Thai Petrochemical's shares rise: Shares in Thai Petrochemical Industry rose sharply on Monday on news the firm reached a deal with creditors to restructure $3.2 billion of debt. By 0410 GMT, Thai Petrochemical was the fourth most active Thai stock and had risen 0.50 baht, or 9.6 per cent, to 5.70. The firm said on Saturday it reached agreement with the World Bank's investment arm, the International Finance Corp, which had in the past opposed its debt restructuring plan.

Asia gas oil swaps steady: Singapore oil products swaps were mostly steady on Monday morning despite weaker crude prices, traders said. "People are just trying to a get a feel of the market this morning. I expect the market to pick up only later in the day," a trader said. Gas oil swaps trading was range bound despite a fall in crude prices as the market awaited for fresh news, traders said. Trading had been very thin last week due to the absence of key players during the Chinese New Year holidays. March swaps were quoted unchanged from Friday at $12.15 to $12.20 and April was pegged at $12.30 to $12.50, brokers said.

IOC purchases Dubai cargoes: India's purchase of crude cargoes through its first April tender which closed late last week dominated market news on Monday. IOC purchased four Dubai cargoes through the tender, one of which was believed awarded at second-half April Dubai quotes minus 28 cents per barrel. The prices of the other Dubai awards were not available. The number of Dubai cargoes purchased was largely within the market's expectation. Traders said IOC had issued a second tender to buy April crude cargoes, which is due to close on Thursday and valid for one day. Dubai cash prices were steady after news of the supplementary tender hit the market. IOC regularly buys West African crude cargoes through its monthly tenders, and market sources said they believed it had done so in last week's tender, but details remained sketchy.

Malaysia palm oil extends fall: Malaysian palm oil prices fell further in morning trade as the market took its cue from a weak Chicago soyoil futures close last week. Traders said players also liquidated their positions on talk that exports for February 1-20 were lower than trade expectations. They did not give any figures. Cargo surveyor SGS (M) Sdn Bhd is scheduled to release its February 1-20 export estimate later on Monday. "Fundamentals are poor and with soyoil falling further, palm is taking its cue," said a trader who expected market activities to pick up as traders returned from the Lunar Chinese New Year holidays. "We will see more losses in the Chicago soyoil market. There is a big soyoil crop coming out from South America, and prices are going to fall despite having fallen so much," said a trader at a commission house.

Malaysia tin down: Malaysia's spot tin price ended down one cent at 19.44 ringgit ($5.12) per kg on Monday, despite a higher London Metal Exchange (LME) close on Friday, traders said. "LME was up on Friday but the market here was slightly pressured by a larger offering," said a trader. Traders noted offers for 91 tonnes against bids for 85 tonnes at the opening. Final turnover was 88 tonnes, up from 57 tonnes on Friday, with buying seen from European, Japanese and local interests. Traders said they expected tin prices to remain in the 19-20 ringgit a kg range in the near term. The local price premium over the LME narrowed to $45 a tonne against $65 previously following Friday's gain in London, traders said.

Australian fine wool outlook positive: The outlook is positive for superior style sound fine wool clips at auction this week, wool brokers and market analysts said on Monday. "Buyers are fully aware that this is their last chance to obtain any quantity of superfine wool, being the last specialty sale of the season," Wesfarmers Dalgety Ltd said. Wesfarmers said there are trade reports of good orders for selected well-picked superfine piece lines. "With the exception of fine wool, the market has recently drifted in its current trading range during recent weeks and there has been strong grower resistance when the EMI has dropped below 500 C/kg clean", it said. Judging from this it may be possible that a firmer base is beginning to emerge, the broker said. Sales this week are in Newcastle, Melbourne and Fremantle with 94,300 bales roistered for sale.

Iraq matches Saudi oil price change to Asia: Iraq has matched Saudi Arabia's March oil contract price increases to US and European customers, but undercut the Saudi price for European customers by 15 cents per barrel. Iraq has requested 10 cent per barrel increase for its Basrah Light and Kirkuk grades for US customers and 20 cent per barrel increases for Asian Basrah buyers, equal to Saudi Arabia's changes for its Arab Light grade. But Iraq's State Oil Marketing Organisation (SOMO) has requested a decrease of 15 cents in its Basrah and Kirkuk grades for European customers, while the Saudis left unchanged their European Arab Light price. Under the terms of Iraq's "oil-for-food" programme with the United Nations, the prices will be adopted if there is no objection by the Security Council's committee on Iraqi sanctions. The Council has rejected the monthly price requests only once since the programme began in December 1996, saying Iraq's proposed prices were too low.