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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Alex who wrote (14439)	7/14/1998 6:40:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116759

FOCUS- Nickel leaps higher in lacklustre Europe 01:32 p.m Jul 14, 1998 Eastern LONDON, July 14 (Reuters) - Nickel prices jumped in Europe on Tuesday on technical factors but previously high-flying copper and zinc settled back and other sectors were sluggish. In precious metals, gold firmed a little during late trade, boosted by short sellers covering their positions amid mild optimism surrounding political developments in Japan. Cocoa and other soft commodities were quiet with dealings subdued partly due to the Bastille Day holiday in France. Nickel caught up with other base metals, rallying strongly from levels below $4,200, and away from 4-1/2 year lows. Buy-stops were triggered during lively late trading and last business was at $4,370, up $210 a tonne from Monday. Copper initially struggled to clear $1,650 and the final trade was at $1,654, up just $6 from yesterday as the sharp technical bounce from Monday's 12-year lows ran out of steam. Zinc again spurted higher on chart-driven fund buying and short-covering, although final business at $1,064, up $14, was below overhead targets around $1,075/1,080. Gold fixed at $293.35 an ounce in the afternoon, up on the morning's $292.20, as the yen strengthened versus the dollar to be last at 139.95/0.05. Gold prices have tracked the dollar/yen for weeks now with yen weakness blighting bullion prices as dealers drew direct parallels between the Japanese currency and local gold demand throughout the Southeast Asian region. Improved yen sentiment through Tuesday followed Japanese Prime Minister Ryutaro Hashimoto's Monday decision to resign after his party's poor performance in weekend elections. Gold was last at $293.30/$293.80 versus New York's Monday close of $291.40/$291.90. In soft commodities, white sugar was little changed in technical trading as players rolled positions forward ahead of expiry of the August contract on Thursday. Cocoa ended lower in thin rangebound trade while coffee closed mixed but well off its lows after roaster buying helped it claw back early losses. Some prices at 1600 GMT: Tuesday Monday Ldn Spot Gold ($ per ounce) 293.85 291.70 IPE Brent Crude Oil (Aug) 13.02 12.82 London Metal Exchange (Three months delivery) Copper ($ per tonne) 1,655.50 1,648.00 Aluminium ($ per tonne) 1,309.50 1,313.00 LIFFE Coffee ($/tonne)(Sept) 1,544.00 1,543.00 Cocoa (Stg/tonne) (Sept) 1,069.00 1,076.00 White sugar ($/tonne) (Aug) 253.90 253.30 CBOT wheat ($/bushel) (Sept) 2.71 2.74 ((--Peter Blackburn, London Newsroom +44 171 542 8064, fax +44 171 542 8077 london.commodities.desk+reuters.com)) Copyright 1998 Reuters Limited.