(BridgeNews) June 28, 2000 GMT/1600ET
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Wheat makes new lows before first notice day; corn at 7 1/2-week high
Chicago, June 28 (BridgeNews) - Wheat futures slid 1.9% to contract and 11-month lows on aggressive rolling out of the Jly contract before first notice day Friday and hedging amid further harvest activity. But corn hit a 7 1/2-week high on solid weekly export sales and fund short-covering before Friday's government stocks and acreage reports. Active spreading occurred as the market positioned itself for heavy deliveries against Jly. ( Stories .2705, .2700 )
Gold at more than 2-week low on dollar rally, Fed disappointment
New York, June 28 (BridgeNews) - Gold futures stumbled to the lowest level since June 12, under pressure from a rally in the U.S. dollar and the Federal Reserve's decision to cut short-term interest rates only 25 basis points Wednesday. A larger rate cut would have been bullish for gold because it would have reduced the risk of producer hedge selling and renewed inflation concerns. ( Story .2333 )
Bush to set $77 million for energy conservation research, White House says
Washington, June 28 (BridgeNews) - President George W. Bush has set aside $77 million for federal grants to boost research into energy conservation, the White House announced Thursday. When joined with industry contributions, there will be a total of $108 million for new research to accelerate the development of fuel cells, advanced engines and hydrogen technology for cars and buildings, it said. ( Stories .17634, .15733 )
Most Californians see energy manipulation, not shortage, poll shows
Los Angeles, June 28 (AP) - A majority of Californians say there is no shortage of electricity in the state and energy companies have manipulated the market to boost their profits, according to a Los Angeles Times poll. The survey published Thursday also found Californians have little faith their leaders can solve the power crisis. ( Story .17715 )
--METALS--
US aluminum plants said to face permanent close on high electricity prices
London, June 28 (BridgeNews) - The rocketing price of electricity has nearly brought primary aluminum production in the U.S. Pacific Northwest to a halt, with output there now at serious risk of closing permanently, said analysts at Industrial Information Resources. "An industry already ailing from oversupply is on the brink of extinction in the region unless market conditions and soaring energy costs improve drastically," one analyst said.(Story .13816 ) |
