India coffee sales low: India's weekly coffee sales were sluggish on selective domestic buying, traders said on Friday. "Demand at Thursday's sale continued to be sluggish," the Indian Coffee Traders' Association (ICTA) said in a market report. Just 16.29 per cent of the total 636.61 tonnes of coffee offered at the auction was sold, the report said. Last week, 25.36 per cent ofthe 571.57 tonnes on offer was sold. Arabica sales on Thursday dropped to 16.15 per cent of the offered 478.83 tonnes from 18.15 per cent of 367.88 tonnes last week. The drop in robusta sales was sharper, with only 16.74per cent of the offered 157.78 tonnes being sold. Last week, 38.38 per cent of 203.69 tonnes of robustas offered was sold. "Inferior coffee met no demand even at substantially lower price levels." As a result, Plantation A grade coffee sold at an average price of Rs 95.46 per kg, down from Rs 99.15 last week. Plantation PB grade sold at an average Rs 129.44 per kg compared with Rs 127.92 last week. Robusta cherry AB sold at an average Rs 75.14 per kg down from Rs 76.05 last week.

ADB aid to Sri Lankan tea-growers: The Asian Development Bank (ADB) said on Friday it had approved a $35 million loan for a tea development project to benefit about 24,000 small holders and more than 25,000 workers on private tea estates. The bank said in a statement the project would increase the income oftea small holders and focus on institutional reforms to improve the effectiveness of tea-related institutions, directing more funds to benefit smaller holdings. It would improve social infrastructure such as workers' housing and rural feeder roads, the bank said. Tea is one of the oldest and most important agricultural industries in Sri Lanka, supporting 10 per cent of the population. More than half the 1997 tea crop was produced by small holdings and private estates, which contributed 70 per cent of tea export earnings.

Tocom rubber firmer: Tokyo rubber futures closed firmer on Friday, supported by the dollar's rise above 122 yen and news that the International Natural Rubber Organisation (Inro) had sought offers for rubber, traders said. Prices ranged from steady to 0.4 yen per kg higher. Benchmark May ended flat at 89.0 yen, after trading between 88.7 and 89.3 yen. After opening firmer reflecting dollar/yen rates, the market dipped into negative territory in the early-afternoon session, pulleddown by data showing a large increase in domestic rubber stocks, traders said. According to the Rubber Trade Association of Japan, crude rubber stocks at Japanese private warehouses rose to 30,568 tonnes as of November 20 from 27,937 tonnes as of November 10. Later the market rebounded to positive territory following news that Inro had sought offers for Malaysian SMR20 rubber, Thai RSS3 and STR20 rubber and Indonesian SIR20 rubber, traders said.

Liffe cocoa loses downside momentum: Liffe cocoa is losing momentum on the downside, but does not look likely to turn sharply higher, analysts said. Traders called the market to open unchanged as the New York market was closed. Independent technical analyst Elli Gifford described the outlook as "quietly negative." Support at 980 STG was likely to hold, with a fall-back position at 975. On the upside the target was 1,000 STG, followed by 1,005. Liffe cocoa ended broadly lower as players continued actively unwinding December positions before Tuesday's firstnotice day, traders said. Traders said they expected interest in the market to revive next week after the main interest switches away from players extricating themselves from the December position.

Coffee well placed for further rise: Liffe coffee is in a good position to go higher, technical analysts said on Friday. With New York closed, traders put the opening call at unchanged. "It's mildly overbought, but its close was firm enough to suggest that it could go higher yet," said independent technical analyst Elli Gifford. The initial target was $1,760. Support was at $1,725 and if it were breached a return to $1,700 would become likely. Liffe January coffee saw fresh six-month highs on Thursday afternoon on the back of Vietnamese weather woes. Spot November was up $95 to $2,095 as only two sessions remain until contract expiry, said traders. CSCE arabica futures are closed until November 30 for the Thanksgiving Day holiday. In related news, tropical storm Elvis, which had been expected to hitVietnam's central coast overnight, weakened to a tropical low but brought heavy rains to flood-stricken provinces, said officials and meteorologists.

Liffe grains down: Liffe wheat futures closed between 25 and 50 pence lower Thursday, pressured by increased shipper selling of long positions, said brokers. Brokers said shippers were actively selling UK grain because it was too expensive against the French. "UK grain is too expensive at the moment so we saw a lot of shipper selling today (Thursday)," said one Liffe broker. May wheat, which with 212 lots was the most actively traded contract, closed 30 pence down on the day at GBP81.70 a metric ton. In total, 518 lots changed hands. A slightly weaker sterling failed to prevent prices falling at 1650 GMT sterling traded at DEM2.8273, down from DEM2.8321 traded late in London Wednesday.

Global fishing code: An umbrella group of environmentalists and developing countries' fishermen's representatives based in Europe is to bring out a documentthis summer on a code of conduct for negotiating international fishing agreements. The document would have guidance relating to sustainable exploitation of fishing stocks, participation of local fishing industries in discussions, openness of negotiations and access to related documents, a publication of the Marine Products Export Development Authority (Mpeda) said quoting 'fishing news international'. The group comprises Greenpeace, Oxfarm, the international collection support of fishing workers, a French group CCFD and the development fraternity of Belgium. A code of conduct to negotiate international fishing agreements was now being drafted, the publication said. It said the proposal was sparked by a series of fishing agreements between the European Union and developing countries in the past 10 years.

Copper, aluminium trapped in ranges: Aluminium and copper are seen confined to narrow ranges in lifeless Friday trade, dealers and analysts said. Markets were likely to be dulled by the absence ofNew York business, as US markets are shut for the Thanksgiving holiday. Although week-end book squaring could spur gains for copper, long term bearish technicals were still in place, analysts said. Support around $1,580 had to be maintained to prevent more losses, they added. Aluminium needed to scale $1,310 resistance to shrug off downside pressure and probe upwards, according to analysts and traders.

Tocom precious metals higher: Yen-based precious metal futures extended gains on Friday on the dollar's continued rise against the yen, but activity was dominated by position-squaring amid a US holiday and ahead of the weekend, traders said. Gold futures ranged from nine to 18 yen per gram higher. Benchmark October ended up 13 yen at 1,160 yen, after hitting a life-of-contract high of 1,161 yen. Spot gold was quoted at $296.10/60 an ounce at 0714 GMT, against Thursday's London close of $296.30/80. Thin trade in copper around support levels was expected to last until US trade resumed on Monday. Nearbysupport was crucial to staving off historic lows, according to analysts. A fall to $1,400 could follow from a breach of support around $1,570/80, according to LME dealers Brande is. But small short term gains were a possibility according to Rudolf Wolff.

Shanghai copper up: Shanghai copper futures ended slightly higher after a slow trading day as the US financial markets were closed for the US Thanksgiving holiday, traders said. The most active March 1999 contract finished at 15,770 yuan ($1,905) per tonne, up 30 yuan from Thursday's close. It traded between 15,740 and 15,790. The February contract added 30 yuan to 15,560 yuan. Volume fell sharply to 6,140 lots from Thursday's 13,442 lots.

Bullion markets snooze for Thanksgiving: Precious metals are expected to hover quietly in narrow ranges on Friday, struck dumb by the closure until Monday of US metals markets for the Thanksgiving holiday, dealers said. Small volume trade around overnight levels was expected to persist. Many Europeanbullion traders had also taken holidays.

Steel intake can measure development: The per capita consumption of steel in India was one of the lowest in the world, around 15 kg, according to director general of national academy of construction here, V Raghavan. Delivering the keynote address at a national workshop today, Raghavan said per capita consumption of steel was one of the important parameters to assess the development of a nation. Any nation ignoring the use of steel was doing so at the peril of its development, he said adding a recent international survey conducted had indicated a relationship between the per cent of share of steel in construction and national gross domestic product (GDP). India has vast natural resources of steel compared to several other developed and developing countries and there was a need and possibility to increase the use of steel for the all-round development of the country, he said.

Amrita Patel is NDDB's new chief: Dr Amrita Patel has been appointed as thechairman of the National Dairy Development Board (NDDB) by the union government. She replaces Dr V Kurien who sought retirement from the post which he held for over two decades. Dr Kurien, the author of the white revolution in the country, was the longest serving chairman of any statutory body in the country, NDDB sources said. Patel, who is the managing director of NDDB, joined the organisation in 1971 as a veterinarian.