zinc copper turnover

MCX sees highest turnover in copper and zinc futures
Mumbai, November 9, 2006 : MCX has registered highest turnover in copper and zinc futures contracts on its platform on Wednesday (trading ended at 11.55 pm including session I and II). The total turnover of copper traded on the exchange was Rs 1,548.27 crores in terms of value and 47,223 tonnes in volume terms.On Wednesday, the copper prices (November contract) touched an intra day high of Rs 334.25 per kg and an intra-day low of Rs 322 per kg witnessing a range of Rs 12.25 per kg. Meanwhile, open interest in copper has gone up.On Tuesday, it was 17,985 tonnes (in terms of volume), while it went up on Wednesday touching 24,990 tonnes indicating growing interest among participants.Besides copper, zinc also witnessed a record turnover on MCX as it touched Rs 958.12 crores (in value terms), while the turnover in volume was 47,170 tonnes. The turnover of the base metal was the highest so far on MCX.The price of zinc (November contract) touched an intra day high of Rs 207.65 per kg, while the intra day low was Rs 197. The open interest level for the commodity on Wednesday was 7895 tonnes. Disclaimer: The information provided here is only for public information. The information provided here is not guaranteed for its accuracy or completeness. It is solely meant for information dissemination and knowledge sharing. Neither MCX nor its employees accept any liability, whatsoever, for any trading decision and loss incurred or airing from the use of this publication. MCX or any of its affiliates makes no warranties as to the accuracy of information, or results to be obtained from its use.

Forecasters Look for Economy to Slow
By MARTIN CRUTSINGER
WASHINGTON - The U.S. economy has been battered by a bigger-than-expected slump in housing but will keep growing next year as consumers get relief from soaring energy costs.
The NABE panel predicted that the overall economy, as measured by the gross domestic product, would expand by 2.5 percent in 2007.That is down slightly from the previous survey in September which forecast that the economy would grow by 2.7 percent next year. The expectations for 2006 were also marked down with GDP growth now put at 3.3 percent instead of 3.4 percent forecast in the previous survey. The economy expanded by 3.2 percent in 2005 and 3.9 percent in 2004.A bigger-than-anticipated slump in housing was the primary reason for the reductions. The NABE panel said that housing construction would fall by 3.5 percent this year and an even larger 5.5 percent in 2007.Both of those figures are larger declines than the NABE forecasters had previously predicted. Both would represent quite a reversal from the 8.6 percent increase in residential investment for all of 2005 compared to 2004.Housing is currently in a steep slump following an extended five-year boom powered by the lowest mortgage rates in a generation. Sales of both new and existing homes, which set records for five straight years, have been falling. Construction of new homes and apartments has declined, with construction activity in October down 27.4 percent from a year ago.The Federal Reserve engineered the current economic slowdown with a two-year campaign to push interest rates up. The Fed's goal was to achieve a soft landing in which economic growth slowed enough to reduce inflation without bringing on a recession.The NABE forecasters predicted the Fed would achieve that soft landing. They saw consumer prices, which rose by 3.7 percent last year, rising by just 2.7 percent this year and an even lower 2.5 percent in 2007.Part of the good news on inflation will come from lower oil prices. NABE forecasters looked for a barrel of West Texas intermediate crude oil to sell for $60 at the end of this year, instead of the $70 they were forecasting two months ago. Crude oil was forecast to be at $56 per barrel at the end of 2007.The NABE panel forecast a 2.8 percent increase this year in core inflation, which excludes food and energy, and a 2.4 percent rise in 2007. All the inflation rates were measured from the fourth quarter of one year to the fourth quarter of the next."Despite the hindrance of the housing correction, the economy is expected to continue gaining ground in 2007," said Carl Tannenbaum, NABE president and chief economist at LaSalle Bank/ABN AMRO in Chicago.The slower growth will have an impact on the job market. The NABE panel forecast that the unemployment rate would rise from an expected average for all this year of 4.7 percent to 4.9 percent in 2007.The forecasters, however, said the fall in inflation pressures will mean that the Fed will not feel the need to raise interest rates further. They predicted that the federal funds rate, the interest that banks charge each other, will remain at the current 5.25 percent for an extended period. After raising rates at 17 consecutive meetings, the Fed has kept rates unchanged since August.The NABE panel said the central bank's next move would likely be to cut rates, once inflation pressures retreat further. The forecasters saw two quarter-point rate cuts occurring in the second half of next year.The latest NABE consensus survey was prepared from the responses of its forecasting panel submitted from Oct. 20 through Nov. 6. NABE, with 2,400 members, is a professional association for people who use economics in their work.

US Stocks Stall After 6-Day Rally; Exxon, Energy Shares Slide

A six-day rally in U.S. stocks stalled following declines in Asian and European equity markets, as speculation grew that economic and earnings growth will slow.
Exxon Mobil Corp. led energy companies lower after oil prices retreated on signs that mild temperatures in the U.S. Northeast may trim heating demand. Freeport-McMoRan Copper & Gold Inc. slid after the company agreed to buy Phelps Dodge Corp. for $25.9 billion in the world's biggest mining takeover.
``At some point the market's going to care about the U.S. economy continuing to slow down and being a threat to earnings,'' said Peter Boockvar, equity strategist at Miller Tabak & Co. in New York.
The Dow Jones Industrial Average dropped 10.40, or 0.1 percent, to 12,332.16 at 10:23 a.m. in New York, threatening to end its longest winning streak in a year. The Standard & Poor's 500 Index added 0.27 to 1401.47. The Nasdaq Composite Index increased 1.93, or 0.1 percent, at 2447.79.
Following a six-day advance, the S&P 500's relative strength index today reached 71.56, which is above a threshold of 70 that indicates it has risen too far, too fast. The index identifies possible turning points for a security by calculating the degree by which gains outpace losses in a given time period.
Global Retreat
Stocks in Europe and Asia fell, with the Dow Jones Stoxx 600 Index retreating from a six-year high reached last week, while the Morgan Stanley Capital International Asia-Pacific Index posted its biggest drop since Sept. 11.
A streak of at least 10 percent profit expansion by S&P 500 companies is forecast to end this quarter, according to Thomson Financial on Nov. 17. Earnings will increase 8.5 percent, based on analysts' estimates.
An index of leading U.S. economic indicators rose in October. The Conference Board's index increased 0.2 percent after a revised gain of 0.4 percent in September that was four times larger than initially reported, the New York-based group said today. The index points to the direction of the economy over the next three to six months.
A measure of oil-related companies declined 0.8 percent for the worst performance among 24 industry groups in the S&P 500. The shares make up 9.6 percent of the benchmark index.
Crude oil for January delivery fell 0.9 percent to $58.47 a barrel in electronic trading in New York.
Exxon slid 75 cents to $72.33. Chevron Corp. dropped 32 cents to $68.78.
M&A
A slew of mergers-and-acquisitions announcements kept the market from falling further.
Freeport dropped 69 cents to $56.71 after the company agreed to buy Phelps Dodge. Phelps Dodge stockholders will get $88 in cash and 0.67 share of Freeport. The deal values Phelps Dodge at $126.46 a share, 33 percent more than its last closing price. Shares of Phelps Dodge surged $26.56 to $121.58.
Charles Schwab Corp. climbed 29 cents to $18.85 after Bank of America Corp. said it will buy U.S. Trust, the private-banking arm of Schwab, for $3.3 billion in cash to lure wealthy clients. Shares of Bank of America added 12 cents to $54.97.
Nasdaq Stock Market Inc. gained 13 cents to $36.70 after the bourse bid for the remaining 75 percent of London Stock Exchange Plc it doesn't own.
Nasdaq, the largest U.S. electronic equity exchange, made its second attempt to buy the operator of Europe's biggest equity market. The offer values the U.K. exchange at about 2.7 billion pounds ($5.1 billion). LSE rejected the bid, saying it ``substantially undervalues the company.''
Nasdaq
Shares of billionaire Sam Zell's Equity Office Properties Trust rose $3.14 to $47.86 after Blackstone Group LP, manager of the world's largest buyout fund, agreed to buy the top U.S. office landlord, for about $20 billion in the biggest private- equity deal in history.
Equity Office shareholders will receive $48.50 a share. Including assumption of Equity Office debt, the transaction is worth $36 billion, topping the $33 billion acquisition of hospital chain HCA Inc. announced in July.
Companies have announced about $1.51 trillion of U.S. deals this year, according to data compiled by Bloomberg, building on the busiest year for U.S. takeovers since 2000. Across the globe, mergers and acquisitions rose to a record $3.1 trillion.
Allergan
Allergan Inc. rose $5.75 to $118.25. Silicon breast implants made by the company will again be sold for cosmetic use in the U.S., after regulators ended sales restrictions imposed 14 years ago for safety reasons.
Microsoft Corp., the world's largest software-maker, rose 28 cents to $29.68 after Credit Suisse Group raised its stock recommendation for the company to ``outperform'' from ``neutral.''
``The stock can appreciate nearly 20 percent from current levels given increased confidence in our earnings estimates, strengthening market position in digital entertainment and the potential for revenue upside,'' analysts including Jason Maynard and Bryan McGrath wrote in a research note. They raised the stock's price estimate to $35 from $29.

armed man attack nigerian aid group

Armed men attack Nigerian aid group 2006/11
By KATHARINE HOURELD, Associated Press Writer 13 minutes ago
LAGOS, Nigeria - Armed men attacked the offices of a Nigerian aid group in the southern oil hub of Port Harcourt, killing one person and wounding another, the organization‘s head said Monday.
Asuni‘s group promotes conflict management and peace education in Nigeria and Ghana, and has spent recent years focusing on Nigeria‘s restive oil delta.
Eni said it intended to resume production soon at the Tebidada flow station, operated through Eni‘s subsidiary Agip. The facility has an output of 50,000 barrels a day.
"All personnel is in good health, and production will be restored shortly once the necessary checks have been completed," Eni said. A spokeswoman said she did not immediately know if any damage occurred in the takeover.
Eni‘s equity stake in oil output from the facility is about 9,000 barrels a day. Most of the rest is held by Nigeria‘s state-run company.
Since the beginning of this year, militant groups have attacked oil pipelines and taken oil workers hostage in violence that has cut about 25 percent of the country‘s usual crude output of about 2.5 million barrels daily. Civilian protesters have also taken over oil facilities to protest lack of jobs and development in the regions.
Despite Nigeria being Africa‘s biggest oil producer, most inhabitants of the oil-rich delta remain poor.