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

To: long-gone who wrote (32879)	4/29/1999 8:40:00 PM
From: goldsnow	Respond to of 116753

Copper Futures Rise Sharply Thursday, 29 April 1999 (AP) COPPER FUTURES rose sharply Thursday on the New York Mercantile Exchange amid optimism construction demand in Asia is on the rebound. On other markets, sugar futures rose sharply, as did unleaded gasoline. Copper rose amid heavy fund buying tied to recent news reports that indicate Japan is struggling to pull itself and other Asian nations out of a recession that has hobbled construction for more than a year. Asia had become key in helping reduce oversupply before the economic crisis struck, and a sharp slowdown in demand for copper in plumbing, wiring and other electronics caused inventories to swell. Japan recently began loaning other Asian nations billions to help stimulate industrial output. Its own stimulus package helped it in March post the first increase in construction orders in 15 months, while South Korea saw the biggest increase in more than four years. Copper for June delivery rose 1.65 cents to 72.05 cents a pound. Sugar futures bounded higher on the Board of Trade of the City of New York after Iran purchased Brazilian and European Union sugar. It bought Australian sugar a week earlier. The news came amid speculation Russian merchants also have been quietly buying sugar, which fell to 14-year lows recently. Prices were expected to remain under pressure for the foreseeable future. Brazil, the world's largest producer, is expected to produce a second consecutive record crop, which begins harvesting in a few weeks. Adding to the concerns were reports that Thailand's milled production is coming in more than 18 percent higher than last year's weather-reduced output. May sugar rose .32 cent to 4.42 cents a pound. Gasoline rose sharply, pulling crude higher on the New York Mercantile Exchange, amid fears oil producer cutbacks could lead the spot shortages during the peak driving season. Crude oil futures soared above $18 a barrel Wednesday after weekly inventory figures showed sharp declines, signaling producers are adhering to promised cutbacks. Crude jumped after the American Petroleum Institute reported U.S. inventories tumbled 4.7 million barrels last week to 336.4 million barrels after a sharp decline in imports. The decline - nearly four times the size of analysts' expectations - was the first strong indication that world oil producers are finally serious about slashing daily output to sustain higher prices. Members of the Organization of Petroleum Exporting Countries and other key producers agreed to remove 2.1 million barrels daily from the market beginning April 1. Analysts have said if they succeed at reducing about two-thirds that amount, supplies would be cut enough to force prices higher. American inventories now are 6.6 million barrels lower than this time a year ago and could get smaller. May unleaded gasoline rose 1.33 cents to 55.22 cents a gallon; June crude rose 8 cents to $18.53 a barrel.