Comex Gold Price Expected To Match Ldn Spot
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1723 GMT (Dow Jones) Comex gold trader expects Dec price to open in Fri Access session where Ldn spot gold is trading "or otherwise it will be arb(itraged) into London," now trading at $285.20/oz bid to $285.80/oz and very illiquid. Adds that opening it on Fri afternoon dangerous b/c all of Ldn is closed. (DGB)
1719 GMT (Dow Jones) Gold traders, analysts concerned about liquidity and difficulty reaching settlement prices on Fri afternoon Nymex Access trading session. "I heard that a good number of clearing firms are allowing only market orders," at lowest offer or highest bid prices, which would expose them to potentially big losses, says analyst. (DGB)
1641 GMT (Dow Jones) Gold stands to gain once markets resume normal service next wk if concerns over risks to financial system haven't dissipated; if weakness in gold's "number one rival" - the dollar - persists, Gold Fields Mineral Services says. (MRL)
1629 GMT (Dow Jones) Attacks on U.S. might "usher in a difficult period for gold and other commodities," if investors' move into gold is short-lived or feeble; if downturn in U.S., global economies is accelerated, Gold Fields Minerals Services says. (MRL)
1317 GMT (Dow Jones) Inaccessibility of gold, silver stocks stored under destroyed World Trade Center seen having no impact on market, analysts in Europe say. "There's no effects, it'll have no bearing on the mkt," said one. (MRL)
1152 GMT (Dow Jones) Although LME base metal mkt has posted reasonable gains in morning session, lack of serious buying interest has resulted in failure to overcome resistance levels, says analyst. 3-mo copper unable to overcome $1,450, ali stuck below $1,385. (DWE)
1150 GMT (Dow Jones) Lack of liquidity on LME base metal mkt exaggerating effects of small amount of buying as dealers cover shorts ahead of weekend, says London-based analyst. "Nobody wants to be exposed over the weekend because we don't know what the US are planning." (DWE)
1114 GMT (Dow Jones) LME base metals head higher as dealers again cover shorts ahead of the weekend, says dealer. "There are still a few shorts left out there that don't want to be left vulnerable over the weekend." Weaker dollar vs euro also adds support. (DWE)
1113 GMT (Dow Jones) LME base metals supported by expected reopen of Comex trading on Nymex internet Access electronic system later today, says dealer. Short US funds expected to drive prices higher in attempt to cover positions. (DWE)
1029 GMT (Dow Jones) Spot gold sharply higher following break of $285/oz resistance on position squaring, opening of small, fresh longs, physical interest from Asia, all sparked by uncertainties about possible U.S. reprisals over the weekend, dealers and analysts say. At $287.55/oz. (MRL)
1004 GMT (Dow Jones) Spot gold up on largely physical, not speculative buying early Fri, a trader in Switzerland says. "Most of the interest we're seeing is physical-related, not speculative as such...mainly hedging from the Middle East and Far East." At $284.75/oz. (MRL)
0953 GMT (Dow Jones) There is general consensus among analysts that US aluminum facilities in Pacific northwest are unlikely to restart on "a grand scale despite drop in power prices to a more "normal level," said GNI. One of the reasons power prices are low is because smelters are closed. If plants restart then power prices would start to rise. (DWE)
0915 GMT (Dow Jones) Spot gold higher, well supported by participants buying back gold, establishing small long positions ahead of uncertain weekend, an analyst says. Buybacks could prompt test, breach of $290/oz resistance. At $284.55/oz. (MRL)
0723 GMT (Dow Jones) LME 3-mo nickel seen testing $5,000/ton and downtrend support just below here near term, says Standard Bank. "However, all may not be doom and gloom as Thu's large fall in LME stocks may imply that the shortage of scrap is leading the mills to purchase primary metal," it says. At $5,155. (SMF)
0718 GMT (Dow Jones) LME 3-mo ali players seen reluctant to trade in any volume until trend in stock mkts, oil, currencies become clearer, says Standard Bank. Technically prices holding above $1,360-$1,370/ton support band but further downside likely. At $1,371. (SMF)
0713 GMT (Dow Jones) LME 3-mo copper trade seen subdued but prices supported by fund and trade shortcovering against the background of uncertainty, says Standard Bank. Technically prices holding above $1,430-$1,440/ton support band, "but further probes look inevitable whilst upward momentum remains weak," it says. At $1,433. (SMF)
0706 GMT (Dow Jones) Trade in LME base metals is expected to be cautious, subdued again Fri with few people prepared to take fresh positions in the absence of New York mkts and while tensions following Tue's attacks remain high, say brokers. (SMF)
(END) Dow Jones Newswires 14-09-01
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