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Gold/Mining/Energy : Breakwater Resources (T.BWR)
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To: Giraffe who wrote (544)10/21/1998 9:58:00 AM
From: Giraffe  Read Replies (2) of 962
 
METALS: Further downbeat forecasts
By Kenneth Gooding and Caroline Fossey
The gloom pervading the London Metal Exchange deepened yesterday as analysts produced more downbeat predictions.

Kevin Norish at Barclays Capital pointed out that nickel's price is at its lowest ever in real terms, copper is at its lowest since 1939 and even metals with relatively positive fundamentals such as lead and zinc have sunk to four or five-year lows.

Mr Norish expects further announcements about significant production cuts in the next few months, particularly in the copper and nickel sectors.

GNI Research suggested companies would hold back from cutting output as long as possible because those taking pre-emptive action in the early 1990s lost market share. "This ultimately could lead to a repeat of the mistakes of the early 1980s and would lead to a large build up in stocks and a stagnant market for many years to come," it said.

The price of crude oil hovered around yesterday's closing figure, then dipped to $12.24 a barrel in early trading after aggressive selling in New York. By late afternoon, December Brent blend had risen to $12.41 on London's International Petroleum Exchange, up 2 cents on Monday's close.

Asian rubber markets were quiet before the meeting of the International Natural Rubber Organisation council in Malaysia in the next two days, which could see far-reaching changes. Malaysia, the world's third largest producer, has said it will leave Inro, while Thailand, the biggest producer, is waiting to see whether there will be a change in Inro's intervention policy.

Financial Times
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