Gold, grains wary after strikes<\/p>\n
Reuters, Singapore\/Kuala Lumpur<\/p>\n
Gold prices were flat in cautious Asian trade on Tuesday, and
\ngrain buyers scouted for a cargoes as the market kept a close eye
\non freight movements following the second round of U.S.-led
\nstrikes on Afghanistan.<\/p>\n
Spot gold zigzagged in a tight fifty-cent range for much of
\nthe Asian day.<\/p>\n
By late afternoon it was trading at US$291.50\/2.50 an ounce,
\nup slightly from the Hong Kong opening at $291.00\/1.50.<\/p>\n
\"Gold is certainly benefiting from this whole feeling of
\nglobal uncertainty,\" said Peter Tse, trader at precious metals
\ndealers Scotia Mocatta in Hong Kong.<\/p>\n
And in the non-ferrous metal markets, traders said renewed
\ndemand would depend a lot on how quickly the U.S. economy
\nrecovers. That was a very hard call given the start of U.S. and
\nBritish military action against Taliban targets and training
\ncamps operated by Osama bin Laden's al Qaeda organization.<\/p>\n
In grains, while Taiwan's importers said they would proceed
\nwith scheduled buying plans this week despite a rise in Chicago
\nBoard of Trade (CBOT) futures prices, South Korean grain
\nimporters are taking a wait-and-see attitude, expecting
\ninternational grain prices will ultimately fall.
\nholiday on Monday.<\/p>\n
The U.S. retaliation also failed to make a dent on Japan's
\ngrain buying plans as it resumed business after a national
\nholiday on Monday.<\/p>\n
Thai feed mills said they were worried about shipping
\ndisruptions following the U.S.-led strikes.<\/p>\n
Malaysian palm oil futures ended sharply higher on a technical
\nrebound but failed to break away from a key resistance level,
\nanalysts and traders said on Tuesday.<\/p>\n
The benchmark third-month December palm oil contract was up 37
\nringgit at 917 ringgit ($241.32) a ton after trading as high as
\n919 ringgit -- well below the major resistance of 925 ringgit.<\/p>\n
Volume was heavy at 3,280 lots.<\/p>\n
In physical palm oil, offers for October crude palm oil for
\nthe southern regions were quoted at 865 ringgit a ton against
\nbids of 855. There were deals at 845 to 855 ringgit.<\/p>\n
October CPO for the central region saw offers at 870 ringgit
\nagainst bids of 860. Deals were done at 845 to 860 ringgit.<\/p>",
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