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Commodity prices: North Sea crude hits 4-month high, sugar and edible oils weaken
LONDON, May 3: The price of North Sea crude reached its highest level In four months, supported by prospects of better oil demand amid signs of a recovery In the world economy reports AFP
On the London Metal Exchange (LME)r markets were weakened by strikes by German metal workers, which were expected to lead to a fall In European consumption of base metals. Germany alone consumes almost 1 1 per cent of world production of refined copper, according to GNI.
This was balanced by the threat of port strikes tn Chile, the world s largest copper producer. Meanwhile delays in deliveries from Malaysia and Brazil supported tin prices.
Gold: Rally after weak start. Prices fell to their lowest level since April 1986, before recovering on short-covering before the May Day weekend.
Andrew Smith, analyst with brokers UBS Phillips and
Drew, said the market had been affected recently by "consistent" selling, -mostly by unidentified sources. This uncertainty has unsettled the market which fears more selling.
Smith predicted the mar ket would remain slack until the summer, but added that the downside was limited
Taiwan has lifted a 40 -year ban on gold exports.
Silver: Rally after weak start. Prices continued their downward trend at first, and fell Wednesday before the fix .Ing to their lowest level since December 1991. But they re covered ahead of the weekend after the publication of positive US economic indicators.
Platinum: Rally after weak start. Prices fell in line with other precious metals ehriy In the week. But they also recovered after US economic statistics published Thursday were
viewed positive for metals used in industry.
Copper: Easier. Copper prices drifted lower as traders focused on mass strikes in Germany. However, fears that imminent port strikes In Chile, the world's largest copper producer, could disrupt Codelco's shipments of 65,000 tonnes /month gave some underlying support to prices.
Prices came under pressure as tens of thousands of German metal workers from the country s biggest union. IG Me tall, joined nationwide strikes midweek, fuelling fears of reduced metal consumption across Europe.
Tin: Steady Prices remained steady around 12 month highs, supported by light supplies of physical metal due to delays In shipments from leading producers Malaysia and Brazil.
Traders noted that sellers were reluctant to emerge, fo
casing on strong fundamentals, with physical and technical tightness and waiting for prices to rally further, towards the 6,000 dollar/tonnes level.
l.ME stocks fell 65 tonnes to 12.060 tonnes.
Aluminium: Easier.
Aluminium fell to a five-week low following reports that US producers Alcoa and Reynolds were making progress in settling annual wage negotiations. Expectations of potential industrial action had shored prices up during recent weeks. Towards the weekend, prices began to turn up again, on reports that Yugoslavia's 93,000-tonnne-per-year aluminium smeller at Mostar In Bosnia-Hergcgovlna has been shut for about one month, as a precautionary measure before fighting began In Mostar.
l.ME stocks rose 3,875 tonnes to a new record high of 1,216,500 tonnes.
Sugar: Weaker after firm start. Prices turned down
Thursday, following reports that South Africa had bought enough sugar to cover its 1992 deliveries to Far Eastern customers South Africa's production has been hit by drought.
Prices were firm earlier in the week, due to Increased ac Mvlly on the physical market.
GNI said availability is good, and Is likely soon to be boosted by fresh harvest supplies. They pointed to potential selling by Thailand, said that news from the Cuban harvest was likely to come through in the next month (and the crop may not be as low as originally expected) and added that it was not clear whether a vigorous new export drive In India would Include sugar or not.
Vegetable oils: Weak Most vegetable oils weakened on the European market this week on the back of Chicago, where expectations, of South American harvests arriving on the mar ket depressed soya prices.
Palm oil was weakened by
uncertainty about the mediumterm prospects. A US agricultural attache In Kuala Lumpur predicted that Malaysia's palm oil exports could reach a record of 5.6 million tonnes in 1991-92 , due to increased production, which was hit by dry weather In 1990-91.
The soya war between the European Community and the United States looked set to be relaunched after Washington told CATT members it would Increase tariffs on one billion dollars worth of Imports from the EC. This followed the ECS announcement that It was not yet prepared to change Its policy of subsidies to oilseed producers.
Crude oil: Firm. North Sea Brent prices reached their highest level since December 1991, supported by increased buying by US refineries. Signs of recovery tn the world econ omy also raised hopes of better demand for oil.
Prices started off strong.
supported by a strike by Norwegian shipping workers, which threatened to reduce the countries oil exports. The Ninons decided Wednesday to suspend their action, and the American Petroleum Institute (API)'s weekly statistics showed a rise In crude and refined product stocks In the United States. But these factors only prompted a short '''"^utSer: Easier after strong start Prices were supported at the beginning of the week by the strength of the Malaysian rfngglt against western currencies.
But profit-taking reduced the gains by the end of the week, before the May Day weekend. The Singapore market was closed Friday. London will be closed Monday, and Tokyo Monday and Tuesday.
drains: Easier after firm start. Wheal and barley futures prices were supported at the beginning of the week by sterling's weakness against the
dollar. But they eased later in the week, due to fears of a re newed trade war between the EC and the US.
Russia could produce between 95 and 105 million tonnes of grains in 1992, against 89.1 million last year, according to forecasts published by Interfax news agency Monday. This figure remained lower than the 116.7 million tonnes harvested In 1990, Interfax said.
Tea: Firm. Good demand supported prices on the London weekly auction Average prices for quality grades rose to 180 pence /kilo from 170 pence last week. Medium grades rose to 118 pence from 112 pence. And low-medium grades rose to 92 pence from 90 pcn r
Cotton: Steady."Die index rose slightly in Uverpool. in a quiet market. Attention focused on Aslan grades, with little interest seen for other origins.