down from New York's close on Friday of $418.85/419.60.

SILVER - Upside seen limited given overbought indicators. Will continue to take its lead from gold and the base metals complex.

"Expect further scale up selling to appear from (Friday's) high ($6.94) to $7.00," ScotiaMocatta said in a report.

MacMillan pegged support at the 200-day moving average around $6.47.

At 0752 GMT spot silver was quoted at $6.85/6.88, down four cents.

PLATINUM - Drifts lower and seen mainly stagnant, gleaning support though from ongoing labour disputes in South Africa.

"While the strike activities...are unlikely to cause a physical shortage in the short term, it should nevertheless continue to lend psychological support to the metal," Alexander Zumpfe of Dresdner Kleinwort Wasserstein said in a report.

At 0755 GMT spot platinum was quoted at $853.00/858.00, a loss of $3.00 on New York's close

01 Okt 2004 14:38

01.10.2004 14:27:10 INTERVIEW-Investors scared of putting money into Russia-Mobius

By Elif Kaban

MOSCOW, Oct 1 (Reuters) - Emerging markets investment guru Mark Mobius, who has a long history of investing in Russia, said on Friday that portfolio investors remain scared of the country because of worries about law and order and minority shareholder rights.

The man overseeing $12 billion at Templeton Asset Management said he was unlikely to put substantial amounts of new money into Russia soon due to concerns about corporate governance.

"The big question mark for investors in Russia is law and order. And the judicial system and taxation and the court system. That is the key and they aren't getting any better," Mobius told Reuters.

Templeton's global funds, which account for $8.7 billion of total managed assets of $12 billion, are underweight in Russia.

Its main holding is LUKOIL (/LKOH.RTS), in which U.S. ConocoPhillips (/COP.N) bought a 7.6 percent stake this week and is tendering for another 2.4 percent. Mobius is a member of Lukoil's board.

Templeton's overall Russia exposure is now around $340 million -- down from some $500 million a year ago. That's below three percent of total assets.

GROWING CRITICISM
Mobius' remarks are a strong indication that the state's judicial onslaught against oil giant YUKOS (/YUKO.RTS) is having a longer-term effect on the Russian investment climate.

They come amidst growing international criticism of Russian President Vladimir Putin for undermining his country's fragile democracy and expanding the Kremlin's role in running strategic oil and gas companies.

Many business figures in Russia as well as bullish market analysts have rationalised the campaign against Yukos' founder Mikhail Khodorkovsky as a one-off punishment for his political ambitions.

YUKOS, Russia's largest oil exporter accounting for a fifth of domestic output and two percent of global output, has lost two-thirds of its value since the arrest of Khodorkovsky a year ago for tax evasion and fraud.

But Mobius, who has been investing in emerging markets for more than 30 years, fears Khodorkovsky may not be the last.

"The same thing could happen with any of these companies. It's a real gamble," said Mobius, who no longer holds shares in YUKOS.

"I don't see how the government can ignore the YUKOS situation. It's an ongoing thing. People have lost a lot of money, so there has to be clarity. Have you seen any announcement from the government about how they'll protect the rights of minorities in such cases? I haven't," he said.

"I'm not saying it's wrong to do what they've been doing to the oligarchs. But the problem is that along with the oligarchs are the minority shareholders that are being taken for a ride."

DIVERSIFY
Although Mobius said he was positive on Russia long-term, "we are a little worried about the current events. A lot will depend on how the government is able to attract foreign direct investment into Russia."

His investment management approach is value-based, studying a share's price relative to its long-term earnings potential.

But even though valuations on some of the Russian companies look attractive, Mobius said Russia was losing out to other emerging markets because of corporate governance concerns.

"Now, in emerging markets we are facing a lot of very cheap stocks in different parts of the world. You're better off diversifying and not putting too many eggs in one basket, particularly if that basket looks like it's going to be dropped somewhere," he said.

Mobius spends 250 days a year on the road travelling to far-flung emerging markets in search of bargains.

He said he had no plans to visit Russia in the near future.

© Reuters 2004

01 Okt 2004 14:27

01.10.2004 14:25:12 Platinum market keeps cool as strike hits S.Africa

By Eric Onstad

JOHANNESBURG, Oct 1 (Reuters) - Strikes against the world's two biggest platinum producers in South Africa are likely to be short-lived, but a market squeeze could develop if they extend longer than a week or two, analysts said on Friday.

The market reaction has so far been muted after unions declared work stoppages over wages in recent days against both the world's biggest platinum producer Angloplat (/AMSJ.J) and number two Implats (/IMPJ.J).

"There's a lot of metal circulating in the market, it'll take a little while before the market tightens up at all," said Jeremy Coombes, general manager of marketing at London-based refiner Johnson Matthey (/JMAT.L).

Platinum prices were bid at $862 per ounce at Friday midday, recovering from a low of $846 earlier in the week. But this is well off a 24-year peak of $942 per ounce touched in April.

The two firms together account for two-thirds of world supply, but it was unclear how many workers were downing tools at Angloplat on Friday.

But even if both firms are shut down by workers, the market has more cushion now than in recent years as supply and demand are more balanced after years of deficit.

The market might even see its first surplus for several years in 2004 due to diminished buying of platinum jewellery in Asia after prices ramped up and also from increased mine output.

Some dealers in Asia expect a surplus of 200,000 ounces this year after a deficit of 600,000 ounces last year.

"Now is also not a bad time to run the risk of a production interruption ... with the market showing signs of returning to oversupply, the risk of losing a hundred thousand ounces of platinum may be worth taking," UBS London-based analyst John Reade said in a research report this week.

REFINING CONTINUES
Analysts say during some past platinum strikes, firms have kept their refinery operations running with skeleton staff, using ore stockpiles and material in the long pipeline to keep producing refined metal.

Implats Chief Financial Officer David Brown told Reuters that minimal amount of refining was occurring. "There is obviously no new ore being mined but there is some residual processing that is taking place," he said.

Angloplat said on Friday output was not yet affected, but the union insisted that most workers were observing the strike.

The two sides might settle their differences after several days of posturing, said an analyst in Johannesburg who declined to be named.

"My gut feel is that this strike is going to be very short-lived, the gap is very small...The companies are trying to flex their muscles and see how committed the unions are."

The firms, which have over several years consistently granted above-inflation wage deals, want to draw a line in the sand, especially when they are being hit by a strong rand that cuts export income, the analyst added.

Implats and Angloplat together produce over four million ounces of refined platinum per year out of global output of 6.1 million ounces.

Reade estimated that a strike at both producers would cost 60,000-80,000 ounces of platinum per week.

During an extended strike, some consumers will be able to hold out with their own stocks while others would have to seek supplies held by investors.

It was impossible to know the level of platinum stocks, but after several years of market deficits, they certainly have declined, Coombes said.

"General market stocks have been falling and the market is not as liquid as it used to be," he said. "The question is, of those stocks that remain, where are they?"

The first indication of a squeeze in the market would likely come through higher lease rates, Coombes added.

© Reuters 2004

30 Sep 2004 22:06

30.09.2004 21:57:20 COMEX gold rises to 5-1/2-month high, '04 top eyed

NEW YORK, Sept 30 (Reuters) - The price of gold rose to a 5-1/2-month high above $420 an ounce in New York futures trade on Thursday, as investors switched from dollars to precious metals amid rising oil prices and concerns about inflation.

At the COMEX division of the New York Mercantile Exchange, gold for December delivery peaked at $420.80 an ounce in late trade, its highest level since April 13, when gold was retreating from multi-year highs above $430 earlier that month. The benchmark contract settled up $5.70 at $420.40.

"There's a lot of new investment dollars and the liquidity gets a little bit skittish. But, all in all, any trader, in any market in the world, would always like increased volumes and that's what's being visited on us now," said a gold trader at a large commercial bank. "Obviously, the main driver continues to be dollar nervousness."

December gold broke above its Aug. 20 $416.80 peak in electronic trading, before open-outcry business began.

Estimated gold futures volume was a busy 70,000 contracts.

Dealers had their eyes on $436.50, the high for the contract set as gold reached its best prices in a decade and a half. That was on April 1, days after the euro reached a life-time high.

"We're seeing the beginning of metals pushing on their own fundamentals," said Paul McLeod, a precious metals vice president at Commerzbank Securities. "It's not hurting that it's quarter-end and there might be some additional window dressing. But it feels like it's more than that."

Oil prices have taken over in recent weeks as the important influence on gold. Investors sought an asset that can hold its value against inflation and speculators jumped on the move.

NYMEX crude oil futures cleared $50 a barrel for the first time this week and closed Thursday at $49.64.

Spot gold climbed to $418.00/8.75 from the previous close at $412.65/3.40 and London's afternoon fix at $415.65.

Dealers said physical demand for gold was strong from India, which is entering the festival season, and from the Middle East, where high oil prices have created extra wealth that is finding its way into gold bar investments.

"I think they are comfortable with the psychological aspect of gold being over $400. I don't think they are going to pull back just because it's broken above $410," McLeod of Commerzbank said.

December silver rose 24.3 cents to $6.938 an ounce, trading from $6.665 to $6.98, its best level since Aug. 20.

Silver futures this week broke above an important technical down-trend line, drawn off the bull-market high at $8.48 on April 2, when silver hit its highest level since 1987.

Spot silver closed at $6.88/91, up from Wednesday's $6.65/68. The fix was $6.665.

October platinum went up $14.50 to $861 on worries about supply from South Africa. Spot was at $858/863.

Operations at the world's second largest platinum producer ground to a halt on Thursday as workers began a strike against Impala Platinum (/IMPJ.J). And the National Union of Mineworkers in South Africa called for a strike to begin Thursday night against world number one platinum producer Angloplat (/AMSJ.J), after wage talks collapsed.

December palladium rose $4.85 to $224.75 an ounce. Spot palladium traded at $218.50/224.50.

© Reuters 2004

Platz 3 bei der Premiere,freu......
Und dazu noch so einen haussigenTag! Und die Minen marschieren unter hohen Umsätzen mit,was will man mehr..........

Gruss

GoldenCentury

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.

- - - -

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.

- - - -

> 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.

- - - -

> 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.

- - - -

> 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.

- - - -

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.

- - - -

> 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.

- - - -

> 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.

- - - -

> 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.

- - - -

> 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.

- - - -

> 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.

- - - -

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.

- - - -

> 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.

- - - -

> 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.

- - - -

© Reuters 2004

29 Sep 2004 16:53

29.09.2004 16:51:14 Gold steigt im Handelsverlauf auf über 414 Dollar

London, 29. Sep (Reuters) - Der Goldkurs hat am Mittwoch mit 414,15 Dollar dank eines zur US-Währung gestiegenen Euro den höchsten Stand seit Mitte April diesen Jahres erreicht.

Nach einer einsetzenden leichten Erholung des Dollar setzten bei Fonds dann allerdings Kaufstopps ein, so Händler. Mit wieder etwas entspannteren Ölpreisen und einer nachlassenden Nachfrage nach Gold als Inflationsschutz stand die Entwicklung am Devisenmarkt im Vordergrund.

Die Feinunze Gold stand zum Handelsschluss in Europa bei 412,65/413,30 nach 412,25/413,10 am Vorabend. In London erfolgte das Nachmittagsfixing bei 412,95 Dollar nach 411,55 Dollar am Vormittag und 411,70 Dollar am Dienstagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.585/16.835 (16.543/16.798) sfr an.

Platin sackte nach Gewinnmitnahmen im asiatischen Handel, die durch zurückgehende Befürchtung von Lieferproblemen in Südafrika ausgelöst worden waren, auf 843,00/848,00 von 871,00/876,00 Dollar im New Yorker Handel. ish/ajs

© Reuters 2004

29 Sep 2004 16:49

29.09.2004 16:48:44 UPDATE 5-Oil falls from $50 as US crude stocks swell

(Adds U.S. inventory report, updates prices)

LONDON, Sept 29 (Reuters) - Oil prices dropped from record highs above $50 a barrel on Wednesday as weekly U.S. inventory data showed a surprise increase in crude stocks, easing fears over stretched international supplies.

New York crude futures fell 80 cents to $49.10 a barrel following Tuesday's surge to a record $50.47. London Brent dropped 75 cents to $45.70 a barrel.

Prices tumbled after U.S. government stockpile data showed U.S. commercial crude oil inventories swelling by 3.4 million million barrels last week to 272.9 million -- the first rise in nine weeks.

Analysts on average had expected a draw of 3.8 million barrels, as companies struggled to recover production on the Gulf of Mexico and the offloading of imports on the Louisiana Offshore Oil Port in the wake of Hurricane Ivan.

"That's very bearish," said Ed Silliere of Energy Merchant Corp. "The imports are higher than we anticipated."

Fears over stretched global supplies were underlined this week when rebels seeking autonomy in Nigeria said they would declare war in the oil-rich Niger delta, home to most of the country's 2.3 million barrels per day output.

Rebel leader Mujahid Dokubo-Asari was in the Nigerian capital Abuja on Wednesday for talks with President Olusegun Obasanjo.

Asari told Reuters that his militia's offensive, due to be launched on Friday, would be suspended if an agreement was reached on self-determination and resource control for the vast delta region.

While a government agreement on those terms is highly improbable, the move to hold peace talks was being read in oil markets as a positive signal.

Oil companies have ignored Asari's instruction to leave the delta, but stepped up security in the vast area of mangrove swamps and creeks. So far only a small volume of oil output has been closed.

"We suspect that the oil price will soon push to $52-$53 a barrel, and possibly higher depending on whether trouble does develop in Nigeria and/or renewed attacks on pipelines in southern Iraq," said David Thurtell at Commonwealth Bank of Australia.

Economic powers are putting a brave face on the impact of high prices, saying there is little evidence yet of harm to the strong growth that has fuelled this year's rise in world energy demand.

"The oil price is very high these days, but we have not seen that it has great effect on the world economy yet," German Chancellor Gerhard Schroeder said.

Average U.S. prices for the year so far of $39 a barrel, adjusted for inflation are near those of the Arab oil embargo in 1973-1974. But they remain much lower than the record $80-a-barrel annual average high following the 1979 Iranian revolution.

Tuesday's move above $50 prompted top OPEC exporter Saudi Arabia to announce it would boost its official production capacity by 500,000 bpd, to 11 million bpd.

The new capacity is not expected to make any immediate impact on actual production with Riyadh already having said it would meet demand for 9.5 million bpd this month and next.

The Organisation of the Petroleum Exporting Countries, which controls more than half of global crude exports, is already producing at its highest rate since the late 1970s.

© Reuters 2004

Goldcorp CEO McEwen: Gold To Hit $850 An Ounce

Tuesday September 28, 2:17 PM EDT

DENVER (Dow Jones)-One of the gold industry's biggest bulls believes gold prices will hit at least $850 a troy ounce within the next few years.

Goldcorp Inc. (GG) Chief Executive Rob McEwen said "gold is money" and warned that the ballooning U.S. budget deficit and inflated real-estate market will continue to eat away at the value of the U.S. dollar, which will make more investors turn to gold.

When investor confidence disappears, McEwen said, "paper money eventually returns to its intrinsic value, which is zero."

McEwen was speaking Tuesday to mining analysts and executives at the Denver Gold Forum, an invitation-only industry conference.

He said Goldcorp is holding back 30% of its gold production because the company believes gold prices will go much higher.

McEwen, the largest individual shareholder in Goldcorp, said earlier this month that he is planning to leave his post as chief executive of the Toronto- based intermediate-size gold producer. He plans to step down as soon as a successor is chosen.

He has been with Goldcorp for 18 years.

"Business literature is filled with examples of people who stayed too long," McEwen told the gold forum audience. Goldcorp needs a manager with a different skill set to meet its future needs, he said.

The ideal candidate, McEwen said, is aware of the market and knows how it operates, and has innovative approaches to mining and "has spent a year and a half at Toyota."

An outside perspective will help Goldcorp leave its "rivals in the dust," he said.

As if backing up McEwen's higher gold price prediction, gold futures hit a five-week high on Tuesday of more than $414 a troy ounce after oil prices spiked and created more uncertainty in the market.

Also sending gold prices higher was a revised gold reserves forecast Tuesday by Newmont Mining Corp. (NEM). The Denver company said its gold reserves in Ghana should go up 33%, or 4 million ounces, this year to 16 million ounces from 11.9 million last year.

Goldcorp on Monday declared its tenth regular monthly dividend payment for 2004 of 1.5 cents per share. The company plans a total annual dividend payment of 18 cents a share in 2004.

McEwen said the company is cash-rich and debt-free, but because it is holding back 30% of its gold production its earnings are lower than they might have been.

But he said he is so bullish on the price of gold, that he'd be holding back 100% of gold production if Goldcorp were a privately held company.

28 Sep 2004 20:56

28.09.2004 20:53:10 COMEX gold rises to 5-week high as crude tops $50

NEW YORK, Sept 28 (Reuters) - COMEX gold rose to a five-week high on Tuesday, lifted by worries about the inflation and economic growth impact of today's rise in New York oil prices above $50 a barrel for the first time.

The dollar lost value amid fears that high energy costs would erode its purchasing power, so investors and traders had an excuse to buy gold, which is seen as a store of value.

"With the dollar moving inverse to the crude, it's providing some carry-over support to the gold," said David Rinehimer, head of commodities research at Citigroup Global Markets. "In the near term, we have enough uncertainties relative to the election and what the Fed is going to do; it will probably keep the overall trading environment choppy."

December gold rose $3.50 to $414.20 an ounce. It topped at $414.90, its highest since Aug. 23, up from an overnight low at $404.00. Estimated volume was a moderate 52,000.

Spot gold closed at $411.80/2.55, up from $408.70/9.50 on Monday. London's late fix was $411.70.

A report showing weakening consumer confidence in the economy helped lift the euro to $1.2314/25 from $1.2296/02 late Monday, making gold cheaper for European investors.

"Euro profit-taking and dealer selling in gold has prevented further gains," wrote James Moore of TheBullionDesk.com. "But with U.S. growth showing signs of slowing and oil prices seeing no let-up, then I think we will be seeing a move toward the $420 level in the next few weeks."

Investment banks took the lead running the market into pre-placed stop-loss purchase orders above $412 an ounce, a level which gold had had trouble clearing in recent trading.

Some of Tuesday's activity was options-related. London bullion traders tweaked positions before cash options expired at 9:30 a.m. EDT (1330 GMT), a day after options on October futures expired in New York.

"Options yesterday on the COMEX helped give the market a little bit of support. Now the over-the-counter options expiries this morning gave it some more support," said a COMEX gold broker.

December silver went up 6.0 cents to $6.61 an ounce, trading from $6.535 to $6.68, its highest price since Sept. 3. Spot silver closed at $6.57/60, up from the Monday's $6.49/52. Tuesday's fix was $6.59.

A planned strike at the world's two biggest platinum producers sent NYMEX October platinum up $17.50 to $877.00 an ounce, reaching a six-week high at $884.70. Spot platinum fetched $871/876.

Unions and management were due to meet on Tuesday in last-minute wage talks before workers walk off the job at South Africa's Angloplat (/AMSJ.J) and Implats (/IMPJ.J). The two companies account for more than half of global output of platinum, mainly used in jewelry and automobile pollution control systems.

December palladium slipped $6.25 to $220.60 an ounce. Spot palladium last traded at $217/222.

© Reuters 2004

27 Sep 2004 19:28

27.09.2004 19:08:43 Commodities News Summary

(For full story click on figures in brackets) TOP NEWS

> CBOT wheat choppy, follows corn and soy higher [nN27440751]

CHICAGO - Chicago Board of Trade soft red winter wheat futures trade was choppy and range-bound on Monday, with the strength in CBOT corn and soybeans helping to turn the market around, traders said.

CBOT wheat futures were 1 to 3 cents per bushel higher by 11:15 a.m. CDT (1615 GMT), with December up 1-3/4 cents at $3.23-1/2.

- - - -

> No quick end to Asian bird flu epidemic -FAO/OIE [nL27494728]

PARIS - The bird flu epidemic in Asia is unlikely to be eradicated in the near future and more investment is needed to counter the continued threat to human health, two world animal health bodies said on Monday.

Pointing to recent outbreaks of the disease in China, Vietnam, Cambodia, Malaysia and Thailand, the groups said the region needed to strengthen surveillance and control measures.

- - - -

GRAINS, OILSEEDS, LIVESTOCK
> CBOT corn up on technicals after hits contract low [nN27439600]

CHICAGO - Corn futures at the Chicago Board of Trade were higher on Monday on a technical bounce after new-crop December hit a contract low for the 11th straight session on Friday and again shortly after the open, traders said.

CBOT corn futures were 1 to 4-1/4 cents per bushel higher by 11:00 a.m. CDT (1600 GMT). December was up 4-1/4 cents at $2.09-1/2, following its dip to a contract low of $2.04-3/4.

- - - -

> UPDATE 1-Egypt says wheat, sugar stocks enough for [nL27560046]

CAIRO - Egypt has enough wheat stocks in storage or under contract from suppliers to last until February and enough stocks of sugar for subsidised sales to last more than eight months, the government said on Monday.

A cabinet statement said Egypt had 1.6 million tonnes of wheat in storage and a further 1.4 million tonnes under contract. It said the amount of sugar stored for subsidised sale was 322,000 tonnes.

- - - -

> Good harvest weather forecast for US corn, soy [nN27422328]

CHICAGO - Generally favorable harvest weather was forecast for the U.S. Midwest corn and soybean growing region for the next five days, a private forecaster said on Monday.

"It could get chilly in the northern Midwest on Tuesday morning and again into the weekend, but there isn't any chance of a hard freeze," said Meteorlogix forecaster Joel Burgio.

- - - -

> Dry weather hurting Argentina's 04/05 wheat--repor [nN27283303]

BUENOS AIRES, Argentina - Dry weather is stunting plant development for the 2004/05 wheat crop in central and northern Cordoba and Santa Fe provinces, the second and third largest producers in the country, the Buenos Aires Grain Exchange said Monday.

In those same areas, farmers are also praying for rain so they can seed 2004/05 corn.

- - - -

> China corn exports waning, crop looks good-USGC [nN27430963]

WASHINGTON - China will harvest a corn crop of around 120 million tonnes this autumn and its exports may be small enough to prompt Asian millers to seek other suppliers, a U.S. Grains Council official said on Monday.

In a telephone news conference from China, Todd Meyer, senior director of the council's Beijing office, said a tour of corn-growing provinces indicated "a good crop ... better than last year but not a record crop."

- - - -

> UPDATE 1-S.Africa maize stocks rise, exports fall [nL27397641]

JOHANNESBURG - South Africa's maize stocks have risen and exports fallen on the back of a good harvest and cheaper foreign crops, data showed on Monday, with traders saying futures prices remain too high.

South Africa's unused maize stocks stood at 8.39 million tonnes in August compared to 7.65 million tonnes at the same time last year, figures showed on Monday.

- - - -

> Iran tenders to buy Brazil soyoil, Thai rice [nL27597865]

LONDON - The Government Trading Corporation of Iran (GTC) said on Monday it was tendering to buy 10,000 tonnes of soyoil on an FOB basis from Brazilian ports.

It said on its website at http://www.gtcir.com that interested suppliers had to submit offers before 1700 local time (1330 GMT). Shipment is for October 15-November 15.

- - - -

METALS
> COMEX copper adds to gains on strong US home sales [nN27400555]

NEW YORK - COMEX copper rose to a 6-month high at the open on Monday, driven up by fund buyers catching up to the firmer prices set overnight in the Asian market which carried over to London, along with robust U.S. housing data, traders said.

Traders said the early move was mostly technical, but strong fundamentals continue to hoist copper prices. On Monday, that lift came with a startling 9.4 percent jump in U.S. new home sales in August, its fastest acceleration in nearly four years. A fresh dip in mortgage interest rates attracted new buyers, the Commerce Department reported on Monday.

- - - -

© Reuters 2004

27 Sep 2004 17:13
27.09.2004 17:11:08 UPDATE 1-Europe gold firmer, palladium at 7-week high

(updates to afternoon)
LONDON, Sept 27 (Reuters) - Gold moved higher in Europe on Monday, but remained within recent ranges, while palladium added to last week's gains as speculators turned their attention to a commodity that has relatively underperformed recently.
Despite gold's modestly firmer tone, traders expected it to remain capped around last week's one-month high at $411.95.
But ongoing concerns about the inflationary effects of high oil prices, global growth and the U.S. current account deficit would prop up prices, they said.
By 1504 GMT, spot gold moved up to $409.25/410.00 a troy ounce, from a late quote on Friday in New York of $407.55/408.30.
"I still see it in a $407-411 range. I can't see it breaking out and expect gold to remain within a narrowing range," one trader said.
Monday marks the first day of the new Central Bank Gold Agreement. In March, the pact's 15 signatories agreed to raise the limit for total official gold sales to 2,500 tonnes over five years, but confusion has emerged over when and how major sellers would act.
Some analysts believe an upcoming International Monetary Fund meeting (on Oct 1) may give further clues as to whether allocations will be taken up or not.
Near-term market direction would continue to be dictated by currencies and various U.S. economic data due out through the week.
Silver gained to $6.51/6.54 from $6.38/6.41, tracking a firmer gold price and buoyancy in the base metals complex.

PALLADIUM ESCAPES RANGE
Platinum group metals were both buoyant, benefitting from renewed speculative interest. Palladium was last quoted at $221.00/226.00, having peaked at $223 to match an August 10 high and up from previous $218.00/224.00.
Platinum matched Friday's three-week high at $855 and was last quoted at $853.00/857.00 from $850.00/855.00.
Barclays Capital said in a report that palladium's rise was not due to any substantive improvement in physical fundamentals, but to its underperformance in recent weeks that improved its risk:reward ratio for speculative investors.
Alexander Zumpfe of Dresdner Kleinwort Wasserstein said industrial demand existed but remained thin.
"I think it has gained some upward momentum...by the fact that it was simply looking cheap. However, we have these rallies from time to time and...then fall back again," he said.
"So I am still not convinced that we will see a longer period of stronger palladium prices."
PGMs also took heart from news that South Africa's National Union of Mineworkers issued a 48-hour strike notice against the world's two biggest platinum producers Angloplat (/AMSJ.J) and Implats (/IMPJ.J) over wages.
The two firms account for more than half of global platinum output.

24.09.2004 17:53:57 Commodities News Summary

(For full story click on figures in brackets) TOP NEWS

> CBOT wheat turns down as corn and soybeans slide [nN24333159]

CHICAGO - Soft red winter wheat futures at the Chicago Board of Trade turned lower early on Friday on pressure from sliding corn and soy futures, traders said.

- - - -

> NYMEX to fight CBOT gold futures competition [nN24310868]

NEW YORK - The New York Mercantile Exchange (NYMEX) plans an "aggressive" response to competition for its benchmark gold and silver futures contracts from the Chicago Board of Trade (CBOT), the exchange's new president said Wednesday.

- - - -

> Alumina prices seen firming on latest port closure [nL24502584]

LONDON - Alumina prices could rise $20 or $30 to around $450 a tonne after a fire closed Jamaica's last working alumina port, traders said on Friday.

- - - -

GRAINS, OILSEEDS, LIVESTOCK
> Ideal harvest weather forecast for US corn, soy [nN24332855]

CHICAGO - Ideal harvest weather was expected across the U.S. Midwest corn and soybean growing region during the next five days, a private forecaster said on Friday.

- - - -

> UPDATE 1-Egypt's GASC buys 540,000 T wheat for Oct [nL24461048]

CAIRO - Egypt's main official wheat buyer said on Friday he had bought 540,000 tonnes of French, U.S., Australian and Argentine wheat for shipment from Oct. 21-31 and Nov. 1-10.

- - - -

> ANALYSIS-Politics and chaos cloud Iraqi grain buyi [nL21584815]

PARIS - Iraq's grain imports remain paralysed by power politics and spiralling chaos, despite promises earlier this year by the Iraqi government of open and transparent imports, analysts said on Friday.

- - - -

> Vancouver grain inspectors stage second walkout [nN24330973]

VANCOUVER, British Columbia - Grain inspectors at the Port of Vancouver staged their second wildcat strike in less than a week on Friday, but the union said that it would again last for only one day.

- - - -

> UPDATE 1-Coceral sees bumper grain harvest in 2004 [nL24530695]

BRUSSELS - EU cereals production should reach 282.05 million tonnes in 2004, a bumper crop and recovery from last year's drought-ravaged harvest of 226.87 million tonnes, EU grains lobby Coceral said on Friday.

- - - -

METALS > UPDATE 1-Glencore shuts Jamaica port, halts alumin [nL24584712]

LONDON - Glencore has shut its Esquivel port in Jamaica after a fire damaged loading equipment on Wednesday, possibly delaying alumina shipments for weeks, a port source said on Friday.

- - - -

> Swiss to sell remaining gold by end-March 2005 [nZAT003791]

ZURICH - The Swiss National Bank will sell its remaining 130 tonnes of gold reserves by the end of March 2005, the central bank said on Friday as it continues a sell-off of unneeded reserves which it began in spring 2000.

- - - -

> Minmetals in exclusive talks to buy all of Noranda [nWEN5892]

VANCOUVER, British Columbia - Noranda Inc. (/NRD.TO) and state-owned China Minmetals Corp. have entered into exclusive talks on a deal that could see Minmetals buy 100 percent of the major Canadian copper and zinc miner.

- - - -

> Russia Alrosa may bid for S.Log with Western miner [nL24245254]

MOSCOW - A unit of Russian diamonds giant Alrosa wants to bid for rights to develop Eurasia's biggest gold deposit, Sukhoi Log, possibly by teaming up with a foreign miner, Vedomosti newspaper reported on Friday.

- - - -

> Japan to sell 32,683 old golden coins [nT156045]

TOKYO - Japan's Finance Ministry will sell 32,683 Japanese golden coins that it has held for more than 50 years, a senior ministry official said on Friday.

- - - -

> UPDATE 1-Rio Tinto, Glencore compete for QAL alumi [nL24358204]

LONDON - Anglo-Australian miner Rio Tinto (/RIO.L) (/RIO.AX) and Swiss-based trader Glencore International are competing for a 20 percent stake in the QAL alumina refinery in Australia, company officials said on Friday.

- - - -

SOFT COMMODITIES
> Brazil coffee farms seen dry to end of September [nN24324234]

RIO DE JANEIRO, Brazil - Brazil's coffee farms are likely to stay dry until the end of the month when some light rain is forecast, notably in the Cerrado region of Minas Gerais state, private meteorologists Somar said on Friday.

- - - -

> INTERVIEW-Kenya smallholder tea crop seen rising [nL24366739]

ARUSHA, Tanzania - Tea production by Kenya's smallholder farmers is expected to increase by 15 million kilos in 2004, the Kenya Tea Development Agency (KTDA) said on Friday.

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> UPDATE 1-Russian sugar output seen steady in 2004 [nL24433421]

MOSCOW - Final Russian sugar beet test results indicate beet sugar output this year is likely to be near last year's 1.93 million tonnes, analysts said on Friday.

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> ICO coffee group considers move to Madrid [nL24524247]

LONDON - The London-based International Coffee Organization (ICO) is considering relocating to Madrid to cut costs, its chief executive said on Friday.

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© Reuters 2004