South Africa's maize futures market is expected to continue its poor showing on Thursday after it plunged the maximum allowed on Wednesday on the back of a 2.609 million tonne carryover, traders said. The market closed at midday with July, September, December and March white maize futures all at their limits of 30 rand down. The benchmark July price balanced on 565 rand a tonne, September at 592 rand, December at 632 rand and March at 660 rand. Yellow maize followed suit with the July price stopping on 514 rand a tonne after losing 26 rand.

Asian physical rice flat

Asian physical rice offers are holding steady late Wednesday, with the Vietnamese government expected to allow two major rice companies to resume sales soon, traders said. Vietnam oversold its supply during the first quarter of this year and imposed a temporary freeze on new export contracts in mid-April largely to check rising domestic rice prices.

Asian physical rubber down

Asianphysical rubber prices are lower Wednesday, with production in Thailand gradually picking up as the annual wintering season fades away, rubber traders said. Thailand is the world's largest producer. The wintering period, when latex yields fall, runs from February through May in Thailand. In Thailand, the benchmark RSS3 for August delivery is heard offered at 76.00-78.00 cents per kilogram, down from 80.00 cents/kg Tuesday, traders said. Prices are adjusted lower because supply is "slowing recovering" in Thailand's rubber-growing region, said a trader based in Hatyai, southern Thailand.

Sicom rubber futures end down

Rubber futures settled slightly lower Wednesday on the Singapore Commodity Exchange, as long-position holders closed contracts to take profits, brokers said. "The market today is actually pretty well-matched between buyers and sellers," said a Singapore-based Sicom broker, adding that some arbitraging and hedging have vitalized recent trading on Sicom.

China rubber futures enddown

Rubber futures on the Hainan Commodity Futures Exchange ended lower Wednesday in thin trade, moved by long liquidation while most traders remained sidelined, traders and analysts said. The benchmark August contract slipped CNY49 to CNY7,000 a metric ton on dealings of 5,260 tons. Traders expect the physical rubber price to hover between CNY7,100 and CNY7,500/ton for the next few months, a Beijing-based trader said. The Hainan rubber futures are expected to remain stagnant in coming months, as speculators have steered clear of trading on the Hainan exchange in the wake of trading irregularities surrounding the May rubber futures, traders said.

Tocom/Osaka rubber futures

Rubber futures settled little changed Wednesday on the Tokyo Commodity Exchange and Osaka Mercantile Exchange, with the Tokyo benchmark November contract's Y110 a kilogram level eyed as a crucial point, brokers in Japan said. Prices for October and November futures are mostly down Y0.3-Y1.4 per kilogram on Tocom andOME, except the Tokyo November contract, which gained Y0.1/kg to close at Y111.8/kg. While long-position holders closed contracts to depress prices, bargain-hunting buying helped hold the market steady, brokers said. The Tocom November contract's Y110/kg level is regarded by most players as the key to future price movements, said a Tokyo-based broker with a Japanese brokerage.

Brazil Conillon coffee steady

Brazil's new crop conillon coffee prices are steady Tuesday from a week ago as ongoing unrest in many Asian financial markets continues to sustain the export market, traders said. "We're still seeing quite a bit of short-covering among exporters," one Espirito Santo-based trader said. He added that the export market, which started looking more attractive than the domestic in April, gained even more ground in recent weeks as political and economic turmoil battered Indonesia. In spite of the general preference for the export market, traders said they had heard of few new export deals in recentdays. "It's definitely been sporadic," the same trader said. Traders said that conillon for export, type 5-6, screen 13 up with 10 per cent borer defects, was quoted 3-4 cents below the Coffee, Sugar & Cocoa Exchange (CSCE) July contract.

Colombia cash coffee premiums

Cash premiums for Colombian Excel so held steady this week, but despite some improvement in international prices the cash market remained quiet, said exporters in Bogota. "There has been some movement on the market, but there is still very little demand," said a trader. He added that local supply is also down as Colombian growers wait for the arrival of the Brazil 1998/1999 crop. "They are waiting for better differentials," he said. Bad weather in Central America and political turbulence in Indonesia caused international prices to rise slightly at the start of the week, said an exporter, which reflected in a 0.4 per cent rise in Tuesday's internal price.

Ennex plans zinc production In Kazak

Irish-based mineralexploration company Ennex International PLC Wednesday said it plans to start producing zinc at its Shaimerden deposit in Kazakstan in 2001. To achieve success, we are targeting projects with higher grades and which benefit from being at the lower end of the cost curve," Ennex Chairman Brian Cusack said. "Shaimerden falls into this category." Ennex also reported Wednesday a pretax loss of $1.3 million in the 12 months to December 31 compared with a pretax loss of $5.2 million in the year-earlier period. The company said earlier this month it had appointed Jacobs Engineering Group Inc. of the US as the lead-engineering contractor for a zinc oxide feasibility study in Shaimerden. Ennex said Wednesday it plans to "determine the technical and economic viability of producing at least 100,000 tons of zinc metal on site."

China copper futures end lower

Copper futures on the Shanghai and Shenzhenmetals exchanges ended lower Wednesday, hit by domestic oversupply and a fall Tuesday in London Metal Exchangecopper futures for three-month delivery, traders and analysts said. The Shanghai September futures, China's benchmark copper contract, slid CNY190 to CNY16,730 on trading of 100,340 metric tons. Shanghai copper futures have plunged by more than CNY500 since Monday after Shanghai exchange copper stocks gained more than 9,000 tons last week. Traders said oversupply on the domestic market, a fall in LME copper futures, and sluggish domestic demand have forced the China futures sharply lower this week."

Asia Naphtha/Mogas-Mogas down

Naphtha and gasoline prices fell in line with crude as oversupply and lack of demand weakened light distillate sentiment, traders said on Wednesday. Buyers remained on the sidelines of the free-on-board (fob) Singapore market while a Dutch trader reduced offers on 95 and 97-octane cargoes against no bids.

LME metals in Asia mixed

Base metals futures on the London Metal Exchange are narrowly mixed in thin Asian dealings Wednesday. Some suggested that these metalsare likely to be under selling pressure later Wednesday, after Tuesday's price falls failed to spur short-covering buying from short position holders during Asian trading hours Wednesday.

Vajpayee's promise to cotton farmers

Prime minister Atal Behari Vajpayee said Wednesday that his government was helping cotton farmers, many of whom have committed suicide because of crop failure and crippling loans. More than 150 farmers have killed themselves in Andhra Pradesh this year. Vajpayee said it was a serious issue and his government has already given some financial assistance to farmers.

Cotton market remains steady

Steady price trend persisted on the sewree cotton market with continuous flow of demand for about 4000 bales. Demand was confined to quality Sankar-4, 797, G-12, Y-1, mech and Wagad. Following are some of the spot rates per candy. Gujarat Sankar-4 Rs.17500/22500, Gujarat 797 Rs 14650/15400, Gujarat digvijay Rs 16800/17500, Morvi Wagad Rs 14500.