Beiträge von GoldenCentury

NEW YORK, March 3 (Reuters) - U.S. palladium futures jumped to near three-month highs Thursday morning on broker and fund buying after several days of gains, while gold eased but held above eight-day lows as it tracked the euro, dealers said.

Palladium for June delivery on the New York Mercantile Exchange was up $9.00 or 4.75 percent at $198.50 an ounce by 10:33 a.m. EST (1533 GMT), trading between $188.50 and $199 which marked the highest since Dec. 13, 2004.

Spot palladium rose to $195/200 from $184.50/189.50 at Wednesday's New York close.

Palladium's breakout was termed a technical rally after the market held for months above support pegged at $180. And the last three days of gains finally touched off buy-stop orders that were clustered near $190.

"This is all commission house buying here," said Ralph D'Esposito of RJ Futures. "The locals and the arbitrage funds aren't selling that much, so it just bounced."

He also cited renewed fund participation in palladium recently.

Palladium, a platinum group metal, mostly is used in automotive catalytic converters to clean toxic emissions. According to recent refiner reports, demand remains good but the market is in a supply surplus, which could limit gains.

Despite the firm tone on Thursday, the big scale of speculative longs in palladium futures and bearish supply/demand fundamentals suggest that any pushes to higher ground will meet with long liquidation, said James Moore of TheBullionDesk.com.

Meanwhile, Russia's President Vladimir Putin has signed a decree allowing disclosure of some data on platinum group metals as well as diamonds, the presidential press office said. Russia is a leading palladium producer.

April platinum futures rose $1.40 to $867 an ounce. Spot platinum fetched $864/868.

Gold for April delivery on NYMEX's COMEX division was down $2.00 at $431.80 an ounce, trading from $434.60 to $430.80.

A focus on the dollar kept the precious metals market orderly even though palladium perked up, Moore said.

"Yesterday's move (in gold) below $430 has shown that good volumes of buying remains below the market and that further dips will be quickly bought back," he added.

He said bullion should keep to a $430 to $438 range, at least before Friday's U.S. February nonfarm payrolls report. Payrolls are expected to come in at 220,000, according to Wall Street.

For COMEX April gold, brokers pegged support at $429 with resistance at $439 to $440.

The euro hovered at $1.3125 at midmorning against $1.3116 late Wednesday.

A stronger dollar tends to weigh on gold as the dollar-denominated metal gets pricier for non-U.S. buyers.

Spot gold last priced at $430.10/0.80, below Wednesday's New York close at $432.30/3.00. The afternoon fix in London was $430.20.

May silver fell 5.8 cents to $7.285 an ounce, dealing from $7.38 to $7.26. Spot silver rose to $7.22/25 from $7.19/22 last night. The fix was $7.29.

© Reuters 2004

03 Mrz 2005 17:58

03.03.2005 16:48:12 UPDATE 1-Gold drifts back in Europe, locked in range

(Updates to afternoon)

LONDON, March 3 (Reuters) - Gold prices drifted back in late afternoon trading in Europe on Thursday, taking their cue from modest dollar gains after U.S. economic data, dealers said.

However, gold's move was low-key and the market remained in a range ahead of potentially more significant dollar responses to Friday's U.S. economic data.

"For now gold should remain around $430-438, but tomorrow's non-farm payrolls will give a better idea of short- to mid-term direction," James Moore of TheBullionDesk.com said.

Friday's U.S. payrolls report for February is scheduled for 1330 GMT, with Wall Street economists looking for around 220,000 new jobs.

Thursday's U.S. manufacturing data for February broadly matched expectations.

By 1536 GMT spot gold was at $430.45/431.20 a troy ounce, versus late levels in New York on Wednesday of $432.20/433.00.

Gold has spent most of the week consolidating the previous month's rally, which saw bullion at its highest for the year at $437.55 on Monday.

Renewed dollar weakness was the main trigger, attracting investment funds back into metals, with sharp gains in industrial metals bolstering general sentiment in commodities.

SOUTH AFRICA SUPPORTS IMF SALES
Gold's price drift this afternoon took place against a background of further developments in the IMF sales proposal as South Africa's Treasury supports the proposed use of such gold sales to finance debt relief for poor countries.

Finance Minister Trevor Manuel said on Thursday this need not disrupt the market, however.

In a written reply to a question from parliament, Manuel said he favoured including five-year quotas for gold sales allocated to central banks in 2004 for the process, as this would ensure the local gold mining industry was not affected.

"The sale of IMF gold when done in a managed manner that is transparent, clearly communicated...and ideally along the central bank gold agreement, will mean that the market can price in the IMF gold sales and thus cause no disruptions to the market price of gold," he said.

In other metals palladium broke out of a stagnant range and rose to its highest in a month, fixing at $193.00 an ounce.

However, the metal, used in car exhaust systems, was unlikely to make significant gains given that the market was oversupplied and had few prospects for buoyant demand growth, analysts said.

"Despite the firm tone the scale of speculative longs and bearish fundamentals suggest pushes higher will be met with long liquidation," Moore added.

Spot palladium was at $195.00/200.00 versus New York's $184.50/189.50.

Platinum was indicated at $864.00/868.00 from $861.50/866.50, while silver stood at $7.23/7.26 from $7.19/7.22.

03 Mrz 2005 15:26

03.03.2005 13:17:28 Silver fixes up, gold flat in Europe

* Silver fixed higher at 729 cents a troy ounce, gaining from the previous day's 713 cents. Spot gains after gold stabilises and base metals rebound, moving up to $7.28/7.31 by 1207 GMT an ounce from $7.19/7.22. Forward rates on Reuters page indicated at 2.625, 2.625, 2.65 and 2.60 for one, three, six and 12 months respectively.

* Spot gold stuck in a rut ahead of Friday's U.S. non-farm payrolls data for February. Basically unchanged at $432.60/433.30 a troy ounce versus $432.30/433.00 during late New York trade on Wednesday.

* Seen tracking currency moves, with any further strengthening of the euro likely to take gold back up to the top of its current $428-438 trading range.

* Platinum inches up to $864.00/869.00 from $861.50/866.50.

* Palladium notches up a four-week high at $190.00/195.00, versus New York's previous $184.50/189.50.

03 Mrz 2005 13:10

03.03.2005 12:04:23 Europe gold treads water, awaits U.S. jobs data

LONDON, March 3 (Reuters) - Gold prices were little changed in Europe on Thursday as traders preferred to wait for the dollar's reaction to the release of U.S. economic data the next day before taking on new positions.

Gold has spent most of the week consolidating the previous month's rally that saw bullion peak at its highest for the year at $437.55 on Monday.

Renewed dollar weakness was the main trigger, attracting investment funds back into the metals arena, with sharp gains in industrial metals bolstering general sentiment in commodities.

By 1037 GMT, spot gold edged up to $432.90/433.60 a troy ounce, versus late levels in New York on Wednesday of $432.20/433.00.

Traders expected bullion to stick to a $428-438 range.

"We've got U.S. payrolls out tomorrow, which from past experience, can make things a little more exciting," one trader said. "Basically the market is hunting for direction and getting no help from the dollar either."

The U.S. currency held steady below a one-week high against the euro , with gains kept in check by comments from Federal Reserve chief Alan Greenspan that failed to inspire financial markets.

Traders have now turned their attention to Friday's U.S. payrolls report for February, with Wall Street economists looking for around 220,000 new jobs.

Palladium showed a rare sign of life, trotting up to its highest in a month during the morning's fix at $190 an ounce.

"With the latest move, palladium has increased its positive momentum and technically would now be able to firm to the low $190s if industrials decide to step into the market and investor interest persists," Alexander Zumpfe, analyst with Dresdner Kleinwort Wasserstein, said in a daily report.

However the metal, used in car exhaust systems, was unlikely to make significant gains given the market is oversupplied and has few prospects for buoyant demand growth, analysts said.

Spot palladium was last at $188.00/192.00 versus New York's $184.50/189.50.

Platinum was indicated at $864.00/868.00 from $861.50/866.50, while silver gained to $7.29/7.32 from $7.19/7.22.

NEW YORK, March 2 (Reuters) - U.S. gold futures settled easier but above eight-day lows Wednesday, tracking the euro mostly, after Federal Reserve chief Alan Greenspan gave a mixed reading on the U.S. economic outlook in testimony to Congress, analysts said.

Silver bounced back from a three-week low as gold trimmed losses and base metals were relatively firm on Wednesday.

Gold for April delivery on the COMEX division of the New York Mercantile Exchange slipped 10 cents to conclude at $433.80 an ounce, after trading between $429.80 -- its lowest level since Feb. 22 -- and $435.00.

The market recovered from a tumble below $430 technical support, as the dollar faltered a bit after Greenspan said the U.S. economy was growing at a "reasonably good pace" but dangerous budget deficits needed to be fixed.

Gold market watchers said investor demand reappeared at lower prices after rumored producer selling earlier during the European session, which prompted short-term speculators to cover some short positions.

"I think the Greenspan comments were a bit supportive to the gold," said Refco analyst Tom Boustead. "He was emphasizing the seriousness of the fiscal deficit. If the U.S. is running a big deficit then that means there is less money around to fund the current account."

Greenspan's testimony before the House of Representatives Budget Committee suggested using spending cuts to deal with the deficit. He said the combination of America's aging population and soaring health care costs posed the biggest budget risk.

According to President George W. Bush's fiscal 2006 budget proposal, the deficit would swell to a record $427 billion but shrink steadily over the next five years to $207 billion in 2010.

The euro traded at $1.3116 at midafternoon in New York, against an earlier eight-day low at $1.3088 and compared with Tuesday's late level at $1.3182.

Gold's direction was still mainly dependent upon the dollar's moves, said Pioneer Futures analyst Scott Meyers. He said initial resistance in April gold futures loomed at $439 to $440 an ounce, with support seen at $429.

A stronger U.S. currency tends to pressure gold as the dollar-denominated metal gets pricier for buyers outside the United States.

No major U.S. economic reports were released Wednesday. Markets are awaiting the February U.S. nonfarm payrolls report on Friday, in which a rise of 220,000 is expected by Wall Street.

On Monday, COMEX April gold had its highest finish at $437.60 since Dec. 30, supported by a weaker dollar and inflation fears spawned by rising oil prices. The contract hit a 16-1/2-year peak of $460.50 on Dec. 2.

Estimated turnover was 46,000 contracts, versus Tuesday's busier 58,956-lot tally.

Open interest in the gold futures was down 40 at 287,761 lots as of March 1.

Spot gold last priced at $432.30/3.00, below Tuesday's New York close at $436.00/6.70. Wednesday's afternoon fix in London was at $431.75.

May silver ended up 7.8 cents at $7.343 an ounce, after dealing from $7.10 to $7.38, which was its lowest mark since Feb. 11. Spot silver was at $7.19/22 an ounce versus $7.33/36 previously. The fix reached $7.13.

April platinum rose $3 to end at $865.60 an ounce. Spot platinum was quoted at $861.50/866.50.

Lightly traded June palladium rose $2.50 to $190.90 an ounce. Spot fetched $184.50/189.50.

© Reuters 2004

02.03.2005 18:44:24 UPDATE 4-Copper futures bounce off two-week lows

By Nick Trevethan

LONDON, March 2 (Reuters) - Copper futures bounced off two-week lows just before the close of trading on the London Metal Exchange (LME) on Wednesday to end $1 higher and in touch with Monday's 16-year peak, traders and analysts said.

"We had a weakish close on Tuesday, and were down for much of today, but in the last five minutes we pushed (copper) up $25 and have managed to make it look attractive again," one trader said.

Three months prices fell 2.1 percent to $3,132.50 a tonne at one point before recovering to end the day at $3,202.

On Monday prices rose to just $10 short of an all-time high of $3,280 set in January 1989, and market watchers said prices might exceed those level in the medium term.

"I think we could see a reasonable pull-back here. But am I bearish about copper overall? No, not yet," Macquarie analyst Adam Rowley told Reuters.

"If we do get a pull-back it's a great buying opportunity because markets are looking very tight over the next four months," he said, referring to forecasts of supply shortages.

Traders said the weaker sentiment early in the day had prompted investors to liquidate long positions, which in turn had triggered pre-positioned orders to sell copper to avoid losses.

But buyers returned late in the day to cover short positions as the brief dip in sentiment evaporated.

CHINA DEMAND
Copper, like other major industrial metals, has been driven higher partly because of China's rapid industrialisation -- the metal is widely used in construction and electrical applications.

Weakness in the U.S. currency has also supported dollar-denominated base metals, making them cheaper for holders of other currencies.

Surging demand has taken place against under-supply, with stocks at multi-year lows, although production is now being expanded.

Other base metals traded in a similar pattern to copper -- testing lower before finding renewed vigour at the close.

Aluminium rose $4 to $1,912 after dipping to $1,887.50. The metal hit a 10-year peak of $1,987 on Feb 24.

Zinc ended $6 lower, at $1,380, but near the top of the day's trading range.

The metal, used primarily as an anti-corrosive coating, reached a 7-1/4-year high of $1,416 on Feb 24.

02 Mär 2005 17:53

02.03.2005 17:44:06 Gold kann sich nach Verlusten über 430 Dollar-Marke rettem

London/Zürich, 02. Mär (Reuters) - Gold hat sich am Mittwoch im europäischen Handel nach Verlusten doch noch über die wichtige Marke von 430 Dollar retten können. Im Handelsverlauf sei das gelbe Metall bis 429,25 Dollar abgesackt und habe sich damit bedenklich dem unteren Ende der Handelsspanne der letzten Wochen von 428 Dollar genähert, sagte Händler. Neben dem stärkeren Dollar haben den Investoren vor allem am Nachmittag kursierende Spekulationen über grössere Produzentenverkäufe die Laune verdorben. Die dadurch ausgelöste Verkaufswelle sei dann bald zum erliegen gekommen, und der Markt habe sich unmittelbar wieder erholt, so ein Händler, welches aufmunternd sei. Ein weithin befürchteter Abwärtstrend dürfte damit vom Tisch sein, doch dürfte der Goldpreis zunächst in der Spanne zwischen 428 und 438 Dollar gefangen bleiben, hiess es weiter.

Die Feinunze Gold kostete zu Handelsschluss in Europa 431,80/432,50 (Vorabend 432,00/432,70) Dollar.

Das Nachmittagsfixing in London erfolgte bei 431,75 Dollar nach 429,15 Dollar am Morgen und 433,45 Dollar am Vortag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.198/16.448 (16.076/16.326) sfr an.

pma/ajs

02 Mär 2005 17:42

02.03.2005 17:29:37 Commodities News Summary

TOP NEWS
> CBOT soy, corn, wheat climb early on fund buying [nN02448908]

CHICAGO - Chicago Board of Trade soybeans, wheat and corn futures climbed early Wednesday on technical buying by commodity funds, traders said.

- - - -

> LIFFE coffee up 4.8 pct on fund interest [nL02577736]

LONDON - London's coffee market jumped as much as 4.8 percent on Wednesday as reduced selling pressure allowed fund buying to push prices through resistance levels, traders said.

- - - -

> UPDATE 3-Copper futures cool off [nL02493723]

LONDON - Copper futures touched two-week lows on the London Metal Exchange (LME) on Wednesday as the market cooled after Monday's 16-year peak, traders and analysts said.

- - - -

> ANALYSIS-Funds turn to cocoa after Ivorian clashes [nL02338385]

LONDON - Cocoa looks poised to rally as civil conflict in top producer Ivory Coast and a world supply deficit make it a new target for funds on the prowl for dollar-based commodities, market sources say.

- - - -

> Cuba drought to hoist Brazil sugar sales to Russia [nL02319501]

MOSCOW - Cuba's worst drought in many years will cut Cuban sugar exports to Russia, and Brazil will scoop up most of the lost Cuban business, trade sources said on Wednesday.

- - - -

METALS
> Gold perks up after rumoured producer sales [nL02558182]

LONDON - Gold steadied on Wednesday in Europe after a bout of rumoured producer selling dried up and investors stepped back up to the board, traders said.

- - - -

> Alcoa to supply aluminum for Chinese Boeing 737's [nWEN6240]

NEW YORK - Alcoa Inc. (AA.N) said on Wednesday it received a multiyear contract from Chinese aircraft builder Shanghai Aircraft Manufacturing Factory to provide aluminum extrusions for the horizontal stabilizer tail section assembly of the Boeing 737 airliner.

- - - -

> Greater demand, fund investment to lift zinc price [nN01187563]

LAS VEGAS - Already, 2005 zinc forecasts are too low and will soon be upwardly revised to account for increased growth in global demand and greater participation in commodity investments by large funds, said Kamal Naqvi, commodity analyst for Barclays Capital.

- - - -

> China zinc smelters resume output as power returns [nHKG283913]

HONG KONG - China's top zinc smelters are returning to full production as improved electricity supply brings to an end several weeks of power-related output cuts, company officials said on Wednesday.

- - - -

> Firm Q2 outlook seen for ferrochrome - Xstrata [nL02698571]

LONDON - London-listed global miner Xstrata Plc (XTA.L) said on Wednesday the ferrochrome outlook for the second quarter of the year was bright, and the firm anticipated good prices.

- - - -

> UPDATE 4-Xstrata drops conditions on WMC bid [nL01669563]

LONDON - Copper and coal miner Xstrata Plc (XTA.L) stepped up its fight for Australia's WMC Resources (WMR.AX) on Wednesday, dropping conditions on its A$8.2 billion hostile bid, as the London-listed firm beat profit forecasts.

- - - -

> Short-sellers' zeal for metals and mining down-Pru [nN02703987]

NEW YORK - Short-sellers' appetite for metals and mining stocks cooled last month, according to a research note published on Wednesday by Prudential Equity Group, LLC.

- - - -

> Harmony sees no problem extending Gold Fields bid [nN02438305]

NEW YORK - South Africa's Harmony Gold (HARJ.J) on Wednesday said it does not expect any problem extending its hostile takeover bid for Gold Fields (GFIJ.J) as competition authorities won't hear the offer until May.

- - - -

GRAINS/LIVESTOCK > UPDATE 1-Brazil soy crop seen lower at 58.3 mln T [nN02444765]

SAO PAULO, Brazil - Brazil's 2004/05 soybean crop is expected to total 58.3 million tonnes, down from 61.5 million tonnes seen in January, the Vegetable Oils Industry Association said Wednesday.

- - - -

> Brazil Jan soybean crush at 1.37 mln T - Abiove [nN0286310]

SAO PAULO, Brazil - Brazil's soybean crush rose to 1.37 million tonnes in January from 1.32 million a year ago but fell from December's 1.80 million, Brazil's Vegetable Oils Industry Association (Abiove) said Wednesday.

- - - -

> UPDATE 1-Hungary producers warn of illegal GMOs [nL02495651]

BUDAPEST - Hungarian seed producers warned farmers on Wednesday about a suspected illegal inflow of genetically modified (GMO) maize seed from Romania and called for government measures to stem it.

- - - -

> EU says won't meet 2 pct biofuel target this year [nCUL254666]

LONDON - Europe will not succeed in its goal of having two percent of all transport fuels derived from biofuels by the end of 2005 but is making great strides in that direction, an EU official said on Wednesday.

- - - -

SOFTS
> Support limited for Ivory Coast cocoa protest [nL02708476]

ABIDJAN - Protests planned by Ivory Coast's cocoa farmers demanding government financing for cooperatives drew limited support on Wednesday, with just one march taking place, cocoa buyers said.

- - - -

> Rains to ease Brazil's south soy drought next week [nN02410724]

SAO PAULO, Brazil - A cold front due to arrive in southern Brazil next week should ease the effects of a drought that has already caused irreversible losses to the region's soybean and corn crops, private meteorologists said Wednesday.

- - - -

> World cocoa deficit of 50,000 T seen in 04/05-ICCO [nL02238657]

LONDON - The world faces a 50,000-tonne cocoa deficit in 2004/05 compared with a 233,000-tonne surplus the previous year, the International Cocoa Organization said on Wednesday.

- - - -

> Russia seen on track for good '05 sugar crop [nL02528157]

MOSCOW - Russia, which has just notched up its highest beet-sugar output in over a decade, is on track for another good crop this year, but opinion in the market is split over whether production will rise year on year.

- - - -

02 Mär 2005 17:25

02.03.2005 17:21:39 Europe gold ends down but off lows

* Gold ends European trade slightly softer at $431.65/432.40 a troy ounce by 1615 GMT, well off an earlier low of $428.50 and only slightly lower than New York's late Tuesday quote of $432.40/433.10.

* Traders say market hit by rumoured producer selling in morning session, but investor demand reappears when New York opens to steady the market.

* Dollar eases slightly after Fed chief Alan Greenspan's sounded less optimistic on U.S. economic prospects, quashing market hopes of more aggressive monetary tightening.

* Silver bounces with gold, moving back into positive territory after earlier touching a 3-1/2-week low of $7.06 cents. Spot ends at $7.22/7.25 from $7.20/23 late in New York.

* Platinum dips to $858.00/862.00 from $861.00/866.00 an ounce.

* Palladium at $183.00/187.00 versus $180.50/185.50.

02 Mrz 2005 17:31

02.03.2005 16:22:42 UPDATE 1-Gold perks up after rumoured producer sales

(updates to afternoon)

LONDON, March 2 (Reuters) - Gold steadied on Wednesday in Europe after a bout of rumoured producer selling dried up and investors stepped back up to the board, traders said.

Bullion had tested the bottom end of a week-long trading range around $428 earlier in the day, pressured by a firmer dollar and what several traders suspected was producer sales.

By 1510 GMT, spot gold was quoted at $431.95/432.70 a troy ounce, little changed from New York's late level of $432.40/433.10 and well off an earlier low of $428.50..

"There was some borrowing in the forwards this morning, coupled with the price being lower. The conclusion drawn by the market was that a producer was in," one trader said.

"But it could be anything...new mine or project related."

Another trader said it was encouraging that once the selling dried up, the market bounced. Many had feared a breakdown through $428 an ounce could take gold all the way back down to last month's low of $410.

Bullion prices would certainly remain under the influence of the dollar for short-term direction.

The dollar lost a bit of ground after Federal Reserve Chairman Alan Greenspan said the U.S. economy was growing at a "reasonably good pace" but faced a backdrop of budgetary concerns.

A weaker U.S. currency makes gold less expensive for overseas investors.

"I think we're still in a $428-438 range. I think the general feeling is that it will hold and people are pretty non-plussed within that range," a second trader said.

Silver dropped to a 3-1/2 week low of $7.06 an ounce following weakness in gold and base metals, before tracking gold's bounce. Spot was last indicated at $7.19/7.22, little changed from New York's $7.20/7.23.

Platinum group metals continued to hold within familiar ranges. Platinum has been stuck in a broad $880-760 range since last April, while palladium has traded in a $190-175 limit since the end of last year.

Spot platinum dipped to $857.00/861.00 from $861.00/866.00, while palladium ticked up to $182.00/186.00 from $180.50/185.50.

01 Mär 2005 20:14

01.03.2005 19:25:49 Gold gibt etwas nach

London/Zürich, 01. Mär (Reuters) - Mit dem wieder festeren Dollar hat der Goldpreis am Dienstag nachgegeben. Das Edelmetall habe seinen bisherigen von knapp 430 bis 438 Dollar je Feinunze reichenden Handelsbereich allerdings nicht verlassen, so Händler.

Die weitere Entwicklung hänge aber weitgehend von den Wechselkursen ab. Zuletzt seien die Goldnotierungen auch durch Deckungskäufe getrieben worden, doch nun dürften weitere Kursgewinne schwieriger zu realisieren sein, hiess es weiter. Hinzu komme, dass der Markt von steigenden Zinsen in den USA ausgehen müsse. Falls sich die Einschätzung verbreite, dass die amerikanischen Zinsen möglicherweise schneller steigen könnten als bisher erwartet, könne dies zu einem Ausverkauf bei einer Reihe von Anlageformen führen - und dazu dürfte dann auch Gold zählen, so ein Experte bei UBS Investment Bank in London.

Die Feinunze Gold kostete zu Handelsschluss in Europa 432,00/432,70 (Vorabend 436,65/437,40) Dollar. Das Nachmittagsfixing in London erfolgte bei 433,45 Dollar nach 434,65 Dollar am Morgen und 435,45 Dollar am Vortag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.076/16.326 (16.167/16.417) sfr an.

ajs/och

01 Mrz 2005 14:38

01.03.2005 13:33:48 Silver fixes softer, gold down as dollar firms

* Silver fixed weaker at 726.00 cents a troy ounce, down from previous day's 735.00 cents. Spot retreats to $7.25/28 by 1223 GMT from $7.33/36 late in New York.

Forward rates on Reuters page indicated at 2.567, 2.567, 2.603 and 2.563 for one, three, six and 12 months respectively. * Gold stagnates around $434 an ounce, slightly weaker at $434.30/435.00 a troy ounce against New York's late quote on Monday of $436.00/436.70 as the dollar strengthens modestly and oil prices ease after hitting $52 a barrel. * Bullion scored its highest for the year the previous day at $437.55 an ounce and many traders looking for the precious metal to forge ahead towards $440 area. * Platinum gains to $864.00/869.00 from $862.50/870.50 an ounce. * Palladium flat at $180.00/185.00.

01 Mrz 2005 13:05

01.03.2005 11:57:22 Gold consolidates, ticks down on firmer dollar

LONDON, March 1 (Reuters) - Gold fell back in Europe on Tuesday under pressure from a firmer dollar, but most traders and analysts thought it would tilt again at its high for the year of $437.55 per ounce.

By 1033 GMT, spot gold traded at $434.40/435.10 a troy ounce, down from New York's late quote on Monday of $436.00/436.70.

John Reade, precious metals analyst with UBS Investment Bank said he expected to see gold higher through the balance of the year but felt its near-term outlook was clouded by the threat of gold sales from the International Monetary Fund.

"We've had a fair short-covering rally and we are in a position now where gold will find it harder work to move up from here," he said.

Nevertheless, he pegged gold's one-month target at $430 an ounce and three-month at $450, up from $410 and $440 respectively -- with the rise attributed to further expected weakness in the dollar.

The dollar retreated from the previous session's six-week lows versus the euro as investors focused on the potential for U.S. interest rates.

Reade was also eyeing interest rates.

"It feels to me that the market is beginning to realise that U.S. rates are actually too low," he said, adding that any sign rates may have to rise faster than expected could trigger a sell-off in many asset classes, gold included.

James Moore of TheBullionDesk.com said the dollar would remain key to market direction, noting economic data from the United States later in the week could influence markets.

The ISM non-manufacturing data for February is due out on Thursday, followed by non-farm payrolls on Friday.

Silver slipped back a little to $7.28/7.31 an ounce from $7.33/7.36.

Platinum firmed to $864.00/868.00 from $862.50/867.50, while palladium was unchanged at $180.00/185.00.

01 Mrz 2005 10:17

01.03.2005 08:00:32 TOCOM gold off 2-mth high on weaker spot market

TOKYO, March 1 (Reuters) - Tokyo gold futures slipped from a two-month high on Tuesday after profit-taking was triggered by a fall in spot gold prices in the face of a higher dollar.

The benchmark February gold contract on the Tokyo Commodity Exchange finished down 11 yen per gram at the day's low of 1,462, slipping from its high of 1,468.

Other months were seven to 10 yen lower at the close.

"The market was due for a correction after recent steep gains, and selling was triggered by a more than $2 fall in spot gold prices," a Tokyo broker said.

TOCOM's benchmark gold rose as high as 1,476 yen on Monday led by fund buying, gaining more than 6 percent from a low of 1,390 yen hit three weeks ago to the highest level since Dec. 28.

Gold rallied as a weaker dollar prompted investors to seek an alternative investment tool, while surging oil prices rekindled inflation worries and renewed interest in gold. Gold is traditionally seen as a hedge against inflation.

Technically, TOCOM gold looks strong after the benchmark contract confirmed a floor around 1,385 yen. But before testing the December high of 1,505 yen, the market needs to build a base around the current level, the broker said.

He pegged a core range for the benchmark contract this week at 1,450-1,480 yen.

TOCOM gold had been in a downtrend since the benchmark gold contract plunged to 1,442 yen at the start of this year's trade.

In the currency market, the dollar climbed on Tuesday after data showing a swelling in Australia's current account gap to a record sent the Australian dollar tumbling and sparked broader buying of the U.S. currency.

The yen also strengthened against the euro and other currencies after data showed unemployment in Japan stayed at a six-year low while household spending surged, adding to a string of upbeat news on the growth outlook.

By 0615 GMT, the euro had bounced back to $1.3195, down 0.3 percent after skidding to near $1.3170. The dollar was down slightly at around 104.55 yen after briefly gaining.

Platinum futures finished lower on Tuesday in thin trading, pressured by a weaker gold market.

TOCOM's benchmark February contract finished down 13 yen per gram at 2,834, after trading between 2,822 and 2,839.

Other months were 17 to 27 yen per gram lower.

Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Closing prices are in yen per gram except for silver, which is in yen per 10 grams:

For open interest details please click
Closing price Turnover (lots)
GOLD 1,462 (down 11) 40,478
SILVER 243.1 (down 3.1) 3,075
PLATINUM 2,834 (down 13) 22,138
PALLADIUM 618 (up 6) 882

01 Mrz 2005 10:15

01.03.2005 07:12:29 Gold falls in Asia as euro retreats, off 2005 high

(Updates prices, adds tael and premiums in Hong Kong)

By Lewa Pardomuan

SINGAPORE, March 1 (Reuters) - Gold fell in Asia on Tuesday as the dollar rebounded against the euro, but the market may see the return of fund buying which had propelled prices to a 2005 high of $437.55 an ounce, traders said.

Spot gold was trading at $434.90/435.40 per ounce by 0600 GMT, down from $436.00/436.70 late in New York and London's Monday afternoon fix of $435.45 an ounce.

Chartists pegged resistance at $440, a level last seen in December. Gold peaked in early December at $456.75 an ounce -- its highest since June 1988.

Jewellers held back from the physical market, waiting for the price to fall further. But dealers said fund buying and fresh interest from U.S. investors that had pushed up the price to this year's high of nearly $438 on Monday was likely to continue.

"The market still remains very bullish," said Martin Mayne, associate director at N M Rothschild in Sydney.

"I think the market is looking for that sort of level, $440, and even a test of December's high," said Mayne, adding gold was expected to push higher again later on Tuesday.

Despite the dollar rebound, gold's safe-haven appeal was intact because of high crude oil prices, which have raised fears of inflation, as well as tension in the Middle East, said dealers.

The euro eased against the dollar to around $1.3205 from levels close to $1.3230 in late New York trade.

The currency market was looking ahead to the release of major economic data this week and to more congressional testimony from Federal Reserve Chairman Alan Greenspan.

IMF MEETING
"The tone is quite strong. The only overhanging issue is the IMF meeting in April," said one dealer in Singapore, a centre for bullion trading in Southeast Asia.

"I don't see any reason for gold to crack $440 before April."

Further debt relief for poor countries is at the centre of global economic discussions after G7 finance ministers in February agreed to deal with the issue at IMF meetings in April.

"Proposed gold sales by the IMF to fund debt relief for poor nations, tabled by the British Chancellor of the Exchequer Gordon Brown at the last G7 meeting, has received much positive press in recent weeks," said Mayne of Rothschild.

"However, with the U.S. against such a move and their effective veto on the matter, it is currently unlikely to come into fruition," he said.

The IMF is the world's third-largest gold holder.

In other precious metals, platinum was at $866/871 an ounce, up from $862.50/867.50 in late U.S. trade but off a two-week high of $875.00 hit on Monday.

Sister metal palladium was at $181/186, against $180/185 in New York.

Spot silver was at $7.29/7.32, against $7.33/7.36.

In Tokyo, the benchmark February gold futures contract lost nine yen per gram to 1,464 yen, pausing for breath after hitting two-month highs on Monday.

On Hong Kong's Chinese Gold and Silver Exchange, tael gold (37.5 gramme ingot) was quoted at HK$4,038 by midday, compared with an opening of HK$4,045.

Premiums for gold bars were flat at between 10 to 30 U.S. cents an ounce in Hong Kong, a key bullion trading centre in East Asia .

NEW YORK, Feb 28 (Reuters) - U.S. gold futures closed at a 2005 high on Monday, boosted by a broadly lower dollar and strong oil prices, which raised the yellow metal's allure for investors, dealers said.

Gold for April delivery on the COMEX division of the New York Mercantile Exchange rose $1.50 to $437.60 an ounce, its highest settlement since Dec. 30, after trading a session range of $435.90 to $439.30.

Dollar weakness and inflation fears stoked partly by higher crude oil were prodding gold higher, due to the metal's role as a classic "safe-haven" investment, market sources said.

Carl Birkelbach, president of Birkelbach Management Corp. in Chicago, said gold appeared to have ended its downward technical correction after a spike in bullion prices to a 16-1/2-year peak at $456.75 in early December, and the market seemed to be starting a new uptrend.

Two main factors fueled the current buying, he said, were fears about inflation due to expectations for stronger U.S. corporate earnings this year, as well as gold's improved chart picture after it broke above a downside trend-line earlier this month.

"I think we may have put in the low for the year," he said. "And, if the market can break above (the December highs), I think the next stop is $500."

But Birkelbach warned that if the market decided to pressure gold back below $410 an ounce, a new trading scenario would emerge and the rally would be on hold.

Many traders and analysts felt that prices should keep moving in opposition to the dollar. Chartists pegged resistance at $439 to $440 and support down at $433 and then at $430.

COMEX April gold hit a 16-1/2-year peak at $460.50 on Dec. 2.

Oil reached a four-month high above $52 a barrel on Monday, as forecasts of more U.S. cold weather signaled that already low stocks of heating oil could drop further.

The dollar tumbled versus the yen on strong Japanese economic data on industrial output and retail sales and was at a seven-week low against the euro on the belief that the greenback's New Year rebound had run its course.

Midafternoon in New York, the euro rose to $1.3257 .

A weaker U.S. currency tends to boost gold prices as the dollar-denominated metal gets cheaper for non-U.S. buyers.

The latest weekly Commitments of Traders data from the Commodity Futures Trading Commission showed the fund net long exposure in COMEX gold futures rose to 34,694 lots as of Feb. 22 from 29,770 lots in the prior week's report.

The market could have another 100,000 contracts of fund buying to absorb before it was fully overbought, said Tim Evans, senior commodity analyst at IFR Markets, who added that gold was only in the initial stages of a larger cycle of long accumulation.

"We would certainly allow for the possibility of a run to the $470-$480 zone before the market runs out of steam," Evans said in a weekly report.

Estimated gold futures volume was 43,000 lots, against 45,478 lots tallied on Friday.

COMEX open interest rose 4,601 contracts to 283,530 lots as of Feb. 25.

Spot gold last priced at $436.00/6.70, versus Friday's New York close at $434.55/5.30. Monday's London afternoon fix was at $435.45.

May silver , the new most-active COMEX contract, firmed on the back of gold, rising 5.8 cents to end at $7.395 an ounce, after trading between $7.29 and $7.495.

CFTC showed the net fund long position in silver futures was up at 42,413 lots on Feb. 22 from 36,974 lots previously.

Spot silver last was worth $7.33/36 an ounce, against $7.24/27 late on Friday. London's fix was at $7.35.

April platinum gained $7.10 to settle at $866.10 an ounce. Spot platinum traded to $862.50/867.50.

Benchmark June palladium rose $2.85 to $184.85 an ounce. Spot was at $180/185.

28 Feb 2005 19:04

28.02.2005 18:00:37 Commodities News Summary

TOP NEWS
> NY cocoa rises to 15-week high on Ivorian unrest [nN28245412]

NEW YORK - New York cocoa rallied more than 5 percent Monday morning to nearly a three-month high amid speculative buying on renewed violence in top cocoa grower Ivory Coast.

Traders also cited a lack of producer selling.

GRAINS
> CBOT soybeans rally early on follow-through buying [nN28264051]

CHICAGO - Chicago Board of Trade soybean futures rallied early Monday, up about 15 to 18 cents per bushel, on follow-through technical buying from Friday's strong close, traders said.

- - - -

> EU wheat prices firmer, still buoyed by EU tender [nL28702838]

PARIS - Europe's main wheat markets were mostly firmer on Monday, still underpinned by the higher EU wheat export refunds granted last week, traders said.

- - - -

> EU 2005 cereals output seen lower at 264 mln T [nL28398236]

BRUSSELS - European Union cereals output should decline to 263.96 million tonnes this year, down from 283.39 million harvested in 2004, EU grains lobby Coceral said on Monday, slightly revising down the 2004 estimate.

- - - -

METALS
> COMEX copper opens up touching new contract highs [nN28363666]

NEW YORK - U.S. copper futures posted modest gains Monday morning, hitting new contract highs after what traders termed Friday's key rebound.

"We had a tremendous comeback on Friday and the market looks like it's still trying to hold onto those gains," said one floor trader.

- - - -

> Norilsk sees 2005 nickel, copper output flat [nL28406135]

MOSCOW - Russian Norilsk Nickel (GMKN.RTS), the world's top nickel producer and a key player on the copper market, said on Monday it expects its output of the two metals this year to be little changed from 2004.

- - - -

> Chile's copper output jumps 11.9 pct in Jan [nN28251233]

SANTIAGO, Chile - Chile, the world's biggest copper miner, produced 431,072 tonnes of refined copper in January, up 11.9 percent from the same month of 2004, the government statistics institute said on Monday.

Many Chilean miners have expanded production due to strong demand from Asia, especially China, and as copper prices have soared to multi-year highs.

- - - -

> China's Baosteel to pay 71.5 pct more for iron ore [nN28255185]

RIO DE JANEIRO, Brazil - Brazilian iron ore mining giant CVRD (VALE5.SA) on Monday said it reached a deal to raise prices by 71.5 percent for China's biggest steelmaker, Baosteel (600019.SS), the latest in a string of similar big price hikes.

- - - -

> Cobalt eases to 2-1/2 mth low, hit by African ore [nL28703862]

LONDON - Cobalt prices bucked the barnstorming trend in minor metals markets, easing under $17.00 a pound on Monday to hit a 2-1/2 month low amid increased availability of ore from Democratic Republic of Congo.

- - - -

SOFTS
> Ivory Coast pro-government militia attack rebels [nL28613099]

ABIDJAN - Pro-government militia attacked rebel fighters in western Ivory Coast on Monday, raising fears of a return to all-out war in the world's top cocoa grower.

The fighting erupted around 4 a.m. (0400 GMT) in Logouale, 55 km (34 miles) north of Duekoue, rebels and militia fighters said. There was no immediate word of casualties.

- - - -

> EU agrees Balkan sugar quotas, aims to curb fraud [nL28606821]

BRUSSELS - EU agriculture ministers approved duty-free import quotas for sugar originating in three western Balkan countries on Monday to curb unwanted supply flow and avoid repeats of previous customs scams, EU officials said.

- - - -

© Reuters 2004

28 Feb 2005 18:28

28.02.2005 17:25:14 Gold steigt auf neues Jahreshoch

London/Zürich, 28. Feb (Reuters) - Der Goldpreis ist am Montag dank des schwachen Dollars und der anziehenden Ölpreise vorübergehend bis auf ein neues Jahreshoch bei 437,55 Dollar je Feinunze gestiegen. Der Widerstand um 438 Doller erwies sich dann allerdings als hartnäckig und einsetzende Gewinnmitnahmen liessen die Notierunge wieder abbröckeln.

Angesichts der andauernd erwarteten Schwäche der US-Währung räumen Experten Gold allerdings weiteres Aufwärtspotenzial ein. Sollten 438 Dollar fallen, sei der Weg vorerst frei bis zu den zu Jahresende 2004 erreichten 440 Dollar. Dann dürfte Gold das Anfang vergangenen Dezember erreichte 16 1/2-Jahre-Hoch bei 456,75 Dollar anvisieren.

Die Feinunze Gold kostete zu Handelsschluss in Europa 436,65/437,40 Dollar nach 434,30/435,00 Dollar am Freitagabend. Das Nachmittagsfixing in London erfolgte bei 435,45 Dollar nach 436,55 Dollar am Vormittag und 434,25 Dollar am Freitagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.167/16.417 (Freitagabend 16.202/16.452) sfr an.

par/ajs

28.02.2005 17:13:41 WDHLG-Kreise - Saudi-Arabien nährt Furcht vor höheren Ölpreisen

Kuwait-Stadt, 28. Feb (Reuters) - Der stellvertretende saudiarabische Ölminister Prinz Abdulasis bin Salman bin Abdulasis hat nach Angaben aus deutschen Delegationskreisen Befürchtungen hinsichtlich eines langfristig deutlich höheren Ölpreises genährt.

Der Prinz habe den Mitgliedern einer deutschen Wirtschaftsdelegation in Begleitung von Bundeskanzler Gerhard Schröder am Sonntag gesagt, dass Öl noch wesentlich teurer werden würde. "Ich habe bei dem Gespräch den Eindruck gewonnen, dass der Ölpreis auf längere Sicht nicht bei 80 Dollar je Barrel stehen bleiben wird", sagte ein deutsches Delegationsmitglied der Nachrichtenagentur Reuters am Montag. Die Möglichkeit eines Ölpreises von rund 80 Dollar war jüngst auf dem Davoser Weltwirtschaftsforum diskutiert worden. Der stellvertretende saudi-arabische Ölminister habe gesagt, Öl sei eben ein knappes Gut und werde noch erheblich teurer werden. Sinngemäss habe er jedem empfohlen, wenn er denn ölpreis-sensibel sei, sich für die Zukunft um alternative Energiequellen zu bemühen. Saudi-Arabien werde jedenfalls nicht seine Ölförderung bei jeder Gelegenheit hochfahren, um den hohen Bedarf zu decken und den Ölpreis entsprechend zu dämpfen.

Aussagen von saudiarabischen Regierungsvertretern, dass die Regierung des ölreichsten Landes der Welt mit einem Ölpreis von 40 bis 50 Dollar rechne, seien nur kurzfristig zu verstehen, gab ein Delegationsmitglied die Äußerungen von Prinz Abdulasis wieder. Auf längere Sicht werde der Preis noch weit höher ausfallen, weil Öl ein knappes Gut sei und die Nachfrage auch auf längere Sicht hoch bleibe.

Das Thema Öl spielt beim Besuch des Kanzlers in den Ölstaaten des Golfs eine Rolle. In einem vorab veröffentlichten Text einer Rede hatte Schröder Saudi-Arabien ausdrücklich für seine konstruktive und verantwortungsvolle Ölpolitik während der massiven Ölpreisausschläge nach oben im Jahr 2004 gedankt. Zugleich hatte er in dem Redetext angekündigt, dass das Thema Öl und der Wunsch nach einer größeren Transparenz an den Ölmärkten zur Eindämmung der Spekulation auch den nächsten G-8-Gipfel in Großbritannien beschäftigen wird. Diese Passagen hatte der Kanzler dann aber nicht vorgetragen.

Der Ölpreis war in den letzten Tagen in New York wieder deutlich über die 51-Dollar-Marke je Barrel (159 Liter) gestiegen. Am Montagnachmittag wurde da Barrel im April-Kontrakt dort um 51,60 Dollar gehandelt. Politiker in den Industrieländern haben wiederholt gewarnt, ein zu hoher Ölpreis könnte das Weltwirtschaftswachstum beeinträchtigen.

hel/kps

© Reuters 2004

NEW YORK, Feb 28 (Reuters) - U.S. gold futures climbed to near two-month highs on Monday, bolstered by the dollar's fall against major currencies and higher crude oil, which raised the yellow metal's allure for investors, dealers said.

Gold for April delivery traded at $437.60 an ounce -- up $1.50 on the day -- by 10:15 a.m. (1515 GMT) on the New York Mercantile Exchange's COMEX division, dealing from $435.90 to $439.30, which was its strongest since Jan. 3.

Dollar weakness and inflation worries stoked by higher crude oil lifted gold to the top of a trading range, due to the metal's role as a classic safe-haven investment, traders said.

"There is no change in the story. The dollar is the one that really dominates the movements of the gold," said Frank Aburto at F.C. Stone.

The market's main focus should remain the dollar's moves, although gold prices needed to vault resistance at $439 to $440 an ounce to extend their gains. Analysts pegged first key support at $433 to $430.

April gold futures hit a 16-1/2-year peak at $460.50 on Dec. 2, driven up by a falling dollar, increased investment demand, and also supported by rising geopolitical tensions.

Aburto added that oil's surge since last week lent gold additional support. "After Friday, oil went up very quickly, as did gold."

Oil reached a four-month high above $52 a barrel on Monday, as forecasts of more U.S. cold weather signaled that already low stocks of heating oil could drop further.

The dollar tumbled versus the yen Monday on strong Japanese economic data on industrial output and retail sales and it was at a seven-week low against the euro on increasing ideas that the greenback's New Year rebound had run its course.

Midmorning in New York, the yen was up 1 percent against the dollar at 104.16 . The euro rose to $1.3257 . Sterling hit its highest mark against the dollar in 2005.

A weaker U.S. currency tends to boost gold prices as the dollar-denominated metal gets cheaper for non-U.S. buyers.

The latest weekly Commitments of Traders data from the Commodity Futures Trading Commission showed the fund net long exposure in COMEX gold futures rose to 34,694 lots as of Feb. 22 from 29,770 lots in the prior week's report.

Tim Evans, senior commodity analyst at IFR Markets, said the market could have another 100,000 contracts of fund buying to absorb before it was fully overbought and gold was only in the initial stages of a larger cycle of long accumulation.

"We would certainly allow for the possibility of a run to the $470-$480 zone before the market runs out of steam," Evans said.

Spot gold hit $435.55/6.30, above Friday's New York close at $434.55/5.30. Monday's London afternoon fix was at $435.45.

May silver , new most-active COMEX contract, firmed on the back of gold, rising 6.3 cents to $7.40 an ounce, within a range of $7.29 to $7.495.

Monday is first notice day for March metal delivery.

CFTC said the net speculative long position in COMEX silver futures climbed to 42,413 lots on Feb. 22 from 36,974 lots previously

Spot silver fetched $7.34/37 from $7.24/27 previously. London's fix was at $7.35.

April platinum gained $5.50 to $864.50 an ounce. Spot touched $863/867.

Benchmark June palladium rose $1.50 to $183.50 an ounce. Spot reached $180/184.