US West Coast crude oil prices were nominally firmer on Tuesday in line with the broader trend in US cash and futures markets. Dealers did not report any spot trades and said discounts to West Texas Intermediate (WTI) crude and premiums to posted prices, therefore, remained unchanged at the levels of deals transacted earlier in the month.

The discount for the West Coast's benchmark Alaska North Slope (ANS) crude was steady at 84.50 cents below WTI, implying an absolute price for ANS of $15.08/15.24, some 27 cents above Monday's close. Dealers said West Coast buyers' needs for October were largely covered and that it was too early yet to be making commitments for November. Some players said there was talk of one seller still seeking buyers for one or more cargoes of ANS for October delivery in the spot market following the reopening of the Trans-Alaska Pipeline after scheduled maintenance at the weekend.

US ACCESS prices retreat

US crude oil and heating oilfutures retreated from higher daytime settlement levels in after hours ACCESS trade on Tuesday due to API data deemed to hold bearish news on inventories. Dealers in the after-hours ACCESS market said the weekly American Petroleum Institute (API) report showing the first rise in crude oil stocks since August and a continuing build of heating oil stocks explained the late move in prices.

On the other hand, gasoline futures held on to most of their daytime gains, reflecting a stronger-than-expected 1.8 million barrel decline in gasoline stocks. "The API numbers were bearish on the crude, slightly bearish on the heat and neutral on the gas, so that explains what we've got going on in the numbers tonight," a dealer said. Several hours into the ACCESS session the November crude oil futures were down 11 cents a barrel at $15.87 after closing 34 cents higher at $15.98 in the regular Nymex session.

Asia crude seen up

Key November Gulf crudes were notionally assessed higher, although there were no reportsyet that either an Oman or an Abu Dhabi cargo had exchanged hands, traders said on Thursday. Reports that a November Qatar Marine cargo had traded at an improved spot market differential supported the view that the market for November would be firmer, some traders said. There was some confusion in the market, however, on deals believed to have been done recently for Qatar Marine after the crude was reported traded at widely different levels. A European major said on Thursday that it had sold 500,000barrels of a November-loading Qatar Marine cargo to Thailand at a discount of two cents to the official selling price. A second European major was also believed to have sold a Qatar Marine cargo for November to a Japanese trader at a discount of five cents to the official selling price.

Euro raw cotton unchanged

European raw cotton prices are unchanged to lower Tuesday with traders having to make concessions to secure business, said traders. However, cotton futures on the New York Cotton Exchangesettled higher Monday on speculative buying in anticipation of further damage to the US crop in the delta region. The New York December cotton contract settled higher 0.06 cents to 74.37 cents a pound Monday, while the March contract also closed higher at 73.74 C/lb, down 0.34 cents. While demand from spinners remained small in volume, most notably for shipments to the end of the year, the varieties which attracted the most attention were Spanish and Greek cotton, said Cotlook

However, with harvests expanding in many parts of the northern hemisphere, and demand still very much of a hand-to-mouth nature, the mood of most participants remains distinctly bearish, said a German-based cotton trader. Cotlook reported the following price changes Monday.

NYCE cotton lower

Cotton futures on the New York Cotton Exchange settled lower Tuesday on profit-taking by funds following Monday's gains, traders said. Monday cotton futures settled higher on speculator buying in anticipation of further damage to the UScrop in the region between the Mississippi delta and Georgia, traders said. Speculators, mainly funds, were sellers, a New York-based trader said. Expectations of further rains in Georgia and Alabama on Tuesday should have been bullish on the market, because they are likely to cause damage and shorten production there, she said. But this didn't happen because cotton exporters are more concerned on the demand side, she said.

She was referring to global limp demand for cotton because of economic turmoil in Asia and other foreign countries. Tuesday's volume was estimated at 14,000 lots by a US trader, who sees support at 72.77 cents per pound and resistance at 74 .90 cents per pound, basis December. The market is bound to trade sideways until the next 1998/9 Florida crop report by the US Department of Agriculture, analysts said.

Tea import moves worry NGO

The centre should drop the proposal to import tea from Sri Lanka as it would adversely affect a large number of plantation workers and theindustry, a non-governmental organisation here has said. In an appeal to prime minister AB Vajpayee, the rural development organisation said about 10 lakh workers, majority of whom women, in the country would be affected if tea was imported.

Expressing shock over the move to import the commodity under the free trade agreement among South Asian Association for Regional Cooperation (Saarc) nations, the forum said in a letter to the prime minister that the interests of the workers should have been protected before entering the pact. It said about 800 million kg of tea was being produced in the country and Tamil Nadu accounted for the highest per hectare anual yield of 2,400 kg. About 600 million kg of tea was being sold in the domestic market and import of tea would pose problems for the planters both small and corporates. Vajpayee during the July Saarc conference in Colombo had announced India's decision to lift import restrictions on 2,000 products, including tea.

EU opens rice aid tender

TheEuropean Commission will open a tender for the supply of 1,921 tonnes of milled rice as food aid to Haiti and Uganda on Wednesday, September 30, the EU's Official Journal said on Tuesday. Haiti will receive 960 tonnes and Uganda 961 tonnes, itsaid. The first and second deadlines for the submission of tenderswere given as October 13 and 27.

KL palm oil eases further

Palm oil prices in Malaysia were quoted lower at midday, extending falls as players liquidated positions due to a lack of fresh factors. Traders said the market was cautious with only 394 lots traded this morning. Lack of demand in the cash and products markets also affected sentiment, they said. By the close, the third month December futures contract was down 12 ringgit at 2,222 ringgit ($584.74) a tonne after trading in a 15-ringgit range. "Buyers are refusing to trade.

There is still uncertainty in the market and we do not know where the market is heading," said a trader. Lack of strong buying by refiners also dampened physicalsactivity, traders said. Physicals Oct (South) saw offers at 2,315 ringgit against bids at 2,310 after trading at 2,315.

Indonesia olein softens

The Indonesian palm olein market was generally active in late morning trade on Thursday, but prices softened because of abundant supply, traders said. Traders said weakness in the Chicago soyoil futures market had little impact on the market. Some traders, however, were on the sidelines to see how the market would behave for the rest of the day and whether prices would keep falling. Olein was being offered in Jakarta at 4,200 rupiah/kg against 4,250 rupiah/kg at the close on Wednesday.

Olein for October 30 delivery was being offered at 4,200rupiah/kg, said traders. The government said on Wednesday the country had no plans to lower or scrap export taxes on crude palm oil (CPO) and its by-products. Traders and producers have been urging the government to lower the tax, imposed in July, as increasing domestic supplies press down prices.

Liffe wheatfutures steady

Liffe wheat futures closed unchanged to 25 pence higher Tuesday, buoyed by short supply on the market and continued buyer support, said brokers. Trade was very quiet, with just 95 lots changing hands. Brokers reported that support in the market managed to push prices higher, despite the pound which remained largely unchanged for most of the day at Monday's strong levels. At 1555 GMT sterling traded at DEM2.8585, slightly down fro DEM2.8615 traded late in London Monday.

Liffe barley futures closed with no lots traded. Matif wheat futures are unchanged to lower Tuesday with 115 lots changing hands as at 1555 GMT. The majority of lots were traded in November, unchanged on the day at FRF783 a metric ton. However, 4 lots of September wheat were traded at FRF798 a ton, FRF15.00 down on the day. CBOT wheat futures opened slightly higher Tuesday, with delays in wheat plantings supporting the market.

CBOT corn, wheat futures flat

Corn and wheat futures closed flat to lower Tuesday atthe Chicago Board of Trade, with analysts saying that traders are again selling corn and buying wheat. Wheat carried the most strength on the floor at the session 's close, after spending most of Tuesday in sideways trade. Steve Bruce, broker with ED&f Man on the CBOT floor, said corn was under pressure from the lack of farmer selling. Koch agreed, adding that December corn futures were testing their $2.15 per bushel resistance level. Some market watchers say traders are positioning themselves ahead of Wednesday's US Department of Agriculture quarterly grain stocks report.