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Turmoil in Euro currency market helps firm commodity prices
LONDON. Sept 20 : The sterling crisis this week and the Instability of money markets following devaluations and suspension of Britain's EMS membership helped the commodities markets this week, especially with respect to sterling-quoted products, reports AFP
Foreign Investors benefited from the pound's weakness. which made commodities quoted on the London market more interesting, while British dealers tried to offset losses by Investing in cocoa, rubber or
*Tbe precious metals, especially gold, were the first to profit from the fallout from monetary tumult, by offering operators a possible refuge
On their part, oil prices remained in limbo pending the outcome of the OPEC meeting 1n Geneva, which finally decided to align fourth-quarter production with OPEC market share.
On the London Metal Exchange, copper and lead, quoted in sterling, rose markedly, while the others. grlced^tn dollar suffered from the US currency's
Gold : Gold prices gained more than two per cent, boosted by investor' "refuge purchases' in reaction to the instability of the foreign exchange markets, sterling's exit from the EMS Exchange Rate Mechanism, and devaluations.
Uncertainties about the outcome of the September 20 French referendum on the Maastricht Treaty and general poor prospects for a world economic revival also helped gold.
Piatinam : Higher. Prices rose In gold's wake and on fear of new violence In South Africa, which accounts for
' 80 per cent of western output.
An official of South African union Cosatu said the African National Congress and Its union allies wanted to occupy President Frederik de Kleark’s victims.
Silver: Firm. Silver prices firmed, following other precious metals, but gains were limited by uncertainties about a world economic rally.
Lack of Interest by Jewelers held price rises down.
Copper : Sharply higher. The price of copper, measured tn London in pounds, not dollar, moved sharply higher on the London Metal Exchange (LME) over the week, buoyed up by the tall of the pound on the forelgri exchanges.
The rise in copper's price followed sterling's fall ahead of and following Britain's exit from the European Monetary system on Wednesday.
LME copper stocks rose 6,275 tonnes to 285,075 tonnes.
LEAD : Higher. Like copper, lead is measured In pound, and rose as sterling fell on the *exchanges over the week.
Figures from the international toad and zinc study group also helped lead's price, suggesting that consumption had stayed firm in the face of world economic recession.
LME stocks of lead jumped 3,175 tonnes to 159.900 tonnes.
Zinc : Slightly higher. The price of zinc climbed over the week but then fell back to end only slightly higher than It had begun it.
LME stocks of zinc rose 1.125 tonnes to 354.750 tonnes.
Aluminium : Lower. LME aluminium prices fell, with the metal unsupported by any strong fundamental
demand and suffering from the rise of the dollar, dealers
Trading was said to be nervous with dollar-based metals markets falling as the dollar rose against European currencies.
LME stocks of aluminium rose. 1,500 tonnes to 1,360.500 tonnes.
Nickel : Unchanged. The price of nickel ended the week unchanged nn the week before, having risen on speculation at the start but then fallen back in nervous trading.
LME nickel stocks rose 486 tonnes to 44,874 tonnes.
Tin : Higher. The price of tin rose on the exchange, though falling back towards the end of the week as the general market nerves hit the metal.
LME stocks of tin rose 135 tonnes to 14.870 tonnes.
Coffee : Up slightly. Coffee prices firmed in advance of the September 21-30 meeting here of producer and consumer countries, which will try to get the two sides ' together on a new international agreement aimed at' higher prides via export quotas.
Sugar: A bit higher. Sugar prices were helped by fears of flood destruction of at least nine per cent of Pakistani sugar output, originally forecast at 2.6 million tonnes for 1992/93.
The market also benefited from Zimbabwe's purchase of 132,000 tonnes of raw sugar because of a drought.
Vegetable Oils : IrreguJar. Palm oil prices suffered from higher production and Malaysian stocks of the product.
Specialised review OU Wot Id made a downward revision In Its estimate of world production of the 10 main vetje’ahfe oils for 1992/93 to 227.63 million
tonnes, against 225.81 million tonnes forecast for 1991/92.
Oil: Quiet. After a slight firming early in the week pending the OPEC meeting In Geneva, Brent prices shed their gains after the organization's decisions to align production In the fourth quarter on Its market share.
OPEC members did not set any real output celling, but merely Indicated that they would produce to reflect demand facing the organisation, estimated at 24.2 BDP for the fourth quarter.
Rubber : Surging. Rubber prices, quoted in sterling. Jumped by nine per cent on the week, pushed by the collapse of the British currency, which made rubber buying on the London market more interesting.
Grains : Slightly higher. The prices of wheat and barley were boosted by the granting by the United States . of 1.15 billion dollar in food aid to Russia
The market was also boosted by purchases of subsidised wheat by Pakistan, taking 220.000 tonnes, and Bangladesh, taking 25,000 under the United States export enhancement programme.
Tea : Firm. Demand was good at the weekly London, auction, where average prices were unchanged at 160 pence per kilo for higher grade, weakened to 122 from 125 pence per kilo for middle grade, and were unchanged at 78 pence per kilo for tower grade tea.
The market was strong ahead of an agreement of a 38 million dollar line of credit from the Indian government to Russian for purchase of 19 million kilos of tea.
Cotton : Higher. The Indicator price of cotton at Liverpool rose on fears of huge damage caused to Pakistani harvest by the flooding there. Pakistan is the world's fourth largest producer of cotton.