Vietnam may export rice: Vietnam is likely to export 3.8 million tonnes of rice this year after the government approved the shipment of another 200,000 tonnes between now and the year-end, a government official said on Thursday. "That's anadditional adjustment for the year-end period but we are not calling it an increase in the quota," the official from the Government Office, which works closely with the prime minister, told Reuters. Vietnam, one of the world's top rice exporters, revised the year's official rice export target in late September to 3.6 million tonnes from four million tonnes. It exported 3.55 million tonnes of rice last year. Exports so far this year have been put at around 3.3 million tonnes. The official also said the country's system of rice export quotas would be phased out in the future, although he indicated the government would maintain a firm hand on one of Vietnam's key hard-currency businesses. Vietnam has enjoyed a bumper harvest in 1998, especially in the southern Mekong Delta.

Nymex ACCESS dips slightly: December Nymex crude futures on the after-hours ACCESS traded a slight four cents per barrel down at $14.10 early on Thursday. The contract closed six cents lower at $14.14 on Wednesday in New Yorkfollowing a large stock build in US crude although the Department of Energy showed a much lower figure. Simmering UN-Iraq tension helped mitigate further losses, traders said. U.S. Defence Secretary William Cohen continued to seek support from Gulf allies for tough action against Iraq. December Brent on the SIMEX was offered at $12.82 but no bids were in sight. The contract had settled two cents lower at $12.83 in London on Wednesday.

Chinese crude processing target: China will have crude oil processing capacity of 240 million tonnes by the year 2000, Yan Sanzhong, deputy director of the State Administration of Petroleum and Chemical Industries, said on Thursday. Crude processing capacity was expected to hit 260 million tonnes by the year 2010, Yan said at the Chinese Petroleum and Gas Conference in Beijing. By 2010, a number of refineries would be built along the coastal areas to handle tens of millions of tonnes of imported high sulphur crude oil, he said but did not elaborate. Ethylene output wasestimated at 4.5 million tonnes by the turn of the century, he said. China would set up a number of ethylene projects by 2000, which would upgrade the total ethylene production capacity to 8-10 million tonnes, Yan said. China's refineries processed 120.59 million tonnes of crude oil in the first nine months of this year.

Saudi raises December prices: Saudi Arabia has raised the December term price for Arab Super Light crude to Asia by 30 cents per barrel, traders said on Thursday. Earlier, traders in New York said that Saudi Arabia had lowered the December official selling prices of its other crudes, Arab Light, Arab Medium, Arab Heavy and Berri Extra Light to Asia by 5-15 cents per barrel.

Abu Dhabi, Oman crudes steady: Both Abu Dhabi and Oman crudes were steady and discussed at around parity to a slight premium above the official selling price (OSP), traders said on Thursday. There were no reports of fresh deals done for Oman, but sentiment was steady after the release of the latest OSP,which was within market expectation, traders said. The crude was believed discussed at around MOG flat to MOG plus five cents per barrel. Some traders said there were isolated bullish offers at MOG plus seven to eight cents, while some relaxed buyers were bidding at MOG minus 10 cents. But, these were believed to be a little off the range of market discussion. In Abu Dhabi crude grades, 500,000 barrels of a December Lower Zakum were believed sold by a Japanese trading company to a U.S. Major at ADNOC plus two cents. Abu Dhabi crude grades such as Lower Zakum, Murban and Umm Shaif were notionally assessed at ADNOC flat to ADNOC plus five cents. Several December Qatar Marine cargoes changed hands at discounts of between seven to nine cents, traders said.

US West Coast gasoline firm: US West Coast spot gasoline prices rose Wednesday on talk that refiners were big buyers in the market. West Coast markets were moderately active after a key inventory report Tuesday that showed growing supplies in theregion. Gasoline prices rose despite the rising stockpiles shown in the report. Traders said refinery demand offset higher inventories. "We're seeing good demand," one dealer said. November spot gasoline in Los Angeles rose one cent a gallon to 50/50.50 cents. Traders predicted that supply would rise through early 1999 as refiners stockpile before a period of slower production tied to maintenance work. In assessing the report, traders dismissed a large increase in West Coast distillates.

HK gold unchanged: Hong Kong spot gold opened unchanged on Thursday from New York's higher finish and dealers said trading should be quiet and slow in the local market this morning. Bullion opened level with New York's Wednesday close at $290.70/291.20 an ounce against Hong Kong's previous close of $289.30/80. "Sluggish trade is seen in the local market and I think the price will hold at $289.50 to $292 today." Spot silver opened at $4.94/97 per ounce in Hong Kong, unchanged from New York's Wednesday finish. Localgold opened HK$11 higher at HK$2,682 a tael.

Shanghai copper down: Shanghai copper futures were weaker in early trade on Thursday on liquidation of long positions after Wednesday's surge, traders said. Players were concerned that a steep rebound in prices could trigger producer selling or fresh imports, traders said. The most active March 1999 contract stood at 15,870 yuan ($1,917) per tonne, off 40 yuan from Wednesday's close. It opened at 15,880 and traded between 15,820 and 15,960. The key January contract lost 10 yuan to 15,490 yuan.

NZ wool prices mixed: Prices for New Zealand wools were mixed at auction in Christchurch, the New Zealand Wool Group said in its report on Thursday. Rises in the price of halfbred wool were balanced by mixed prices for Merino and a drop in prices for crossbreds. Overall the final market indicator dropped three cents to402 cents, from 405 cents on October 29. Of the 1,317 clean tonnes on offer, 15 percent was passed in. Around 43 percent of the offer wascrossbred fleece, 19percent Merino fleece and seven percent halfbred fleece. Second shear made up 10 percent of the offer. Compared to the last sale on October 29, merino fleece of 19 microns rose by up to one percent. Those finer than 19 microns fell by up to five percent. Merino fleece between 20-22 microns was up three to four percent. Finer halfbred fleece rose by one percent, with crossbred fleece up to two percent cheaper. The next wool sale will be held at Napier on November 12.

Euro cotton prices unchanged: Cotlook, a Liverpool-based cotton information company, reported Wednesday that the main business feature in European raw cotton markets continues to be the competitive nature of offering rates for Uzbekistan and other central Asian cottons. Some additional quantities have been taken up by mills against shipment requirements during the next several months but many buyers still seem inclined to postpone their purchases in anticipation of further price concessions. Cotton from most otherorigins has been neglected with the exception of Turkish, which has been offered widely in markets such as Italy and Portugal, as well as Spain, at price levels which are considered relatively attractive. The overall Cotlook Index a fell by -0.30 cents per pound to 58.00 C/lb.

NYCE cotton higher: Cotton futures on the New York Cotton Exchange settled higher Wednesday on trade house and commercial buying capped by some fund and local selling on thin volume, traders said. The market ended mixed Tuesday in speculative spread trading between the nearby December contract and the forward contracts especially March, traders said. "A big US cotton merchant was buying back December option calls, covering its short position," a Tennessee-based trader said Wednesday. Technical traders consider such a move bullish, as the buyer of call options does so in hopes that the price of the underlying commodity will rise. He was referring to talk of two Tennessee-based cotton private forecasters, who have recentlyreleased their 1998/99 US cotton production outlook. WB Dunavant & Co said Tuesday that US cotton production in 1998/99 will likely reach 12.95 million to 13.05 million 480-pound bales.