Beiträge von GoldenCentury

28 Feb 2005 10:16

28.02.2005 08:54:27 Tokyo gold advances to 2-month high on dollar, oil

TOKYO, Feb 28 (Reuters) - Tokyo gold futures hit two-month highs on Monday, buoyed by firmness in the dollar-based spot price, which jumped to an eight-week peak, and bullish oil prices that encouraged funds to build up new longs in the metal.

Technical sentiment strengthened after early rounds of short-covering triggered stop-loss buying that sent the February gold futures contract on the Tokyo Commodity Exchange through the important technical level of 1,474 yen per gram.

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 after hitting a low of 1,474 yen during the final TOCOM trading day last year on Dec. 28. Monday was the first day the contract had regained the 1,474 level.

The benchmark gold contract closed six yen higher at 1,473 yen. It moved in a range of 1,469 to 1,476 yen.

It has climbed more than 6 percent from a low of 1,390 yen hit three weeks ago.

"Sentiment is strong due to a weaker dollar and strong oil prices," said Hiroyuki Kikukawa, associate director at Nihon Unicom Corp.

"The technical trend looks strong, but before we push up prices even further, we may see some correction as recent gains have been a bit too rapid."

Other contracts closed up two to three yen.

At 0718 GMT, spot bullion was quoted at $436.25/7.00 an ounce, compared with $434.55/5.30 in New York.

Higher crude oil prices, which rekindled fears of inflation, supported gold.

Benchmark U.S. crude futures were well-supported to just below $52 a barrel after comments from Saudi Arabia last week that oil prices would probably remain high.

A German newspaper on Friday quoted sources from the Group of Seven (G7) as saying that a majority of G7 members favour selling some of the IMF's gold reserves to finance debt relief.

Traders said, however, the market showed little reaction to the report because the United States is opposed to the idea and investors believe that would prevent the kind of selling that could hurt gold prices.

The market paid closer attention to the dollar, which stayed under pressure against key currencies in Asia.

The dollar was trading at 104.57/67 yen , compared with around 105.20 in New York on Friday.

The U.S. currency briefly dropped as low as $1.3279 against the euro , its lowest level in nearly seven weeks.

TOCOM platinum futures advanced on technical buying but continued to struggle to find a clear direction with the key February contract around the middle of the recent range of 2,800-2,900 yen.

The contract has been stuck in that range for the past 2-½ months.

February TOCOM platinum closed up 13 yen per gram at 2,847 yen. It had moved in a range of 2,820-2,857 yen on the day.

Other contracts closed up two to 21 yen.

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 1,473 (up 6) 92,284
SILVER 246.2 (up 0.2) 6,495
PLATINUM 2,847 (up 13) 45,006
PALLADIUM 612 (down 11) 1,021

NEW YORK, Feb 25 (Reuters) - U.S. gold futures rose on Friday to close still near its priciest since the start of the year, as the dollar eased against rival currencies, making the metal more alluring to investors, dealers said.

Gold for April delivery was up 40 cents at $436.10 an ounce on the New York Mercantile Exchange's COMEX division, after moving from $432.50 to $436.90.

Prices broke above major resistance at $430 on Tuesday and Thursday's session high of $438.20 was gold's loftiest level since Jan. 3.

"It's been a good week for the metal," said Paul McLeod, vice president of precious metals at Commerzbank. "We certainly have felt sentiment swing, and I think it's poised to break up to a better price range next month."

"We're starting to get some producer reports coming out, and it looks like there are higher costs in the pipeline and lower production forecasts from the majors, so I think that will give gold some of its own momentum to move as well," he added.

Barring any major market-moving developments, McLeod said gold should keep tracking the euro, with yellow metal prices needing to top $439-to-$440 resistance to extend their gains.

Analysts saw support in April gold at $433 to $430.

April gold posted a 16-1/2-year high on Dec. 2 of $460.50.

The dollar lost ground Friday after U.S. gross domestic product data showed the economy grew slightly less in the fourth quarter than the Federal Reserve had expected.

GDP grew at a 3.8 percent annualized rate in the fourth quarter.

The euro was at $1.3228 at midafternoon, up from $1.3170 before the GDP data came out but not far from the $1.3193 it fetched late Thursday.

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

Meanwhile, Newmont Mining Corp. president Pierre Lassonde on Thursday said he felt the dollar will continue to slide this year, pushing the gold price to somewhere between $425-$475.

"The dollar's fall is far from over," Lassonde said in a conference call with Wall Street analysts to discuss Newmont's fourth-quarter earnings. The greenback "will only hit bottom when it has fallen enough to be attractive for private capital to come back," he added.

Lassonde forecast gold supply would be flat in 2005 after a 4 percent decline last year, with hedge fund buybacks continuing and central banks being net buyers of gold.

A German newspaper on Friday said a majority of Group of Seven members favor selling some of the International Monetary Fund's gold reserves to finance debt relief.

But an outright sale from the IMF, the world's third-largest gold holder, is not the only option under consideration, the Financial Times Deutschland report said.

Options could include a sale to an interested central bank or a revaluation of IMF gold reserves to current market prices, which would generate a paper profit that could be used to offset losses from debt write-off.

Spot gold last was quoted at $434.55/5.30, above Thursday's New York close at $433.75/4.50. Friday's London afternoon fix was at $434.25.

Silver slipped from recent two-month highs on profit-taking and liquidation, as speculators wrapped up March-into-May rollover before Monday's first notice day for delivery.

March silver ended at $7.291 an ounce, down 9.2 cents, after trading from $7.375 to $7.19. May futures closed 9.2 cents easier at $7.337.

Spot silver hit $7.24/27 from $7.34/37 previously. London's fix was sharply lower at $7.2425.

NYMEX April platinum fell $5.60 to $859 an ounce. Spot reached $858/863.

March palladium settled off $4 at $179.90 an ounce, with some players transferring holdings into June futures , which also fell $4 to end at $182. Spot was quoted at $180/185.

25 Feb 2005 19:06

25.02.2005 18:32:40 Gold steigt bis 435 Dollar

London/Zürich, 25. Feb (Reuters) - Gold hat am Freitag Tuchfühlung mit der strategisch wichtigen Marke von 435 Dollar aufgenommen. Händler sehen das Aufwärtspotenzial des gelben Metalls weiter gewahrt, womit zunächst eine Anstieg bis zum derzeitigen Jahreshoch von 437,50 Dollar je Feinunze gemeint sei, es aber auch noch darüber hinaus gehen könnte.

Andere Händler sagen jedoch, dass Gold ähnlich wie der Dollar die Orientierung verloren habe. Ohne ein markantere Bewegung des Dollars werde das gelbe Metall in der Spanne zwischen 432 und 435 Dollar stecken bleiben.

Die Feinunze des gelben Metalls kostete zum europäischen Handelsschluss 434,30/435,00 nach 433,05/433,80 Dollar am Vorabend. Das Nachmittagsfixing in London erfolgte bei 434,25 Dollar nach 432,40 Dollar am Vormittag und 433,75 Dollar am Donnerstagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.202/16.452 (Vorabend 16.184/16.434) sfr an.

pma/och

25 Feb 2005 19:05

25.02.2005 17:46:14 Commodities News Summary

TOP NEWS
> CBOT wheat holds firm as soybeans surge again [nN25135386]

CHICAGO - Wheat futures at the Chicago Board of Trade were holding firm early on Friday with the market taking its cue from another strong surge in soybeans, traders said.

- - - -

> UPDATE 1-Gold flat in Europe, seen range-bound [nL25151516]

LONDON - Gold remained hemmed in familiar ranges in Europe on Friday, mirroring the lack of direction in currency markets, dealers said.

- - - -

> COMEX copper falls on dollar gains, buyers support [nN25375916]

NEW YORK - U.S. copper futures slipped on Friday, with the higher dollar pointing the way lower, but fund and trade buyers kept prices supported, traders said.

- - - -

> Flat-screen metal indium hits high above $1,000 [nL25198380]

LONDON - Indium prices rose to all-time highs on Friday, bolstered by prospects of ever-tighter supplies in a market where availability is already scarce, traders said.

- - -

> French wheat firm on EU subsidy award, UK slips [nL25132411]

PARIS - French wheat firmed on Friday as traders viewed the European Union's refund award as postive for exports but British prices sagged after a stronger start as the recent run-up in prices encouraged fresh selling, traders said.

- - - -

GRAINS > UPDATE 1-EU reaches deal with U.S. on rice duties [nL2542797]

BRUSSELS - The European Union has struck a deal with the United States on import duties for rice, ending a dispute that had prompted Washington to threaten higher tariffs on $33 million of EU exports, the EU executive said on Friday.

- - - -

> UPDATE 3-Asian countries appeal for bird flu help [nBKK136928]

HO CHI MINH CITY - Asian countries battling a bird flu virus that threatens to create a human pandemic that could kill millions need urgent help from the wealthy West if they are to succeed, a 28-nation conference said on Friday.

- - - -

> Stocks to pressure EU wheat, bar a weather crisis [nL25327138]

PARIS - Europe's mounting wheat stocks, with another big crop on the way, threaten to maintain the heavy pressure on prices beyond the current season -- barring a decisive blow by the weather.

- - - -

> China cotton imports foreseen soaring 60 pct in 05 [nWAT002672]

WASHINGTON - China's cotton imports will soar to 14.5 million bales of cotton in 2005/06, the U.S. Agriculture Department projected on Friday.

- - - -

> UPDATE 1-US soy, corn end stocks lower in 05/06-US [nN25101183]

WASHINGTON - The U.S. Agriculture Department on Friday projected U.S. soybean end stocks in the 2005/06 marketing year would be 410 million bushels, down slightly from the previous year.

- - - -

> USDA foresees China still a net corn exporter in 2 [nWAT002673]

WASHINGTON - China should remain a net exporter of corn this year, the U.S. Agriculture Department said Friday, but termed the Asian giant the "chief source of uncertainty" in the global corn market.

- - - -

> Central Europe to request EU help with grain stock [nL25171434]

BRUSSELS - Four central European countries will ask the EU next week for help in shifting their hefty cereal surpluses, including via export tenders and increased silo space, officials said on Friday.

- - - -

> USDA projects larger soy oil, soymeal exports [nN2572966]

WASHINGTON - U.S. soybean meal exports will expand by 12 percent in 2005/06 and soybean oil exports would rise by 15 percent, the Agriculture Department projected on Friday at its annual Outlook conference.

- - - -

METALS > UPDATE 1-S.African DRDGOLD shares drop 23 pct afte [nL25339948]

JOHANNESBURG - Shares in South African gold miner DRDGOLD (DRDJ.J) plummeted 23.5 percent on Friday, a day after the company posted a deeper interim loss, and auditors warned it might not have enough cash to meet obligations.

- - - -

> INTERVIEW-China steel output growth to slow [nSP124489]

SHANGHAI - China, the world's top steel producer, is expected to see output growth halve this year as mills focus on high-quality steel for ships and trim output for construction, the chairwoman of China's largest steel maker, Baosteel Group, said on Friday.

- - - -

> INTERVIEW-Angloplat output target rests on rand [nT274321]

TOKYO - The head of the world's top platinum producer, Angloplat (AMSJ.J), said on Friday the firm would accelerate production projects again if the rand price of the metal rose by 15-20 percent.

- - - -

> Most of G7 backs IMF debt relief gold sales-paper [nL25162610]

FRANKFURT, Feb 25 (Reuters) - A majority of Group of Seven members favour selling some of the International Monetary Fund's gold reserves to finance debt relief, a German newspaper on Friday reported G7 sources as saying.

- - - -

> Minor metals-Molybdenum rallies, indium near highs [nL25692244]

LONDON - Noble alloy prices showed renewed strength this week as molybdenum reversed a sharp downward lunge and indium held near all-time highs, dealers said.

- - - -

> INTERVIEW-High prices may create iron ore surplus [nL25551462]

LONDON - Surging annual iron ore settlement prices, which have risen 71.5 percent for 2005, could prompt higher output and push the market into surplus by 2008, a Stockholm-based analyst told Reuters on Friday.

- - - -

> UPDATE 2-Harmony bid for Gold Fields hit by watchd [nL25599089]

JOHANNESBURG - Harmony Gold (HARJ.J) said on Friday it would decide whether to press on with its takeover bid for Gold Fields after the Competition Tribunal set May hearing dates that threaten the $5.3 billion offer.

- - - -

> UPDATE 1-Northgate mine strike ends with deal [nN25350222]

VANCOUVER, British Columbia - Northgate Minerals Ltd. (NGX.TO) and striking workers reached a labor agreement on Friday, ending a work stoppage that started three days ago at the firm's only mine.

- - - -

SOFTS > UPDATE 2-Ghana sees 04/05 cocoa output little chan [nL25149022]

ACCRA - Ghana expects cocoa output in 2004/05 to match or be slightly lower than the record harvest of nearly 740,000 tonnes last season, a senior Finance Ministry official said on Friday.

- - - -

25 Feb 2005 14:32

25.02.2005 13:23:49 Silver fix down, Europe gold pressured by dollar

* Silver fixes lower at 724.25 cents per ounce compared with previous fix at 747.00. Spot metal drops in line with gold to $7.23/7.26 by 1216 GMT from late New York's $7.34/7.37.

* Silver forward rates on Reuters page indicated at 2.510, 2.510, 2.540 and 2.510 for one, three, six and 12 months respectively.

* Gold falls to $431.30/431.90 per troy ounce by 1216 GMT from $433.75/434.50 late in New York on Thursday.

* Market under pressure after falling back from a fresh seven-week high in the previous session as dollar climbs against euro. Dealers looking to U.S. GDP data at 1330 GMT for fresh dollar direction. Euro last at $1.3148.

* Platinum edges up to $863.00/866.00 from $860.50/865.50 previously, while palladium stands at $183.00/185.00 from $181.00/185.00.

25 Feb 2005 11:33

25.02.2005 10:06:46 Indian bullion futures fall after 3-day rally

BOMBAY, Feb 25 (Reuters) - Profit-taking pulled Indian gold and silver futures down by midday on Friday after a three-day rally, but sugar rose in anticipation of festival demand next month, brokers said.

April gold on the Multi Commodity Exchange (MCX) was traded at 6,212 rupees ($142.1) per 10 grams at 0820 GMT, down from the previous close of 6,234 rupees. June gold fell 0.45 percent to 6,219 rupees.

"Indian gold futures have dropped on profit-taking and a fall in international prices," said Aditya Jhaveri, a commodity broker with Basic Commodities.

Gold was under pressure in Asia as regional currencies failed to advance on the U.S. dollar.

The precious metal was already on a downward path in more active European and North American markets overnight as a stronger U.S. dollar triggered sell orders in other currencies.

Spot gold was quoted at about $432 and ounce at 0805 GMT, down from $435 the previous day. MCX's March silver declined to 10,797 rupees per kg from 10,877 rupees. March silver at the National Commodity and Derivatives Exchange (NCDEX) dropped 0.6 percent to 10,770 rupees.

"Silver is in an overbought position and people are booking profits," said a Bombay-based broker. "We are expecting to see rangebound trade today."

Sugar futures rose on expectations that domestic prices may rise in the coming days ahead of local festivals in March.

NCDEX March sugar was up 0.26 percent at 1,902 rupees per 100 kg.

Soyoil futures fell with the beginning of oilseed harvests. Farmers were selling about 250,000 bags (of 80 kg each) of mustard every day and the figure could double by mid-March, traders said.

The market also followed soyoil futures on the Chicago Board of Trade which ended lower on Thursday, pulled by losses in soybean futures.

MCX's March refined soyoil was traded at 377.00 rupees per 10 kg, down from the Thursday's 378 rupees. ($1= 43.7 Indian rupees)

© Reuters 2004

25 Feb 2005 10:52

25.02.2005 09:27:44 TOCOM gold hovers in narrow band, benchmark slips

TOKYO, Feb 25 (Reuters) - Tokyo gold futures were little changed on Friday as traders looked for fresh incentives to provide direction, with position adjustments ahead of the weekend mostly dominating activity.

The benchmark February gold contract on the Tokyo Commodity Exchange finished down two yen per gram at 1,467 yen, the day's low, after hitting a high of 1,472 yen.

The benchmark contract continued to trade at a two-month high and about 5.9 percent above the year's low of 1,385 yen marked on Jan. 17.

It is at its highest level since it hit 1,483 yen on Dec. 28.

The three nearby months of April, June and August rose by one to three yen, while October fell by one yen and December closed flat.

"The currency market has been a major factor shaping the precious metals market ... but there wasn't much activity in that market today," a Tokyo analyst said.

Spot gold was fetching $432.60/$433.10 an ounce at 0630 GMT, easing slightly from $433.75/$434.50 last quoted in New York.

Total gold turnover on TOCOM was estimated at 79,602 lots, up from Thursday's 70,168 lots.

U.S. gold futures ended off their loftiest level since the start of 2005, pressured by profit taking and a lower euro, although some saw the metal holding up well after recent gains, dealers said.

Gold for April delivery slipped 40 cents to $435.70 an ounce on the New York Mercantile Exchange's COMEX division, after dealing between $438.20 -- its highest level since Jan. 3 -- and $433.50.

In the currency market, the dollar traded in a thin range against the euro and the yen, as traders waited to see if U.S. economic data due later in the session would breathe life into a stalled market.

The dollar was fetching 105.33/105.41 yen at 0630 GMT, against $105.36/$105.42 yen in late New York trade.

In other precious metals, February TOCOM silver was at 246.0 yen per 10 grams, down 3.4 yen, after hitting a one-week low of 245.8.

The session high was 246.9 yen.

Spot silver was at $7.31/$7.33 an ounce versus $7.34/$7.37 in New York.

The benchmark February platinum futures contract closed down 17 yen at 2,834 yen per gram, after wavering between 2,826 yen and 2,843 yen.

Spot platinum was at $862.50/$867.50, inching up from New York levels of $860.50/$865.50 an ounce.

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 1,467 (down 2) 79,602
SILVER 246.0 (down 3.4) 6,912
PLATINUM 2,834 (down 17) 30,547
PALLADIUM 623 (down 3) 423

24 Feb 2005 21:16

24.02.2005 20:49:58 NY gold ends lower as euro backslides vs dollar

((Reuters is seeking feedback from subscribers on this report. If you value the report, or would otherwise like to suggest changes to the type of content it carries, please send a brief e-mail to alden.bentley@reuters.com and cite the headline.))

NEW YORK, Feb 24 (Reuters) - U.S. gold futures ended off from their loftiest level since the start of 2005 on Thursday, pressured by profit-taking and a lower euro, although some saw the metal holding up well after recent gains, dealers said.

Gold for April delivery slipped 40 cents to $435.70 an ounce on the New York Mercantile Exchange's COMEX division, after dealing between $438.20 -- its highest level since Jan. 3 -- and $433.50.

Gold continued to ape moves in the euro, which eased against the dollar on Thursday, traders said. However, the metal remained well bid on dips above $430 after it vaulted that key technical level back on Tuesday.

James Moore of TheBullionDesk.com said the market should stay volatile over the next few months, keeping close tabs on currencies as participants await a decision on a proposal to use IMF gold to help finance debt relief for the world's poorest countries.

"The continued close correlation between gold and the euro will see the metal react to bouts of dollar strength and speculation of reductions in official holdings by various central banks," he said.

"Added to this, gold is still open to pressure as rumors of IMF sales rear their heads ahead of the meeting in April."

Analysts viewed April gold futures in a technical trading range from about $430 to $440.

Some said $450 was a reasonable target over the short term.

The dollar firmed Thursday as strong details in the U.S. durable goods orders report gave it some respite and lessened fears over record U.S. budget and current account deficits and fading support from dollar-positive rising interest rates.

At midafternoon, the euro was at $1.3193 , off from $1.3231 near gold's New York close on Wednesday.

A stronger greenback makes dollar-denominated gold less affordable for non-U.S. buyers.

A World Gold Council report showed consumer demand for gold jumped 7 percent in 2004 -- the first rise in four years -- with sharp price rises failing to deter buyers.

But the outlook for 2005 pointed to weaker growth, it said, despite an early jump in gold jewelry sales in Southeast Asia as an investment following the Indian Ocean tsunami.

In the fourth quarter of 2004, global jewelry demand -- a major share of consumption -- rose 7.5 percent compared with the year-earlier period, figures showed.

WGC said institutional investor demand was less buoyant last year, despite a rosy year-end phase after the November launch of the U.S.-listed streetTRACKS exchange-traded fund.

Spot gold changed hands at $433.75/4.50 an ounce, below Wednesday's New York close at $434.25/5.00. Thursday's afternoon fix in London was at $433.75.

March silver fell 6 cents to end at $7.383 an ounce, trading from $7.495 to $7.285. March-into-May rollover was active before Monday's first notice day for metal delivery. Spot hit $7.34/37, against $7.44/47 previously. The fix was at $7.47.

April platinum shed $2.80 to $864.60 an ounce. Spot was worth $860.50/865.50.

March palladium lost 45 cents to end at $183.90 an ounce. Some players are transferring holdings into June futures. Spot stayed at $181/185.

24 Feb 2005 14:49

24.02.2005 13:20:22 Silver fixes up, Europe gold holds at highs

* Silver fixed higher at 747.00 cents from previous fix at 745.00. Spot metal moves up with gains in gold to $7.47/7.50 by 1211 GMT compared with late New York levels of $7.44/7.47.

* Silver forward rates on Reuters page indicated at 2.498, 2.492, 2.550 and 2.508 for one, three, six and 12 months respectively.

* Spot gold holds firm after hitting a fresh seven-week high at $436.50 on dollar weakness. Last quoted at $436.25/437.00 a troy ounce by 1211 GMT, compared with New York's late close on Wednesday at $434.25/435.00.

* Bullion supported into dips, with any renewed weakness in the dollar seen propelling the metal towards its high for the year at $437.50.

* Platinum edges up to $868.00/871.00 an ounce from $861.00/866.00, while palladium inches up to $183.50/186.50 from $180.50/185.50.

24 Feb 2005 14:34

24.02.2005 12:51:48 Europe gold hits fresh 7-wk high, eyes weary dollar

LONDON, Feb 24 (Reuters) - Gold prices probed higher on Thursday, squeezing out a fresh seven-week peak above $435, with sentiment buoyed by dollar weakness.

Dealers said the year's high of $437.50 reached in early January was within sight, but further dollar falls were needed to entice investor cash.

"What we have seen is that gold has been well supported when it has dipped -- another surge will see us go past this $437.50 level," Paul Merrick, vice president for commodities at RBC Capital Markets, said.

Spot gold stood at $436.00/436.70 by 1134 GMT, from $434.25/435.00 late in New York. The price briefly touched $436.25 earlier -- last seen in early January. The dollar held to a weak bias as dealers worried about whether the currency could sustain a two-month rebound, even after the U.S. Federal Reserve reiterated its commitment to raising interest rates. The euro was at $1.3259.

A weaker U.S. currency makes dollar-priced metals cheaper for non-U.S. investors.

Minutes from the Fed's Feb. 1-2 meeting, released on Wednesday, reiterated the Fed would raise rates at a measured pace, but could move faster if inflation risks increased.

Merrick said markets had been assessing whether this year's dollar strength after three years of weakness had a firm basis.

"The market is looking to see if there's anything behind the strength in the U.S. dollar that could continue to strengthen it, and if not then maybe it's going to get weaker," he said.

Bullion market analysts have said that gold should see a fourth year of gains after the price scaled its highest in 16-1/2 years in December at $456.75 per ounce.

They said the major driver for gains on gold would be dollar weakness on worries over how the world's biggest economy will fund its gapping deficits.

"Sentiment towards the bullion market continues to improve, with the recent pattern of higher highs and higher lows likely to attract renewed fund interest," HSBC metals analyst Alan Williamson said in a daily report.

Consumer demand for gold jumped seven percent in 2004 -- the first rise in four years -- with sharp price rises failing to deter buyers, the industry-backed World Gold Council (WGC) said.[nL23189207]

Global jewellery demand, accounting for a major share of consumption, rose 7.5 percent in the fourth quarter of last year compared with the year-earlier period, figures compiled for WGC by consultants GFMS Ltd showed.

Silver ticked up with gains in gold to $7.49/7.52 compared with late New York levels of $7.44/7.47.

Platinum edges up to $868.00/871.00 from $861.00/866.00, while palladium inched up to $181.00/185.00 an ounce from $180.50/185.50.

24 Feb 2005 12:00

24.02.2005 09:08:44 TOCOM gold firm, looks to New York, bullion

TOKYO, Feb 24 (Reuters) - Tokyo gold futures were steady on Thursday, inspired by a strong close in New York futures and firm bullion prices, but gains were limited as most traders refrained from actively pursuing the precious metal.

The new benchmark February gold contract on the Tokyo Commodity Exchange, which debuted on Thursday, finished at the day's high of 1,469 yen. It opened at 1,466 yen and the session trough was 1,465 yen.

Other months rose by one to five yen.

A Tokyo-based analyst said some general investors were beginning to grow cautious and were refraining from actively buying TOCOM gold.

"Some players are beginning to wonder when funds, which have moved money from stock markets ... will liquidate their positions," he said.

The benchmark TOCOM gold contract continued to hover at a two-month high, at its highest level since it hit 1,483 yen on Dec. 28.

Spot gold was fetching $434.40/$435.10 an ounce at 0630 GMT, compared with $434.25/$435.00 last quoted in New York.

Total gold turnover on TOCOM was estimated at a moderate 70,168 lots, down from Wednesday's 98,747 lots.

U.S. gold futures closed at a fresh 2005 high on Wednesday, with April delivery gold rising 30 cents to end at $436.10 an ounce on the New York Mercantile's COMEX division.

It was the highest on a closing basis since Dec. 30.

At 0630 GMT, the dollar was fetching 104.73-76 yen against 104.83 yen in late New York trade.

In the currency market, the dollar eased as dealers worried if it could sustain a two-month rebound, even after the Federal Reserve reiterated its commitment to raising interest rates.

February TOCOM silver finished at 249.4 yen per 10 grams, the session high, compared with its opening price of 247.0 yen, which was also the day's low.

Other TOCOM silver contracts fell by 1.6 to 2.9 yen as the market took its cue from New York.

"TOCOM silver was a reflection of the New York market," the analyst said.

Silver slipped off previous two-month highs in New York, with March silver slipping 7.7 cents to end at $7.443 an ounce.

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 1,469 ( -- ) 70,168
SILVER 249.4 ( -- ) 6,910
PLATINUM 2,851 ( -- ) 39,946
PALLADIUM 626 ( -- ) 968

23 Feb 2005 22:06

23.02.2005 21:32:36 UPDATE 6-Red-hot metals near new highs, funds hungry

(Adds New York closing prices)

By Clare Black

LONDON, Feb 23 (Reuters) - Industrial metals like zinc and copper hung near multi-year highs on Wednesday, and gold retained its allure on renewed investment fund buying against the backdrop of a tattered dollar, commodity experts said.

Global mining companies were encouraged that demand from major metals consumer China showed little sign of abating, pushing profits up by double-digit numbers.

"There was quite a bit of doom and gloom about up until last week, but all of a sudden things have perked up again," said Angus MacMillan, minerals strategist with Bache Financial.

"There has been a fresh insurge of fund money in the base metals complex."

Same for precious metals. Gold consolidated after following rising currencies on Tuesday to a seven-week high.

At the COMEX division of the New York Mercantile Exchange, gold for April delivery ended up 20 cents at $436.10 an ounce. Spot gold finished in New York at $434.25/5.00 a troy ounce versus $434.20/90 late Tuesday.

On Tuesday, the dollar suffered its biggest one-day fall against major currencies since December on reports South Korea's central bank planned to spread its massive reserves among a wider array of currencies.

It steadied after the bank said its diversification plans did not mean it would sell the U.S. currency.

Investors have poured money into red-hot commodity markets to protect against a soft U.S. dollar and diversify out of lower yielding equities and bonds, although base metals had seen a sluggish start to the year.

FUNDS LOOK AGAIN

On the London Metal Exchange (LME), the world's largest non-ferrous metals market, zinc futures traded at a fresh 7-1/4-year high of $1,404.50 a tonne on Wednesday.

The metal, used in dip galvanising to protect steel, ended with a gain of $5 at $1,396 a tonne.

Copper eased, although losses were pared into London's close. Three month LME futures ended $14 down at $3,228, having threatened on Tuesday to crack its all-time high of $3,280 a tonne, set in January 1989.

COMEX March copper rose 1.05 cent to close at $1.50 a lb.

Russell Newton, director of UK-based commodity hedge fund Global Advisors, said there had been a pick up in interest in industrial metals.

"Certainly we were a bit sceptical with copper around $3,200 and zinc at $1,300 and I think a lot of funds probably thought the metals were going to fail," he said.

"So it caught many people by surprise when they ran through...you're probably now going to see a few more trend followers starting to wade back in."

OPINION DIVIDED OVER COPPER

Opinions are increasingly polarised in the market, with some claiming prices are vulnerable to a heavy sell-off, while others say the rally still has fuel to run.

"These moves are justified by fundamentals, especially in the case of copper and I think we still have upside potential in the market," MacMillan said. "I think we've yet to see the top."

It is a similar story in nickel, which is used as an anti-corrosive in steel. Prices have gained some 17 percent since the start of the year to hit 4-1/2 month highs on Wednesday, while LME stocks have halved in the same period.

China has been driving metal demand growth. Its economy expanded a breakneck 9.5 percent last year, sucking in about one-fifth of world copper supply used in everything from air conditioners and power stations to cables and computer chips.

Mining giant Anglo American (AGLJ.J) (AAL.L) said there seemed to be no slowdown in demand from China. It reported a 59 percent rise in 2004 earnings and said it expected commodity prices to remain strong for the rest of the year.

But while mining companies revel, steelmakers are hurting after Japanese and Chinese steel mills were accepting price hikes in excess of 70 percent in iron ore prices.

Shares in companies that mine uranium are also set to jump as strong demand from nuclear power stations fuels an expected doubling in prices of the metal, hedge managers said.

NEW YORK, Feb 23 (Reuters) - U.S. gold futures closed at a fresh 2005 high on Wednesday, as the dollar's failure to strengthen after its prior sell-off attracted dealer buying and speculative short covering in the precious metal.

April delivery gold rose 30 cents to end at $436.10 an ounce on the New York Mercantile Exchange's COMEX division, which was its highest on a closing basis since Dec. 30. The session's trading range ran from $433 to $437.40.

Gold found firmer footing as the dollar struggled to rise against the euro in the afternoon, with markets digesting U.S. Federal Open Market Committee minutes from the February meeting as well as CPI data, following the dollar's tumble on Tuesday.

"The early sell-off in gold was dollar-related, but the dip was bought back rather nicely," said Alaron Trading metals analyst David Meger.

"That added to the strength you had in the market and you saw a minimally higher close," he said. "Any further dips in the dollar will remain supportive to gold."

Meger saw chart resistance in April gold at $439 to $440 an ounce, with initial support at $433, followed by $430.

Gold closely tracks the euro, with both reacting inversely to the dollar's moves. A lower greenback makes dollar-denominated metals cheaper for non-U.S. buyers.

At midafternoon in New York, the euro was at $1.3231 , which was above morning levels but not far from late Tuesday's levels.

The dollar trimmed gains in late trading Wednesday after minutes from the FOMC's February meeting, while suggesting that U.S. interest rate hikes would continue, expressed concern about the U.S. trade deficit.

Earlier, U.S. consumer prices inched up just 0.1 percent last month, which market sources felt may help ease recent anxiety over inflation.

Excluding volatile food and energy costs, the Consumer Price Index, a widely used inflation gauge, rose 0.2 percent.

Markets had been waiting to see if recently accelerating U.S. producer prices would be mirrored by consumer prices, but the CPI reading seemed to reinforce expectations for gradual Federal Reserve interest rate increases ahead.

Frank Aburto at F.C. Stone said gold should be due for gains in the intermediate-term, supported by good physical demand and thoughts that the dollar will continue to be battered lower.

Spot gold priced at $434.25/5.00 an ounce, above Tuesday's New York close at $434.20/4.90. Wednesday's afternoon fix in London was at $432.60.

Silver slipped off previous two-month highs, with the main focus in New York on March-into-May contract rollover before the end of the month.

March silver fell 7.7 cents to end at $7.443 an ounce, moving from $7.56 to $7.275. Spot silver was at $7.44/41, against $7.50/53 previously. The fix was at $7.45.

April platinum lost $8.20 to end at $867.40 an ounce. Spot was stable at $861/866.

March palladium eased 40 cents to $184.35 an ounce. Traders are switching into the June palladium contract. Spot last touched $180.50/185.50.

23 Feb 2005 17:39

23.02.2005 17:09:39 UPDATE 1-Gold softer in Europe, 2005 peak still in sight

LONDON, Feb 23 (Reuters) - Gold prices cooled on Wednesday, consolidating a currency-led jump to a seven-week high, but dealers said bullish momentum kept fresh gains in sight.

Spot gold stood at $431.70/432.40 per troy ounce by 1552 GMT after hitting $435.25 in Asian trade -- last seen in early January when the metal hit its peak for the year at $437.50.

That compared with $434.20/434.90 late in New York on Tuesday, when the market spiked on steep dollar losses due to worries that the world's central banks, especially in Asia, were shifting their reserves away from the dollar.

A weaker U.S. currency makes dollar-priced gold cheaper for non-U.S. investors.

Although the U.S. currency had recovered losses on Wednesday with a reassurance from South Korea on foreign exchange diversification, dealers and analysts said another return to weakness could push gold to fresh gains. The euro was last at $1.3195 .

"I think that the overall uptrend is intact. However, gold was ripe for consolidation to take some heat out of the market," one dealer said.

"We should move higher again but the market may test $431 to see what the appetite is for fresh participation," another said.

Bullion had been struggling to push up this year after scaling a 16-1/2 year peak in December at $456.75 on dollar weakness, with prices dropping as the greenback started 2005 on a stronger note.

BULLS BACK
Analysts said this month's gains had re-established the market's overall bullish trend.

"We remain positive on the outlook for gold this year and our forecast gold price is unchanged at an annual average of $455 per pounce," HSBC metals analyast Alan Williamson said.

Mining group Anglo American (AAL.L) reported a sharp increase in 2004 earnings and said it saw no let up in Chinese demand that drove profits, but shares fell as the results came in at the lower end of expectations. [nL23268942]

Anglo said it expected commodity prices to remain strong for the rest of the year.

Silver was looking weak after the market hit a six-week high on Tuesday at $7.54. Traders said the outlook for silver was shaky as technical charts showed it had moved into overbought territory although momentum was likely to stay with gold.

Spot silver stood at $7.31/7.34 from $7.50/7.53 late in New York on Thursday.

Platinum also moved back to $861.00/866.00 from $872.00/876.00 previously while palladium was at $181.00/185.00 from $180.00/184.00.

23 Feb 2005 17:37

23.02.2005 17:30:06 Commodities News Summary

TOP NEWS
> Red-hot metals near new highs, funds hungry [nSP142119]

LONDON - Zinc and other industrial metals were around fresh multi-year highs on Wednesday, spurred on by renewed investment fund buying, against a background of a bruised dollar, traders and analysts said.

- - - -

> Gold softer in Europe, 2005 peak still in sight [nL23167117]

LONDON - Gold prices cooled on Wednesday, consolidating a currency-led jump to a seven-week high, but dealers said bullish momentum kept fresh gains in sight.

Spot gold stood at $431.70/432.40 per troy ounce by 1552 GMT after hitting $435.25 in Asian trade -- last seen in early January when the metal hit its peak for the year at $437.50.

- - - -

> Asian bird flu raises risk of global flu pandemic [nL22136341]

LONDON - Scientists fear the avian flu that has killed 46 people in Asia could be the strain that will cause the next global pandemic but said more evidence is needed about how infectious it is in humans.

"I think pandemic flu is knocking on the door," said Professor Albert Osterhaus, a leading European virologist at Erasmus University Hospital in Rotterdam.

- - - -

GRAINS/OILSEEDS/LIVESTOCK
> CBOT soybeans setback early after Tuesday rally [nN23339214]

CHICAGO - Chicago Board of Trade soybean futures set back early Wednesday after prices climbed to a five-month high on Tuesday amid aggressive technical buying by commodity funds, traders said.

May soybeans were down 6 cents at $5.77 per bushel by 9:37 a.m. CST.

- - - -

> EU wheat market drifts ahead of EU subsidy meeting [nL23132696]

HAMBURG - The main European Union wheat markets saw cautious trading on Wednesday ahead of the regular EU meeting on Thursday to decide the latest level of wheat export subsidies.

- - - -

> Analysts see Ukraine's 04/05 grain exports higher [nL23552810]

KIEV - Ukraine's ProAgro agriculture consultancy has increased the country's grain exports forecast to 9.24 million tonnes in the 2004/05 season from the previous estimate of 8.98 million, analysts said on Wednesday.

- - - -

METALS
> Brazil's CVRD seals new 71.5 pct price rise [nN23607251]

RIO DE JANEIRO, Brazil - Brazilian iron ore miner CVRD on Wednesday said it clinched a deal with South Korean steelmaker POSCO to increase ore prices by 71.5 percent this year, a day after making a similar deal with Japanese companies.

- - - -

> Miner Anglo sees no let up in demand from China [nL23268942]

LONDON - Mining group Anglo American (AAL.L) reported a sharp increase in 2004 earnings and said it saw no let up in Chinese demand that drove earnings, but shares fell as the results came in at the low end of expectations.

- - - -

> APT at high since 1970s, China ore tightness [nL23339742]

LONDON - APT tungstate rose to $120/130 a metric tonne unit (MTU) on Wednesday, with booming internal demand in China continuing to restrict availability of tungsten ores for export, traders said.

In the last 12 months prices have doubled from January 2004 levels of $65, and now stand at the highest since the mid-1970s, forced higher by China's industrialisation absorbing material that is normally exported.

- - - -

> Kazakhs to produce first primary aluminium in 2007 [nL23704263]

ALMATY - Kazakhstan, Central Asia's only producer of alumina, will produce its first primary aluminium in 2007, with output reaching 125,000 tonnes annually in 2008, the northern industrial Pavlodar region said on Wednesday.

- - - -

SOFTS > Ivory Coast cocoa farmers to march, strike next wk [nL23697868]

ABIDJAN - Ivory Coast's cocoa farmers will stage protest marches in cocoa-growing regions on Thursday to demand financing for cooperatives, a federation of farmers' unions said on Wednesday.

- - - -

© Reuters 2004

23 Feb 2005 17:36

23.02.2005 17:30:26 Europe gold ends lower as dollar steadies

* Spot gold falls to end European trade at 432.10/432.80 per troy ounce by 1615 GMT after hitting fresh seven-week high of $435.25 in Asia, and down from $434.20/434.90 late in New York on Tuesday.

* Bullion moves down as dollar steadies after South Korea provides reassurance on plans to diversify foreign exchange reserves. Dollar gains later pared when U.S. inflation data came within expectations -- reducing the chance of more aggressive monetary tightening. Euro at $1.3203.

* Silver falls to $7.31/7.34 by 1615 GMT from $7.50/7.53 late in New York on Thursday.

* Silver weakens in line with gold after hitting a six-week high on Tuesday at $7.54.

* Platinum moves back to $861.00/866.00 from $872.00/876.00 previously, while palladium stands at $181.00/185.00 from $180.00/184.00.

23 Feb 2005 14:54

23.02.2005 13:35:33 Silver fixes dowm, Europe gold softer on currency

* Silver fixes lower in Europe at 745.00 cents compared with previous fix at 755.00 cents. Spot metal falls to $7.45/7.48 by 1224 GMT from $7.50/7.53 late in New York on Thursday.

* Silver looking weaker, consolidating in line with gold, after hitting a six-week high on Tuesday at $7.54.

* Silver forward rates on Reuters page indicated at 2.500, 2.500, 2.550 and 2.500 for one ,three, six and 12 months respectively.

* Spot gold falls to $432.90/433.60 per troy ounce by 1224 GMT after hitting fresh seven-week high of $435.25 in Asia, and down from $434.20/434.90 late in New York on Tuesday.

* Bullion moves down as dollar steadies after South Korea provides reassurance on plans to diversify foreign exchange reserves. Euro at $1.3203.

* Platinum moves back to $868.00/872.00 from $872.00/876.00 previously, while palladium stands at $181.00/185.00 from $180.00/184.00.

23 Feb 2005 14:43

23.02.2005 13:10:14 Gold softer in Europe, 2005 peak still in sight

LONDON, Feb 23 (Reuters) - Gold prices cooled slightly on Wednesday morning, consolidating from a currency-led jump to a seven-week high, but dealers said bullish momentum was keeping fresh gains in sight.

Spot gold stood at $433.10/433.80 per troy ounce by 1153 GMT after hitting $435.25 in Asian trade -- last seen in early January when the metal hit its peak for the year at $437.50.

That compared with $434.20/434.90 late in New York on Tuesday, when the market spiked on steep dollar losses due to worries that the world's central banks, especially in Asia, are shifting their reserves away from the dollar.

A weaker U.S. currency makes dollar-priced gold cheaper for non-U.S. investors.

Although the U.S. currency was starting to recover its losses on Wednesday, dealers and analysts said another return to weakness could push gold towards fresh gains. The euro was last at $1.3206 .

"I'd be inclined to see a day of consolidation with support at $431 initially and then $429," a dealer said.

"We should move higher again but the market may test $431 to see what the appetite is for fresh participation," he added.

Bullion had been struggling to push up this year after scaling a 16-1/2 year peak in December at $456.75 on dollar weakness, with prices dropping as the greenback started 2005 on a stronger note.

Analysts said this month's gains had re-established the market's overall bullish trend.

"If the break out above $430 is confirmed over the next two days chart watchers will be looking for further strength with $445 the ultimate target," Standard Bank said in a daily report.

Later on Wednesday, markets will focus on U.S. consumer prices in January (1330 GMT), as well as the release of minutes from the Federal Reserve's policy meeting on Feb. 1-2.

Silver was looking weaker after the market hit a six-week high on Tuesday at $7.54. Traders said the outlook for silver was shaky as technical charts showed it had moved into overbought territory although momentum was likely to stay with gold.

Spot silver stood at $7.45/7.48 from $7.50/7.53 late in New York on Thursday.

Platinum also moved back to $868.00/872.00 from $872.00/876.00 previously while palladium was at $181.00/185.00 from $180.00/184.00.

23 Feb 2005 11:05

23.02.2005 09:43:30 India gold, soy futures up; sugar dips before budget

BOMBAY, Feb 23 (Reuters) - Indian bullion and soy futures rose early on Wednesday, tracking global markets, but sugar futures dipped as participants awaited next Monday's federal budget, brokers said.

April gold on the Multi Commodity Exchange (MCX) was traded at 6,224 rupees ($142.4) per 10 grams at 0705 GMT, up 1.19 percent. June gold was up 0.81 percent at 6,230 rupees for 10 grams.

Traders were awaiting U.S. consumer price data, due later in the day, which might have some impact on the U.S. currency. A weaker dollar makes dollar-priced gold cheaper for holders of other currencies and stimulates buying.

Spot gold was traded at about $434 at 0705 GMT, up from $429 around the same time on Tuesday, as the dollar fell against the euro and U.S. oil prices soared above $51 a barrel.

April gold at the COMEX division of the New York Mercantile Exchange rose $7.40 to $435.75 an ounce on Tuesday, it's highest close since Dec. 30.

"Silver is closely following gold," said another broker, adding it was expected to trade in the range of 10,900 rupees and 11,200 rupees per kg during the day.

MCX's March silver gained 1.7 percent to 11,041 rupees.

The March silver contract, which closes after a week, was quoted lower than import costs, offering arbitrage.

"Many traders are buying at the MCX and selling in the international spot and futures markets," said Ranjeet Rathod, a bullion dealer in south India.

The market tracks world prices as India imports about 70 percent of its annual gold needs of about 700 tonnes and half of its edible oil consumption of 10 million to 11 million tonnes.

Refined soyoil and soybeans contracts rose in line with world edible oil prices on worries over crop weather in Brazil, the world's second-largest soybeans producer.

March refined soyoil at the MCX rose 0.19 percent to 374.90 rupees per 10 kg, while April soyoil on the National Commodity and Derivatives Exchange (NCDEX) was up 0.11 percent at 371.45 rupees.

MCX's April soybeans firmed 1.75 percent to 1,281 rupees per 100 kg.

Soy futures rose on reports of hailstorm damage to Indian mustard crop in the past week.

Sugar futures dipped as traders were uncertain about changes in government policies in the federal budget on Feb. 28.

"Many players are on the sidelines ahead of the budget," a broker said.

NCDEX's March sugar fell 0.11 percent to 1,895 rupees per 100 kg. ($1= 43.72 Indian rupees)

23 Feb 2005 10:49

23.02.2005 09:31:17 METALS - Metals seen higher, but heading for fall

--------------------------------------------------------------

3 MTH KERB CLOSE * SUPPORT * RESIST * RSI14 * MA10 * MA30
COPPER 3,242.0 * 3200 * 3280 * 70 * 3153 * 3073
ALUMINIUM 1,965.0 * 1900 * 1972 * 78 * 1897 * 1852
--------------- VIEWS FROM THE MARKET - Feb 23 ------------
* Dollar recovery holds copper below 16-year peaks [nSP137163]
* NY copper ends mixed as weak sentiment dlr tug [nN22571913]
* Sharp oil, dlr moves and steel shock hit stocks [nSP15832]

LONDON, Feb 23 (Reuters) - London copper prices eased in early trade in Europe on Wednesday, but investment funds' interest in metals would continue in the short term as zinc hits a 7-1/4-year peak, traders said.

"Fund buying will continue, but these levels are very high and we think we're near the peak," a trader in Tokyo said. "By the beginning of March, liquidation may start to happen."

Copper for three-month delivery on the London Metal Exchange was trading at $3,213/18 a tonne by 0820 GMT, steady from Asia trading but below Tuesday's close of $3,242 and the 16-year high of $3,259 struck earlier that day.

Zinc futures rose to $1,404.50 on Wednesday, the highest since October 1997, but by 0822 GMT it was $1,388/93, down $3 from Tuesday's close.

Copper remained poised to push towards its all-time high of $3,280 a tonne, set in January 1989, traders and analysts said as funds bought into red-hot commodity markets to hedge against a weak U.S. dollar and diversify from lower-yielding equities and bonds.

But prices -- especially those for copper -- were vulnerable at current highs, traders and analysts said.

"They're playing a high-risk game," David Thurtell, commodities strategist at Commonwealth Bank of Australia, said, referring to investors who have pushed copper up more than 6 percent in the last month.

"It's easily within China's ability to slow things down a bit, and copper would be down below $3,000 in the blink of an eye," he said.

Fast-growing China has been the driver of copper demand growth. Its economy grew 9.5 percent last year, sucking in about one-fifth of world supply of the metal used in everything from air conditioners and power stations to cables and computer chips.

Beijing last year introduced a series of credit-tightening measures to cool runaway growth, causing periodic blips in demand from China, where consumption is seen up 10 percent this year.

But mining, paper and packaging group Anglo American (AGLJ.J) (AAL.L) said on Wednesday there seemed to be no slowdown in demand from China and it expected commodity prices to remain strong for the rest of the year. [n2039]

Aluminium was quoted at $1,956/60 a tonne. It closed at $1,965 on Tuesday after hitting its highest in seven weeks. Sights are now set on $1,973, last reached in August 1995.

"Aluminium moved strongly ahead from the opening driven by further volumes of CTA/technical buying on he back of bullish chart trends and a weaker dollar," Standard Bank London analyst Robin Bhar said in a ddaily report.

"Technically, charts are overbought and a correction towards $1,930-40 or even lower is anticipated before renewed strength is seen."