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

To: Bobby Yellin who wrote (22843)	11/11/1998 9:09:00 AM
From: Giraffe	Read Replies (1) \| Respond to of 116790

OIL: Prices up on renewed tension over Iraq By Paul Solman and Kenneth Gooding World oil prices recovered to just above $12 a barrel in London yesterday, after Monday's steep fall. Traders said prices rose on renewed signs of tension in the Middle East after William Cohen, US Defense Secretary, said time was running out for Iraq to comply with UN arms inspections. In late trading on the International Petroleum Exchange, the benchmark December contract for Brent blend was $12.06, against Monday's close of $11.90. Robusta coffee futures jumped on the London International Financial Futures and Options Exchange. At the close, the November contract was $159 higher at $2,075 a tonne. London Metal Exchange metals prices slipped as profit-taking from the recent rally continued and caution about world economic growth prospects took hold. "The strength of the US dollar has also scared off consumer buying interest for the moment," said Jim Lennon, at Macquarie Equities. Copper for three-month delivery closed down $13 a tonne at $1,600. One analyst warned that if the dollar continued to pick up against the yen, copper might once again fall to the 11½-year low of $1,575 seen recently. However, Sergio Jimenez, Chile's mining minister, said at the Americas Mining Ministries Conference in Buenos Aires that the state-owned Codelco group was forecasting prices averaging $1,653 a tonne next year and $2,204 by 2000. He said Codelco, the world's biggest copper producer with a 14 per cent market share, had sold 90 per cent of next year's output, leaving 150,000 tonnes to be sold on the spot market.