European grain unchanged European cash grain prices are unchanged although trade remains very slow as market participants wait for more details of the harvest before taking substantial new positions, said traders. In France, wheat prices are unchanged in thin trade, with the market awaiting news of a wheat buy tender from iraq and further details on the size and quality of the domestic new crop, traders said. Iraq is seeking 340,000 metric tonne of wheat, 170,000 tonnes from France and the remainder from the US, under the United Nations sanctioned oil-for-food deal. The results of the tender have been expected for the past week, but the UN decision to allow 16 new oil contracts should now provide the funding for the tender, market sources said.

KL palm oil down

Palm oil retreated further by the end of the morning session on lack of follow-through support and selling despite a slight weakening of the ringgit. Traders said morning trade was slow with players awaitingJune1-25 export estimates from cargo surveyor, SGS later today. "There was no supportive leads. Selling was seen when September futures broke the support level of 2,200," said a trader who expects more technical selling in the afternoon. By midday, third month, September futures contract was down 11ringgit at 2,186 ringgit ($553.42) a tonne. "The contract is seen testing the next support of 2,150 ringgit," the trader said.

Copra prices improve

In Mumbai, prices of copra office Alapuzha and Kozhikode improved on higher outside advises and restricted supply, while copra Rajapur Mumbai declined on poor offtake, dealers said. Copra office (Alapuzha) recovered by Rs 40 to close at Rs 2940 per quintal from the last close of Rs 2900, while copra office (Kozhikode) rose by Rs 25 to end at Rs 2900 from Rs 2875 per quintal.

However, copra Rajapur (Mumbai) reacted by Rs 50 per quintal and finished at Rs 4450 as against yesterday's close of Rs 4500. Following were today's rates per quintal. (previous ratesin brackets): Pepper ready (per 50 kg) Rs 10,700/11,700 (Rs 10,700/ 11,700), ginger bleached Rs 3200 (Rs 3200), ginger unbleached Rs 3500 (Rs 3500), copra office (Alapuzha) Rs 2940 (Rs 2900), copra office (Kozhikode) Rs 2900 (Rs 2875), copra Rajapur (Mumbai) Rs 4450 (Rs 4500) and copra edible (Mumbai) Rs 3800 (Rs 3800).

Tokyo coffee futures end lower

Tokyo yen-denominated coffee futures ended lower across the board on Thursday, pressured by profit-taking after Wednesday's sharp gains and weaker prices in New York overnight, traders said. "In reaction to the sharp gains in Tokyo prices on Wednesday, profit-taking emerged from the outset," an analyst at a commodity broker said. The yen's slight rebound in the afternoon also spurred selling, they said. Arabica coffee futures ranged from 530 yen to 640 yen per bag or 69 kgs lower. Benchmark May fell 640 yen to end at 26,020 yen.

Estimated volume fell to 7,247 lots from 13,505 lots on Wednesday. Robusta contracts ranged from 170 yen to 270 yen per 100kg lower. Benchmark May fell 170 yen to end at 23,480 yen. Estimated volume was 2,824 lots compared with 4,694 lots on Wednesday. Focus was on the US Department of Agriculture's tropical products report due to be released on Friday after the New York market close, and the currency market, traders said.

New York cotton settles high

Cotton futures on the New York cotton exchange settled at new highs for the bull move because deliveries against the July contract were construed as bullish analysts said. Jack scoville, analyst with Lit Price group, a brokerage in Chicago said that 144 delivery notices were issued and commercials took 141 of those.

Many of the delivery notices were issued by commission houses, he said. "That's obviously bullish news," Scovill said, because "there's a little bit of need out there" for physical product. July cotton moved up to a two-year high of 80.70 cents per pound because of mixed buying analysts said. It has rallied from about 66.50 cents per pound because of reportsof damaging heat in Texas growing regions, they said.

Singapore copper premiums drop

Copper premiums in Singapore edged lower on Thursday, but traders said there was little prospect of deals being concluded because there was no sign of demand. "The market is very bad. There are offers, but there have not been bids for a long time," said a Singapore-based trader with a major metals trading house. Another copper trader said demand remained negligible across crisis-stricken Asia and that he saw a downtrend in premiums continuing in the near term. Copper premiums were seen by several traders at $50-$60, compared with more than $60 a week ago. "There are offers from time to time and premiums are moving south. You can buy at under $50 or even lower if you want but there are no buyers," a third trader said.

Mumbai metals upIn Mumbai, prices rose on the non-ferrous metals market on good industrial buying coupled with higher london advises, traders said. Prices of copper scrap at Rs 115.75, wirebar at Rs 132.50, utensils at Rs 103.50, brass scrap at Rs 89.25, sheets cutting at Rs 93.25, aluminium scrap at Rs 64.50, tin at Rs 375 and nickel at Rs 298 per kilo closed higher. Following were rates per kilo. (previous rates in brackets): Copper scrap heavy Rs 115.75 (Rs 115.50), copper wire bar Rs 132.50 (Rs 132.00), copper utensils Rs 103.50 (Rs 103.25), brass scrap Rs 89.25 (Rs 89.00), brass sheets cutting Rs 93.25 (Rs 93.00), aluminium scrap Rs 64.50 (Rs 64.00), aluminium ingots Rs 83.00 (Rs 83.00), zinc Rs 79.25 (Rs 79.25) and lead Rs 43.50 (Rs 43.50).

Phelps Dodge delays copper plant

Wire and cable maker Phelps Dodge Phils Inc (PDPI) delayed the operation of its proposed copper magnet wire plant due to the Asian currency crisis, papers released on Thursday by the Board of Investments (BOI) said. PDPI is a joint venture between Phelps Dodge Corp and Soriano Corp. Phelps Dodge had postponed the commercial operation of the plant to mid-2000 instead of this month, BOI papers released toreporters said. The BOI, which earlier gave a six-year income-tax holiday to the project, granted the request of Phelps Dodge on the condition that the incentive take effect January 1997.

Malaysian tin prices fall

Malaysia's spot tin price ended down 1.40 ringgit at 22.62 ringgit ($5.73) a kg in a technical correction after a sharp gain on Wednesday. "The market went up too high yesterday. It was overdone," said a senior local trader. On Wednesday, the local tin price jumped 1.60 ringgit to a two-week high on strong European-led demand. "So what we saw today was merely a technical correction," the trader said, adding that a strong gain in London overnight was largely ignored. Traders said they expected prices to climb again on fresh demand amid perceptions of a supply squeeze in Europe. "Fundamentals are strong and the price could move back to 24 ringgit," the trader added.

Japan aluminium demand seen down

Japanese 1998 primary aluminium demand is set to decline by 10 to 15 per cent fromabout 2.41 million tonnes last year amid prevailing gloom over the country's economy, traders said on Thursday. ``Demand from all sectors is sinking further, with the window frame industry particularly badly hit by the economic downturn," said a trader at a leading trade house. "Demand is unlikely to recover this year," he said.

Taiwan firm in Vietnam venture

Taiwan's China Steel Corp said that it was forming a joint venture worth US$130 million with local, Japanese and Vietnamese partners to build a cold-rolled steel plant in Vietnam.

Indonesia to revise budgeted oil price

Indonesia will lower the assumed price of crude oil to $13 per barrel in its 1998/99 budget from a previously forecast $14.50, Chief economics Minister Ginandjar Kartasasmita said on Thursday. "This is because the price of oil is considerably lower in the market," he told reporters after an accord with the International Monetary Fund was announced.(Reuters and agencies)