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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (1135)	3/18/2002 11:37:13 AM
From: Stephen O	Read Replies (1) \| Respond to of 1643

U.S. Commodity Movers: Crude Oil, Corn, Aluminum, Copper, Gold 2002-03-18 09:44 (New York) New York, March 18 (Bloomberg) -- The following U.S. markets may be active today. Crude oil (CLA <Cmdty> CT): The Organization of Petroleum Exporting Countries, which supplies a third of the world's oil, won't consider boosting production until prices climb another 30 percent, the United Arab Emirates oil minister said. Prices should be around $30 a barrel ``before we get some confidence that the market is demanding an additional supply,'' Obeid bin Seif al- Nasseri said. An oil index monitored by OPEC was quoted at $22.85 a barrel on Friday. The group, which decided on Friday to maintain current output levels through the second quarter, may have to wait until next winter before world oil inventories fall to a level that warrants an increase in supply, he said. Corn (C A <Cmdty> CT): California Governor Gray Davis said Friday that the state will delay a ban on the fuel additive methyl tertiary butyl ether until January 2004, a year later than the original start date of January 2003. The postponement means Archer Daniels Midland Co., High Plains Corp. and other producers will use less corn than expected to make ethanol, a competing gasoline additive, analysts said. U.S. farmers harvested 9.507 billion bushels of corn last fall valued at $19.2 billion, according to the U.S. Department of Agriculture. Aluminum (ALA <Cmdty> CT): Corus Group Plc, Europe's second- largest steelmaker, said it will sell its aluminum units to pay down debt after reporting a loss for a third consecutive year. The assets, which analysts said are worth as much as 900 million pounds ($1.3 billion), include factories in Belgium, Canada, China, Germany and the Netherlands. Corus said it lost 419 million pounds, or 13.42 pence a share, last year and 940 million pounds, or 30.19 pence, in 2000. Luxembourg-based Arcelor is Europe's biggest steelmaker. Copper (HGA <Cmdty> CT): The U.S. economy will grow between 5 percent and 6 percent this quarter, partly because of increased capital and consumer spending, Merrill Lynch & Co. chief economist Bruce Steinberg said. A growing economy signals stronger demand for wire and pipes in the U.S., the biggest consumer of copper. A recession last year sent copper prices to a 14-year low in November. Gold (GCA <Cmdty> CT): Zimbabwe's central bank has raised the price it pays for gold mined in the country by a quarter to save Africa's fourth-biggest gold industry from collapse, the country's Chamber of Mines said. The bank raised the minimum payment by 24 percent to $539 an ounce starting this month, said David Murangari, the chamber's chief executive. That's 85 percent higher than world prices around $291 an ounce. The central bank started supporting Zimbabwean mines last April. --Claudia Carpenter in the New York newsroom (212) 318-2346 or at ccarpenter2@bloomberg.net with reporting by Bloomberg reporters worldwide. Editor: Banker