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

To: Alex who wrote (15916)	8/14/1998 8:31:00 PM
From: Giraffe	Read Replies (1) \| Respond to of 116764

From Financial Times Meanwhile, Grasberg in Indonesia, the world's largest copper and gold mine, shut down on Tuesday when 4,000 workers stopped work in a dispute over contracts. The US group Freeport-McMoran, which owns the mine, declared force majeure though insisting it was meeting sales commitments from stocks. The strikers returned to work yesterday. Oil prices sink to near record low By Paul Solman World oil prices fell near to their lowest-ever level on the International Petroleum Exchange this week as the market's long-standing fears about over-supply were exacerbated by figures showing US refined oil stocks well above last year's levels. The benchmark two-month forward contract (September) for Brent blend hit $11.55 a barrel in early trading on Tuesday, only 25 cents above the record low of $11.30, reached in October 1988. Two days later, Saudi Arabia's announcement that it would make bigger-than-expected sales cuts in September lifted crude back above $12. However, analysts said they were disappointed the price had not reached $12.20 - an important resistance level if the contract was to make further gains. September Brent was $12.08 in late trading yesterday compared with Thursday's close of $12.09. Oil producers are committed to output cuts of 3.23m barrels a day in an attempt to reduce supplies and boost prices. But the market remains sceptical that the cuts are being adhered to by all producers, and that they will have a long-term impact. Venezuela yesterday suggested oil producers hold an "open-door" get-together to discuss the flagging market ahead of the next Opec meeting in November. Meanwhile, Grasberg in Indonesia, the world's largest copper and gold mine, shut down on Tuesday when 4,000 workers stopped work in a dispute over contracts. The US group Freeport-McMoran, which owns the mine, declared force majeure though insisting it was meeting sales commitments from stocks. The strikers returned to work yesterday. Base metal prices were subdued as the Asian crisis continued to weigh heavily on demand, and prices were hit early in the week by a weaker yen. Nickel fell to a 4«-year low of $4,050 a tonne at one stage this week, but ended yesterday at $4,170, a gain of $20. Copper eased $1 yesterday to $1,627 a tonne. Coffee and cocoa traded quietly on Liffe. September coffee ended $15 higher yesterday at 1,640 a tonne, while September cocoa finished up œ4 at œ1,052 ($1,710) a tonne.