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Print - 2004-01-07
Sri Lankan tea prices gain

Sri Lankan tea prices gain

Sri Lanka's tea prices were strong at the latest auction on Tuesday, as high-grown teas bounced back from lacklustre demand over the holiday period.
Published 07 Jan, 2004 12:00am
US and Commonwealth praise 'historic' talks

US and Commonwealth praise 'historic' talks

The United States on Tuesday praised the "statesmanship" shown by the leaders of India and Pakistan after "historic" talks at a South Asian summit.
Published 07 Jan, 2004 12:00am
Taiwan buys 20,000 tonnes Chinese corn

Taiwan buys 20,000 tonnes Chinese corn

Taiwan has bought 20,000 tonnes of corn from China for delivery before the Chinese New Year holiday in late January, traders said on Tuesday, after the Taiwan government temporarily lifted a decades-old import ban.
Published 07 Jan, 2004 12:00am
USDA may raise US soya crop estimates

USDA may raise US soya crop estimates

The US Department of Agriculture may raise its estimate of the US 2003 soyabean harvest in its final crop estimates on January 12, Hamburg-based newsletter Oil World said.
Published 07 Jan, 2004 12:00am
Rains will partly cool Brazilian coffee belt

Rains will partly cool Brazilian coffee belt

A cold front will bring widespread rain and lower temperatures later this week to coffee areas in Parana state and the west of Sao Paulo state, independent meteorologist Somar forecast on Monday.
Published 07 Jan, 2004 12:00am
Vietnam coffee stocks rise but sales slow

Vietnam coffee stocks rise but sales slow

Stocks of robusta beans in the world's top exporter Vietnam have been plentiful as the harvest comes to an end, but local sellers are not unloading the coffee quickly on hopes of more gains, traders said on Tuesday.
Published 07 Jan, 2004 12:00am
Ivory Coast cocoa exports down

Ivory Coast cocoa exports down

Ivory Coast cocoa bean exports totalled 373,724 tonnes between October and December 21, down sharply from the same period a year earlier, official figures showed on Tuesday.
Published 07 Jan, 2004 12:00am
Bangladesh tea prices rise

Bangladesh tea prices rise

The average price of Bangladesh teas rose following competition among buyers at the weekly auction on Tuesday, brokers said.
Published 07 Jan, 2004 12:00am
Singapore bunker prices stronger

Singapore bunker prices stronger

Singapore bunker prices were stronger on Tuesday following an overnight jump in crude oil prices but traders saw limited gains due to weak demand for the shipping fuel.
Published 07 Jan, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 50,438 tonnes of cargo including 42,502 tonnes import and 7,936 tonnes export cargo during last 24 hours ending at 0700 hours on Tuesday.
Published 07 Jan, 2004 12:00am
Passco receives 14 bids for wheat import

Passco receives 14 bids for wheat import

The Pakistan Agriculture Storage and Services Corp (Passco) has received 14 bids in response to a tender to import 150,000 tonnes of wheat at between $185 and $221 per tonne C&F, a company official said on Tuesday.
Published 07 Jan, 2004 12:00am
Kazakhstan grain crop down

Kazakhstan grain crop down

Kazakhstan, the biggest grain producer in Central Asia, harvested a 2003 crop of 14.8 million tonnes by clean weight, down seven percent on the record 2002 harvest, the agriculture ministry said on Tuesday.
Published 07 Jan, 2004 12:00am
Pakistan rice exports thin on tight supply

Pakistan rice exports thin on tight supply

Pakistani rice exports were thin during the past week on high domestic prices, although existing orders were being shipped, traders said on Tuesday.
Published 07 Jan, 2004 12:00am
FOB Gulf corn and soya steady; wheat holds

FOB Gulf corn and soya steady; wheat holds

US FOB corn and soyabean basis offers were mostly steady on Monday, with more corn supplies entering the pipeline over the weekend, dealers said.
Published 07 Jan, 2004 12:00am
CBOT wheat ends lower on profit-taking

CBOT wheat ends lower on profit-taking

Chicago Board of Trade wheat futures fell on Monday in profit-taking after a nearly 30-cent surge on Friday to near 12-month highs, traders said.
Published 07 Jan, 2004 12:00am
Oil cake market rates

Oil cake market rates

The January vaida opened at Rs 454.50 which was also the highest level for the day. Later it was down and was quoted at Rs 453.50 and closed also at the same level.
Published 07 Jan, 2004 12:00am
Jute goods lower on Jodia Bazar

Jute goods lower on Jodia Bazar

Price changes were notified on Tuesday (January 6) in Jodia Bazar are as jute goods twine 20x3 Bawany brown down 75 paisa to Rs 31, 16x3 CRT/Indus down 50 paisa to Rs 30.50, 20x3 PJSL down 50 paisa to Rs 30.50, 8x3 down Rs 3 to Rs 45 and 40x2 Bawany brown
Published 07 Jan, 2004 12:00am
Wheat down on grain market

Wheat down on grain market

Gram varieties saw some current changes on the seed and grain wholesale markets on Wednesday (January 6).
Published 07 Jan, 2004 12:00am
New York cocoa down on speculative sales

New York cocoa down on speculative sales

CSCE cocoa futures ended down 2,7 percent and close to a 5-week low on Monday as speculative selling overcame scale-down manufacturer buying, brokers said.
Published 07 Jan, 2004 12:00am
Ivory Coast cocoa arrivals down

Ivory Coast cocoa arrivals down

Some 479,451 tonnes of cocoa reached Ivory Coast's ports between the start of the 2003/04 season (October-September) and December 21, down nearly 18 percent from the same period last year, official data showed on Tuesday.
Published 07 Jan, 2004 12:00am
CSCE coffee soars to three-month peak on option trades

CSCE coffee soars to three-month peak on option trades

CSCE arabica coffee soared nearly 6 percent to a 3-month high near the close of trading Monday on options-related buying and industry purchases linked to a weak US dollar, floor traders said.
Published 07 Jan, 2004 12:00am
Asian crude: prices set to depress differentials

Asian crude: prices set to depress differentials

Asian differentials for March Middle East crude oil faced downward pressure on Tuesday amid a surge in Western benchmarks and high official selling prices (OSPs) from Middle East producers, traders said.
Published 07 Jan, 2004 12:00am
Wheat prices moving higher in Russia

Wheat prices moving higher in Russia

The US Agriculture Department's attache in Moscow released the following report, dated December 31, on the wheat outlook for Russia.
Published 07 Jan, 2004 12:00am
Oil holds near nine-month highs on cold weather worry

Oil holds near nine-month highs on cold weather worry

Oil prices hovered near nine-month highs on Tuesday, underpinned by worries that a cold snap in the United States will further draw down crude inventories already running at their lowest levels in five years.
Published 07 Jan, 2004 12:00am
CSCE sugar settles firmer

CSCE sugar settles firmer

CSCE raw sugar futures settled with modest gains on Monday in a short-covering bounce after their recent slippage, brokers said.
Published 07 Jan, 2004 12:00am
New York gold above $425 for first time in 15 years

New York gold above $425 for first time in 15 years

Gold futures traded above $425 an ounce for the first time in more than 15 years in New York on Monday, starting the new year as it ended 2003 - rallying as investors diversified out of the crumbling dollar.
Published 07 Jan, 2004 12:00am
Spot gold off 15-year high, silver shines

Spot gold off 15-year high, silver shines

Gold bullion meandered in a narrow range in Asia on Tuesday, pausing for breath after prices rose in New York trade to levels not seen since December 1988.
Published 07 Jan, 2004 12:00am
Texas cotton plantings to rise on high prices in 2004

Texas cotton plantings to rise on high prices in 2004

Cotton plantings in 2004 for Texas, the biggest cotton-growing state in the country, will likely increase because of the robust rally in cotton futures prices, an economist said Monday.
Published 07 Jan, 2004 12:00am
New York copper ends at 6-1/2-year high

New York copper ends at 6-1/2-year high

COMEX copper futures jumped almost 4 percent on Monday to close at a 6-1/2 year peak as busy fund buying and robust Chinese demand extended a recent powerful rally in the red metal, traders and analysts said.
Published 07 Jan, 2004 12:00am
Shanghai copper sweeps to new high

Shanghai copper sweeps to new high

Shanghai copper futures climbed to fresh contract peaks on Tuesday for the third straight trading session, buoyed by fresh gains on the London Metal Exchange, traders said.
Published 07 Jan, 2004 12:00am
Malaysian tin market ends steady

Malaysian tin market ends steady

Malaysian tin was steady at $6,650 a tonne on Tuesday, with dealers unsure how long it would hold amid a record premium against tin on the London Metal Exchange (LME).
Published 07 Jan, 2004 12:00am
Little improvement seen in palm oil exports

Little improvement seen in palm oil exports

Bureaucratic woes in China and slow demand from Indian and European buyers could see little improvement in Malaysian palm oil exports in January after a gloomy December, industry sources said on Tuesday.
Published 07 Jan, 2004 12:00am
CBOT rice firm

CBOT rice firm

Chicago Board of Trade rough rice futures closed slightly higher on Monday on light speculative buying, brokers said.
Published 07 Jan, 2004 12:00am
Azerbaijan to buy 200,000 tonnes of Russian grain

Azerbaijan to buy 200,000 tonnes of Russian grain

Azerbaijan said on Tuesday it would buy 100,000 tonnes of grain and 100,000 tonnes of flour from Russia in the next two months to cover domestic shortages after a poor harvest last year.
Published 07 Jan, 2004 12:00am
China losing appetite for soyabeans

China losing appetite for soyabeans

China is losing its appetite for soybeans ahead of the Lunar New Year holidays as crushing margins are poor due to soft domestic meal prices and a sharp rally in Chicago prices in the past several months.
Published 07 Jan, 2004 12:00am
Soybeans up on export hopes and supplies

Soybeans up on export hopes and supplies

Chicago Board of Trade soybeans ended mostly higher on Monday on talk of potential purchases by top US soy customer China and on fears that tight US soy supplies still needed to be rationed, traders said.
Published 07 Jan, 2004 12:00am
Australian wool indicator rises

Australian wool indicator rises

The Australian Wool Exchange (AWEX) said its eastern market indicator (EMI) rose two cents to 777 cents a kg clean on Tuesday when sales resumed for 2004.
Published 07 Jan, 2004 12:00am
Rubber down in Tokyo

Rubber down in Tokyo

Tokyo rubber futures sank on Tuesday in a technical correction, after prices inched up at the end of last year in light short-covering in the absence of fresh news.
Published 07 Jan, 2004 12:00am
China plans new commodity futures as volumes peak

China plans new commodity futures as volumes peak

China aims to launch fuel oil, cotton and corn futures at three exchanges in 2004 to inject more life into its derivatives sector, which saw futures volumes hit historic highs last year, state media and officials said.
Published 07 Jan, 2004 12:00am
Malaysian palm oil ends down ahead of Ivan Wong data

Malaysian palm oil ends down ahead of Ivan Wong data

Malaysian crude palm oil futures ended lower on Tuesday, reversing a firm morning, as players sold down on fears of a bearish crop report due on Wednesday from the market's main analyst.
Published 07 Jan, 2004 12:00am
London coffee hits 3-1/2 month high

London coffee hits 3-1/2 month high

Speculative buying and the absence of firm selling made London coffee futures soar on Tuesday following a strong New York market and with players profiting from a weak dollar, dealers said.
Published 07 Jan, 2004 12:00am
LME nickel pummelled as profit-taking prevails

LME nickel pummelled as profit-taking prevails

Nickel futures on the London Metal Exchange (LME) closed sharply lower on Tuesday, with the rest of the complex following suit, as profit-taking became the order of the day after the metals' brisk New Year rally, analysts said.
Published 07 Jan, 2004 12:00am
New York cotton futures slightly lower

New York cotton futures slightly lower

NYCE cotton futures ended slightly lower Tuesday after a bullish outlook from a major industry player failed to continue the rally in prices, brokers said.
Published 07 Jan, 2004 12:00am
Firm European precious metals pause after new highs

Firm European precious metals pause after new highs

Precious metals prices came off their highs in Europe on Tuesday afternoon, with gold and platinum down from respective 15- and 24-year highs as the bruised dollar crawled off the floor to prompt some profit-taking, traders said.
Published 07 Jan, 2004 12:00am
London cocoa higher

London cocoa higher

Speculative buying fuelled a London cocoa market rally that took prices almost five percent up on Tuesday amid uncertainty about the size of the 2003/04 crop in world top producer Ivory Coast, dealers said.
Published 07 Jan, 2004 12:00am
London wheat prices slip

London wheat prices slip

London feed wheat futures finished lower in modest volumes on Tuesday, weighed by weakness in the French market, where milling wheat contracts slipped amid renewed dollar weakness against the euro and fears of a pickup in farm sales, dealers said.
Published 07 Jan, 2004 12:00am
US MIDDAY: CBOT wheat mixed in volatile trade

US MIDDAY: CBOT wheat mixed in volatile trade

Chicago Board of Trade wheat futures turned mixed on Tuesday in volatile trading with the market rattled by USDA's announcement that China booked 175,000 tonnes of US wheat, traders said.
Published 07 Jan, 2004 12:00am
US MIDDAY: CBOT corn futures sag

US MIDDAY: CBOT corn futures sag

Chicago Board of Trade corn futures sagged on Tuesday on speculative sales and light early positioning ahead of next week's key USDA crop report, traders said.
Published 07 Jan, 2004 12:00am
US MIDDAY: CBOT soy futures mixed

US MIDDAY: CBOT soy futures mixed

Chicago Board of Trade soybeans were narrowly mixed on Tuesday, with pressure from light speculative sales and a lack of fresh US soy export news offset by concerns about US soy supplies, traders said.
Published 07 Jan, 2004 12:00am
US MIDDAY: gold and copper down

US MIDDAY: gold and copper down

The following are New York midday prices and market updates for precious metals and copper:
Published 07 Jan, 2004 12:00am
Chinese yuan notches firmer

Chinese yuan notches firmer

The yuan closed two notches firmer versus the US dollar at 8.2770 on Tuesday, but was still near the stronger end of its managed trading range.
Published 07 Jan, 2004 12:00am
Bangladeshi taka eases on import demand

Bangladeshi taka eases on import demand

The Bangladesh taka dropped on Tuesday due to higher demand for dollars from importers of auto parts and textile accessories, dealers said.
Published 07 Jan, 2004 12:00am
Swiss franc around seven-year highs against dollar

Swiss franc around seven-year highs against dollar

The Swiss franc was trading at levels around more than seven-year highs against the dollar in early Tuesday trading amid concerns about the US current account deficit, but was little changed on the euro.
Published 07 Jan, 2004 12:00am
Dollar stalls near multiyear lows against majors

Dollar stalls near multiyear lows against majors

The dollar was stuck against the euro and the yen on Tuesday, hanging near recent lows hit on worries about a festering US current account deficit and the prospect of US interest rates remaining low.
Published 07 Jan, 2004 12:00am
Dollar at record low against euro on US rate outlook

Dollar at record low against euro on US rate outlook

The dollar hit a record low versus the euro and reached a three-year nadir against the yen on Monday as the prospects for continued low US interest rates dulled investors' appetite for the currency.
Published 07 Jan, 2004 12:00am
Indian rupee ends down

Indian rupee ends down

The Indian rupee ended lower on Tuesday after state-run banks aggressively purchased dollars through the day on behalf of the central bank, dealers said.
Published 07 Jan, 2004 12:00am
Sterling leaps above $1.82

Sterling leaps above $1.82

Sterling hit 11-year highs against the dollar on Tuesday and gained ground on the euro as expectations for higher British rates gave the higher-yielding pound an additional advantage over its peers.
Published 07 Jan, 2004 12:00am
Dollar slides to new record low against euro

Dollar slides to new record low against euro

The dollar spiralled to a new record low against the euro on Tuesday in a broad-based sell-off but held on just above a three-year low on the yen, aided by suspected Japanese yen-selling intervention.
Published 07 Jan, 2004 12:00am
Bangladesh's GMG Airlines to go international

Bangladesh's GMG Airlines to go international

Bangladesh's first private air carrier, GMG Airlines, said on Tuesday it expected to begin international flights in March after winning government approval.
Published 07 Jan, 2004 12:00am
SEC may broaden Parmalat action

SEC may broaden Parmalat action

The US Securities and Exchange Commission may expand its fraud lawsuit against Parmalat as it investigates all aspects of the scandal enveloping the Italian food group, a top SEC official said on Tuesday.
Published 07 Jan, 2004 12:00am
SEC may broaden Parmalat action

SEC may broaden Parmalat action

The US Securities and Exchange Commission may expand its fraud lawsuit against Parmalat as it investigates all aspects of the scandal enveloping the Italian food group, a top SEC official said on Tuesday.
Published 07 Jan, 2004 12:00am
US Army gives Halliburton waiver for oil deal

US Army gives Halliburton waiver for oil deal

The US Army said on Tuesday it had granted Halliburton a waiver to bring fuel into Iraq via a no-bid deal with a Kuwaiti supplier despite a draft Pentagon audit that found evidence of overcharging for fuel.
Published 07 Jan, 2004 12:00am
EU services growth eases last month

EU services growth eases last month

The key services sector in the eurozone and Britain grew at a healthy, but slightly slower, pace in December, indicating that the economic storm clouds are gradually dispersing as Europe enters 2004.
Published 07 Jan, 2004 12:00am
Commerzbank scraps pension scheme to trim costs

Commerzbank scraps pension scheme to trim costs

Germany's third-largest bank Commerzbank said on Tuesday it would stop paying into company pension schemes for its 26,000 staff in Germany from 2005 as part of its cost-cutting drive.
Published 07 Jan, 2004 12:00am
US services growth slows, jobs outlook steady

US services growth slows, jobs outlook steady

The giant US services sector grew for the ninth straight month in December but the pace of expansion slowed, a report showed on Tuesday, confounding economists who expected a greater increase.
Published 07 Jan, 2004 12:00am
IBM faces bidding ban in South Korea

IBM faces bidding ban in South Korea

US technology giant IBM Corp could be banned from bidding for South Korean government contracts following a corruption probe of its South Korean unit, Seoul's anti-trust watchdog said Tuesday.
Published 07 Jan, 2004 12:00am
Japan pressures US over mad cow measures

Japan pressures US over mad cow measures

Complaining that new US procedures to deal with mad cow disease were not good enough, Japan said on Tuesday it would send a team to rival beef exporter Australia to look for alternative supplies.
Published 07 Jan, 2004 12:00am
EU starts budget reviews amid doubt over pledges

EU starts budget reviews amid doubt over pledges

Pledges by eurozone governments to cut budget deficits are likely to be eyed with greater scepticism in coming months following last year's severe blow to the disciplinary process underpinning EU budget rules.
Published 07 Jan, 2004 12:00am
Saudi Arabia to cut foreign corporate tax

Saudi Arabia to cut foreign corporate tax

Saudi Arabia is expected to ratify within weeks proposals to cut taxes on international investors to 20 percent from 30 percent in an effort to attract more foreign money, officials said on Tuesday.
Published 07 Jan, 2004 12:00am
China bails out two banks with $45 billion

China bails out two banks with $45 billion

China has injected $45 billion into two big state banks in a long-awaited bail-out of the debt-ridden industry, a major step towards strengthening the Achilles' heel of the world's sixth-biggest economy.
Published 07 Jan, 2004 12:00am
Russia 2003 budget surplus beats target

Russia 2003 budget surplus beats target

Russia's 2003 budget surplus was 1.7 percent of gross domestic product (GDP) beating the official target for the year, TASS news agency quoted Prime Minister Mikhail Kasyanov as saying on Tuesday.
Published 07 Jan, 2004 12:00am
German jobs shrink at fastest pace in 10 years

German jobs shrink at fastest pace in 10 years

Employment in Germany shrank last year at the fastest pace in a decade as Europe's largest economy suffered its weakest period since a recession in 1993.
Published 07 Jan, 2004 12:00am
US Treasuries mixed after strong economic data

US Treasuries mixed after strong economic data

US Treasury prices ended mixed on Monday as upbeat auto sales, construction numbers and stock gains weighed on a market still smarting from robust manufacturing data that came out late last week.
Published 07 Jan, 2004 12:00am
US Treasuries mixed after strong economic data

US Treasuries mixed after strong economic data

US Treasury prices ended mixed on Monday as upbeat auto sales, construction numbers and stock gains weighed on a market still smarting from robust manufacturing data that came out late last week.
Published 07 Jan, 2004 12:00am
Taiwan stocks up at a 20-month high

Taiwan stocks up at a 20-month high

Taiwan stocks edged higher to close at a 20-month high on Tuesday, with gains in the financial sector offset by weaker technology shares due to expectations of slower exports in the first quarter.
Published 07 Jan, 2004 12:00am
Philippines stocks jump, led by PLDT

Philippines stocks jump, led by PLDT

Philippines stocks rose more than three percent to end at a fresh 33-month high on Tuesday, powered by Philippine Long Distance Telephone Co (PLDT) and Globe Telecom Inc.
Published 07 Jan, 2004 12:00am
US stocks rise; Nasdaq closes at two-year high

US stocks rise; Nasdaq closes at two-year high

US technology stocks rose on Monday, pushing the Nasdaq Composite Index to its highest close in nearly two years, as software maker Siebel Systems Inc forecast higher-than-expected profit for the fourth quarter.
Published 07 Jan, 2004 12:00am
Singapore shares finish flat, off earlier 34-month high

Singapore shares finish flat, off earlier 34-month high

Singapore shares finished flat on Tuesday after hitting a 34-month high at midday as sentiment was dampened by news that the government was planning to divest part of its stake in Singapore Telecommunications Ltd.
Published 07 Jan, 2004 12:00am
Tokyo stocks snap four-day winning streak

Tokyo stocks snap four-day winning streak

Japan's Nikkei stock average ended down on Tuesday to snap a four-day winning streak, as investors turned wary of a strong yen and recent gains in the market and took profits on Toyota Motor Corp and other exporters.
Published 07 Jan, 2004 12:00am
Hong Kong stocks close firmer

Hong Kong stocks close firmer

Top Hong Kong shares ended higher for the seventh straight session on Tuesday as investors switched into property counters such as Wharf Holdings and away from pricey China plays on expectations of improved local economic growth.
Published 07 Jan, 2004 12:00am
Thai stocks end lower

Thai stocks end lower

Thai stocks fell more than two percent on Tuesday as energy shares came under pressure after a share swap deal at lower than market prices and bank stocks were hit by government approval of a plan to encourage mergers.
Published 07 Jan, 2004 12:00am
Indian stocks ease after four-day rally

Indian stocks ease after four-day rally

Indian shares fell for the first time in five sessions on Tuesday as investors turned cautious ahead of the earring's season.
Published 07 Jan, 2004 12:00am
US Stocks: Tuesday's unofficial close

US Stocks: Tuesday's unofficial close

Technology stocks inched up and blue chips eased on Tuesday after a report showing the vast US services sector grew at a weaker-than-expected clip kept a lid on investors' sentiment following a rally on Monday.
Published 07 Jan, 2004 12:00am