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 Rss ones (in order byr/slr/last trd/sales) may 228.00 230.00 nil jne 228.00 230.00 nil jly 230.00 232.00 nil aug 232.00 234.00 nil sep 233.00 235.00 nil jly/sep 232.00 234.00 nil oct/dec 237.00 239.00 nil jan/mch 242.00 244.00 nil apl/jne 247.00 249.00 nil sales nil quarter nil tone dull  | |
The Soviet Communist Party has criticised the countrys Grain Products Ministry for failing to ensure proper grain storage turning out poor quality bread and for unsatisfactory book keeping Pravda said. The party daily said that losses in the industry owing to waste and theft amounted to 7.3 mln roubles over the last two and a half years. The situation was particularly bad in the Central Asian republic of Kazakhstan which has been severely criticised since the ousting of its veteran leader Dinmukhamed Kunayev last December. Its new leader Gennady Kolbin has said that at times the grain-growing republic has performed so badly that it has been obliged to seek grain supplies from national reserves. Tass news agency announced yesterday that Grain Products Minister Grigory Zolotukhin 75 was being retired and replaced by Alexander Budyka a senior food industry official. Pravda added today that the crisis in the industry had been drawn to Zolotukhins attention and two of his deputies reprimanded. REUTER | SOVIET GRAIN PRODUCTS MINISTRY CRITICISED |
Gold bullion was fixed this morning at 419.80 dlrs an ounce down on last nights close of 421.50/422.00 dealers said. The market opened little changed at 421.90/422.40 but eased during the morning as dealers traded on the gold/silver ratio selling gold and buying silver. Business was fairly light as trading in gold was overshadowed by interest in silver. Platinum was fixed this morning at 565.75 dlrs slightly up on last nights close of 564.50/565.50. REUTER | LONDON GOLD FIXED AT 419.80 DLRS THIS MORNING |
 LONDON DAILY SUGAR PRICE - APR 7 RAW NO.4 Contract indicator 105.50 stg NO.6 Cif Contract Apr/May 171.00 dlrs NO.6 Caribbean/U.K. Freight element 24.00 dlrs NO.6 Fobs Contract Equivalent 147.00 dlrs WHITE NO.5 Contract Apr/May 190.00 dlrs All per tonne.  | |
West German banking regulations must be expanded to cover off-balance sheet risks arising from new financing forms Federal Banking Supervisory Office President Wolfgang Kuntze said. Kuntze told bankers at a reception that deals for hedging price risks are not covered by current supervisory rules. Such deals could be used for speculation and do not have to be disclosed. Kuntze also said it must be considered whether banks can continue not to set shareholders equity and reserves against their own holdings of securities. Since early 1984 banks have been limited to lending 18 times shareholders equity and reserves on a consolidated basis and Bundesbank officials have said that interest rate and currency swaps and currency options are under scrutiny. Authorities favour reinterpreting the banking law to fit present circumstances in order to avoid the long parliamentary political process of changing it banking sources said. Kuntze said solutions to the problem of banking supervision can be found without having to change the law again. The risk structure in banking is moving away from the model on which banking supervisory rules are based Kuntze said. Banking supervisors are still firemen with a safety net but the safety net has become a little too small he said. Kuntze declined to detail possible changes to banking regulations as these are still the subject of discussions between the Supervisory Office and the Bundesbank. He said he sees no chance in the foreseeable future for an international harmonisation of supervisory law and the German supervisory office would not wait for such harmonisation. Nor would it get involved in international competition on minimal regulatory standards in order to shield banks from competitive disadvantages he said. REUTER | GERMAN BANK SUPERVISOR CALLS FOR WIDER REGULATION |
The International Cocoa Organization (ICCO) buffer stock could face an uphill battle to halt the downtrend in world cocoa prices when it begins buying operations in the next few weeks cocoa traders said. Traders said they believed buffer stock purchases could reach 75000 tonnes in a matter of weeks without lifting prices significantly given the amount of surplus cocoa overhanging the market. The buffer stock may begin buying shortly as the ICCO 10 day average indicator price is now at 1578.03 Special Drawing Rights (SDR) per tonne below the 1600 must buy level. Rules governing buffer stock operations were agreed last month by the ICCO council. Buying will begin once the buffer stock manager has completed preparations traders said. Some traders said the buffer stock manager may delay buffer stock buying until mid or end-April when changes in months used to calculate the ICCO indicator may lift the 10 day average above the 1600 SDR must buy level. The ICCO indicator price is calculated from the average of the second third and fourth positions on the London and New York futures markets. The daily price was 1577.61 SDR per tonne yesterday. Months used currently for the indicator are May July and September but these are set to change to July September and December on April 15 prior to May becoming the New York spot month traders noted. The introduction of December into the calculations may lift the daily SDR price as December is currently quoted about 75 stg above May on the London terminal market. But the buffer stock manager would have to wait for the higher daily price to feed through into the 10-day average the indicator which governs his activities traders said. The buffer stock manager is obviously looking at the implications of delaying until forward prices lift the indicator since it might mean he has to buy less cocoa an analyst from a leading cocoa trade house said. Traders said the buffer stock purchases could reach 75000 tonnes fairly quickly once buying starts. If purchases reach this level within six months buying is suspended pending an ICCO council review of price ranges. But some cocoa market watchers said the buffer stock may benefit from recent forecasts for a poor Brazilian Bahia temporao crop at 1.5 mln to two mln 60 kilo bags against initial expectations of up to three mln. A lower than expected Brazilian crop may cut the 1986/87 world surplus to between 50000 and 70000 tonnes compared with a recent forecast by the ICCO statistics committee of 94000 tonnes traders said. In these circumstances the buffer stock may only need to buy between 20000 and 30000 tonnes to lift prices above the must buy level. But some dealers said the ICCO buffer stock rules may put constraints on how quickly and effectively the buffer stock manager can remove cocoa from the market. The buffer stock system of price differentials set according to quality and a 15 pct limit on purchases from non-members could limit the buffer stocks scope for action dealers said. Most of the cocoa readily available to the buffer stock is nearby in-store material of Malaysian and Ivory Coast origin. But the buffer stock can only buy 15 pct Malaysian cocoa as Malaysia is not an ICCO member while purchases of nearby cocoa can only reach 40 pct in any one day which forces the buffer stock to buy some intermediate and forward shipment material. Limits on buffer stock purchases of nearby and non-member cocoa will reduce the impact on terminal prices which are pressured by the overhang of Malaysian material traders said. Buffer stock purchases of forward shipment cocoa from quality producers such as Ghana will have only a limited impact on futures but is likely to widen physical market premiums for this cocoa over futures. Ghanas premium to the terminal has risen to about 50 stg from 25 to 30 stg a month ago partly in anticipation of buffer stock buying dealers said. The buffer stock may not help the terminal market but will provide a backstop for quality cocoas one trader said. Traders cautioned that views on the impact of the buffer stock were all prognostication and that no one could hope to predict accurately what the result would be. Psychologically buffer stock buying should help prices but since the buffer stock already holds a carryover of 100000 tonnes from the previous cocoa agreement and the market is in surplus dealers expressed doubts purchases can counter bearish pressure. In June the ICCO is due to discuss rules for a withholding scheme as an additional market support mechanism. REUTER | COCOA BUFFER STOCK MAY FACE UPHILL BATTLE - TRADE |
 LONDON METAL INDICATIONS AT 1115 - APR 7 ALL THREE MONTHS BUYER SELLERS COPPER 877 879 LEAD 297 299 ZINC 453 455 SILVER 424 426 ALUMINIUM 805 807 NICKEL 2345 2365  | |
 Kuala lumpur rubber clsg -april 7 (in order byr/slr/last trd/sales) may 194.50 196.50 nil jne 195.50 197.50 nil jly 196.00 198.00 nil aug 196.50 198.50 nil sep 196.50 198.50 nil jly/sep 196.50 198.50 nil oct/dec 201.50 203.50 nil total nil quarter nil tone dull  | |
Traders indicated single option premiums sterling per tonne except silver which pence per oz unless stated. 1MTH 3MTHS 6MTHS COPPER 15-19 24-28 UNQUOTED 19-24 26-30 UNQUOTED DOLLARS LEAD 8-12 12-15 UNQUOTED ZINC 8-12 20-23 UNQUOTED SILVER UNQUOTED UNQUOTED UNQUOTED ALUMINIUM 23-27 29-34 UNQUOTED 26-31 35-40 UNQUOTED DOLLARS NICKEL 2-2.75 3.50- 4.00 UNQUOTED CENTS A LB | LONDON METAL PRE-MARKET OPTIONS |
 LONDON EUROCURRENCY DEPOSITS MORNING -APRIL 7 ONE TWO AND THREE MONTHS DMK 3-13/16 11/16 3-13/16 11/16 3-7/8 3/4 SFR 3-1/16 2-15/16 3-1/4 1/8 3-9/16 7/16 FFR 8-3/16 EIGHT 8-3/16 EIGHT 8-1/4 1/16 DFL ALL 5-7/16 5/16 SIX AND TWELVE DMK 3-7/8 3/4 FOUR 3-7/8 SFR 3-11/16 9/16 3-13/16 11/16 FFR 8-5/16 1/8 8-3/8 3/16 DFL BOTH 5-3/8 1/4  | |
 Kuala lumpur palm oil clsg -april 7 (in order byr/slr/last trd/sales) apl 746 747 750 87 may 746 747 747 169 jne 746 747 746 170 jly 741 743 743 22 aug 724 734 nil sep 724 734 nil nov 724 734 nil jan 725 735 nil mch 725 735 nil sales 448 tone higher  | |
German February capital account deficit 7.53 billion marks vs Jan 11.91 billion surplus - Bundesbank |
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 Stockholm exchanges fixing apr 7 stg 10.2700 10.2950 us 6.3350 6.3500 dmk 348.20 348.65 ffr 104.55 104.90 bfr 16.81 16.85 sfr 418.95 419.50 dfl 308.50 309.00 dkr 92.20 92.50 nkr 93.00 93.30 finl 142.65 143.05 lit 0.4870 0.4910 aus sch 49.54 49.63 can 4.8500 4.8650 yen 4.3675 4.3800  | |
The yield on 180-day bankers security deposit accounts issued this week by the Saudi Arabian Monetary Agency (SAMA) rose slightly to 6.63492 pct from 6.56823 last week bankers said. SAMA reduced the offer price on the 500 mln riyal issue to 96.78906 from 96.82031 last week. Like-dated interbank deposits were quoted today at seven 6-3/4 pct. SAMA offers a total 1.9 billion riyals in 30 91 and 180-day paper to banks in Bahrain each week. REUTER | YIELD ON 180-DAY SAUDI DEPOSITS RISES |
West Germany recorded a net outflow of 7.53 billion marks on the February capital account combining long and short term capital flows compared with a net inflow of 11.91 billion marks in January the Bundesbank said. This compared with a net outflow of 3.51 billion marks in February 1986 the Bundesbank said. REUTER | GERMAN CAPITAL ACCOUNT IN DEFICIT IN FEBRUARY |
Cheung Kong (Holdings) Ltd <CKGH.HK> and Hutchison Whampoa Ltd <HWHH.HK> have withdrawn plans for a bonus issue of new B shares chairman of both companies Li Ka-shing said. He told a press conference in view of the difficulties the companies have had with the stock exchange regarding the issuance of shares with proportionally higher voting rights the issuance of such new shares cannot go ahead until the stock exchange and the government clarified their positions. Cheung Kong and Hutchison on March 31 announced a one-for-two bonus issue of new B shares whose par value will be one-tenth that of existing shares but with equal voting rights. Their move followed similar plan by Jardine Matheson (Holdings) Ltd <JARD.HK> on March 27. The stock market fell sharply following Cheung Kong and Hutchisons announcement as institutional investors reacted negatively to the news. REUTER | CHEUNG KONG, HUTCHISON SCRAP "B" SHARE ISSUES |
Showa Aluminium Corp is issuing a 100 mln dlr equity warrant eurobond due April 23 1992 paying an indicated coupon of 2-1/8 pct and priced at par lead manager Nomura International Ltd said. Final terms will be fixed on April 15. The selling concession is 1-1/2 pct while management and underwriting combined pays 3/4 pct. The non-callable bond is available in denominations of 5000 dlrs and will be listed in Luxembourg. The payment date is April 23. REUTER | SHOWA ALUMINIUM ISSUES 100 MLN DLR WARRANT BOND |
 PRS PARIS GOLD MIDDAY FIX - APR 7 81750 francs per kilo 419.50 (421.43) dlrs per troy ounce equivalent.  | |
 LONDON SILVER PREFIXING - APRIL 7 SPOT 674.00/677.00 CENTS THREE MONTHS 424.00/426.00 PENCE  | |
No Two Soft Red Winter Jne 129.50 up 1.50 Jly 124.50 up 1.50 Aug 126.50 up 1.50 Sep 127.50 up 1.50 US Northern Spring 14 pct protein Apl/May 139.50 up one Jne 139 up 0.50 Jly 138 down 0.50 Aug 134.50 up 0.50 US Northern Spring 15 pct protein Apl/May 159.50 up one Jne 157 unch Jly 155 unch Aug 151 unch WHEAT - US three Hard Amber Durum Apl/May 161 unch Jne 160 unch Jly 160 unch Aug 155 unch Canadian One Western Red Spring 13.5 pct Apl/May 148.50 unch Jne 146.50 unch Jly 146.50 unch Aug 144 unch Canadian Two Western Red Spring 13.5 pct Apl/May 135 unch Jne 133 unch Jly 133 unch Aug 133 unch Canadian One Western Amber Durum Apl/May 168 unch MAIZE - US Three Yellow Afloat 94 Apl 86 unch May 85 unch Jne 84.50 unch Jly 84.50 unch MAIZE - Argentine Plate Apl/Jne 95.50 unch Jly 96.50 unch Aug 98 unch MILLET - Argentine Plate Apl 133 unch May 135 unch REUTER | ROTTERDAM GRAINS - APR 7 Sellers rulling at 1200 local time in |
 TATE LYLE SUGAR EXPORT - APR 7 209.50 stg per tonne.  | |
 LONDON ECU SPOT/FORWARDS - APRIL 7 US 1.1408/13 1 month 5.25/4.25 two 10.50/8.50 three 13.50/10.50 six 19.00/15.00 twelve 35.00/20.00 STG 1.4190/4205 1 month 38.00/34.00 two 70.00/65.00 three 102.00/96.00 six 178.00/168.00 twelve 328.00/303.00  | |
FRENCH TREASURY TO REPAY 680 MILLION FRANCS OF DEBT - OFFICIAL |
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1 month 5-7/8 two 5-7/8 three 5-7/8 six 5-7/8 twelve SIX | LONDON SDR DEPOSIT RATES - APRIL 7 |
Nippon Shokubai Kagaku Kogyo is issuing a 80 mln dlr equity warrant eurobond due April 30 1992 paying an indicated coupon of 2-1/8 pct and priced at par lead manager Nomura International Ltd said. Final terms will be fixed on April 14 and the issue is guaranteed by Daiwa Bank Ltd. The selling concession is 1-1/2 pct while management and underwriting combined pays 3/4 pct. The non-callable bond is available in denominations of 5000 dlrs and will be listed in Luxembourg. The payment date is April 30 and the warrants are exercisable from May 14 1987 until April 23 1992. REUTER | NIPPON SHOKUBAI ISSUES 80 MLN DLR WARRANT BOND |
Taiwans trade surplus widened to 4.18 billion U.S. Dlrs in the first quarter of 1987 from 3.05 billion a year ago the government statistics department said. First quarter exports rose to 11.25 billion U.S. Dlrs from 8.38 billion in the same period in 1986. Imports rose to 7.08 billion from 5.33 billion last year. The March trade surplus was 1.45 billion dlrs compared with 1.32 billion in February and 1.02 billion in March 1986. Exports rose to 4.07 billion U.S. Dlrs from 3.85 billion in February and 2.99 billion in March last year. Imports were 2.61 billion dlrs against 2.53 billion in February and 1.96 billion in March 1986. REUTER | TAIWAN TRADE SURPLUS WIDENS IN FIRST QUARTER |
 BELGIAN TREASURY BILLS - FONDS DES RENTES APRIL 7 Offered 8253 mln (3500 mln) Awarded 3253 mln (875 mln) Rate 7.30 pct (7.40 pct)  | |
The National Development Finance Corp of Pakistan has raised three billion yen through private placement arranger Daiwa Securities Co Ltd said. The seven year Shibosai issue in the Tokyo domestic market carries interest at 6.9 pct. No other details were available. REUTER | PAKISTAN FIRM RAISES THREE BILLION YEN IN JAPAN |
 PARIS SUGAR 12.30 - APR 7 May 1145/1148 Ba Aug 1167/1169 ba Oct 1200/1204 ba Dec 1230/1238 ba Mar 1256/1270 ba May 1290/1310 ba Sales at call nil accumulative total 555 barely steady  | |
 PRS PARIS SUGAR SPOT - APR 7 1150 francs (189.66 dlrs) per tonne  | |
Cocoa futures were about unchanged from last night by midmorning with near July trading at 1319 stg from 1318 asked and a 1324/1318 high-low. Sterlings strength together with continued availability of West African new crop physical offerings more than outweighed any bullish impact from last nights higher New York market. Dealers said the market had been forecast to open as much as 10 stg up basis New Yorks close. The Ivory Coast was believed offering new crop around 1325 French francs per 100 kilos cif while Ghana was there at around 1460 stg a tonne cif for Dec/Feb-Jan/Mar they said. Apart from the prospect of ICCO buffer stock buying in the near future the only other bullish feature is the lower trade forecast for Bahias temporao crop which was recently reduced to 1.5/2.0 mln bags from 2.0/2.5 previously and compared with initial expectations of up to three mln bags. Dealers said trade ideas are now pointing to the lower end of the new forecast range although in terms of world production this may well be evened out by a better than expected Ivory Coast mid-crop. Terminal volume after 75 minutes was 248 lots including 76 lots crossed. REUTER | LONDON COCOA HOLDS LITTLE CHANGED AT MIDMORNING |
The French treasury has decided to repay 680 mln francs of debt issued before 1950 the Finance Ministry said. Seven issues accounting for 0.13 pct of total state domestic debt would be redeemed by the Caisse d Amortisement de la Dette Publique the national debt amortisation fund a Ministry statement said. The Ministry said the debt rationalisation exercise similar to one carried out in 1958 and 1959 would take out of circulation old issues which were expensive to manage and difficult to trade because of their highly complex structure. Technical details of the operation would be announced in the next few days. The securities to be redeemed would be the three pct perpetual rente five pct perpetual rente four pct 1941-1960 redeemable rentes 3.5 pct 1942-1952 redeemable rentes three pct 1942-1955 redeemable rentes three pct 1945-1954 redeemable rentes and 4.5 pct 1933-1960 redeemable treasury bonds. The ministry said the operation would mainly benefit long-term holders of the issues mainly small investors and small communes. The issues were difficult to trade because they comprised securities of variable nominal value it noted. REUTER | FRENCH TREASURY TO REPAY 680 MLN FRANCS OF DEBT |
U.S. Shares traded in London were firmer in the wake of Wall Streets gains into record territory yesterday but gains were patchy with interest centered mainly on the special situation stocks dealers said. Allied Signal rose 1/2 dlr to 48-1/2 in the wake of news it is to sell its Ampex unit for 479 mln dlrs and Union Carbide rose the same amount to 29-1/4 on rumours of a brokers recommendation. General motors added 1/8 dlr at 81-5/8 after after news of production schedule announcements and ahead of an an analysts meeting on Thursday. Ford rose the same amount in sympathy to 90-1/4. IBM was unchanged at 149-1/2 dlrs. Drug stocks showed gains of around 1/8 to 1/4 dlr as seen in Merck at 165-3/4 and Lilley at 99-1/4. Among few losers Xerox fell 1/2 dlr to 77 after the company declared a shareholder rights plan designed to thwart unwanted takeover attempts. Operators expect Wall Street to open mixed to higher and anticipate a period of consolidation after the recent firm trend. REUTER | U.S. STOCKS FIRMER IN LONDON |
 MADRID FIXING 7 APR 071248 US DOLLAR FIXING 127.688 (PREV FIX 127.750)  | |
The Hamburg fishmeal market attracted little interest in the past week with prices about unchanged on stable supplies trade sources said. Sellers offered 64 pct meal at between 665 and 670 marks per tonne free on truck for spot and May/Dec between 655 and 660. Chile is reported to have normal to good catches and is stocking up its exportable supplies. Chilean material was offered at 345 dlrs per tonne c and f North German ports. Perus catches were described as unsatisfactory and PESCA Peru can deliver only against previously contracted amounts the sources said. Independent Peruvian producers have small amounts available which were offered at 335 dlrs per tonne c and f North German ports for April/May. Ecuador was not in the market. Denmarks catches improved seasonally with offers for 72 pct meal unchanged at 305 crowns per 100 kilos cif North European ports. Icelands fishing season ended with catches totalling 1.07 mln tonnes. Icelandic fishmeal was offered at between 5.65 and 5.70 dlrs per percentage point protein cif. Norway was not in the market. REUTER | LITTLE DEMAND ON HAMBURG FISHMEAL MARKET |
<Chrysler Canada Ltd> said it signed an agreement to import 100000 Mitsubishi small cars from <MMC Sittipol Co Ltd> of Thailand between 1988 and 1993. Chrysler Canada a subsidiary of Chrysler Motors Corp <C> of the U.S. Will market the two and four-door cars in Canada under the Dodge-Colt brand. The cars will be Thailands first car exports. MMC Sittipol is a Thai-Japanese joint venture in which Mitsubishi Motors Corp <MIMT.T> of Japan holds an estimated 47 pct stake. Its Thai partners are <Sittipol Motor Co> and <United Development Motor Industries Co Ltd>. Officials of MMC Sittipol said Chrysler Canada currently buys the same Dodge-Colt models from Japan where the strong yen has sharply increased their production costs. They said Chrysler will from next year import the same cars from Japan and Thailand which has a lower labour cost advantage. The officials said Mitsubishis decision to move its production to Thailand also stemmed from the fact that Japan is facing auto export quota restrictions to the Canadian market. REUTER | CHRYSLER CANADA IMPORTS THAI-MADE MITSUBISHI CARS |
Raw sugar futures fell to session lows by midmorning suffering losses from last night of between 2.20 and 1.80 dlrs a tonne in a 341 lot volume dealers said. Lack of follow-through both here and in New York featured the extended fall which triggered light liquidation and technical selling as prices eased dealers said. There are no tenders expected today but tomorrow sees enquiries by India and Syria to coincide with the weekly export tender by the European Commission they said. Near Aug was trading at 154 dlrs after 70 minutes versus 155.80 bid last night and an early high of 155.80. London Daily Raws prices fell 3.50 dlrs on tone to 147 Fob and 171 (105.50 stg) Cif. The Whites price was down 2.50 dlrs at 190. REUTER | LONDON SUGAR FALLS TO SESSION LOWS BY MIDMORNING |
Economy Undersecretary Yannos Papantoniou said the Greek economy was responding well to a two-year government austerity program. He told reporters the evidence for this was in last years figures which showed a drop in inflation from 25 pct to 16.9 and a reduction in the current account deficit from 3.3 billion dlrs to 1.7 billion. Papantoniou said indications were encouraging that a target of 1O pct inflation and a deficit of 1.25 billion dlrs would be reached by the end of 1987. He predicted a mild recovery for the Greek economy in 1988 and said the government might be able to ease its tough incomes policy which has virtually frozen wages and allow some increases related to productivity. The austerity program started by Prime Minister Andreas Papandreous socialist government in October 1985 resulted in a wave of strikes late last year and more industrial action is planned by trade unions and workers in coming months. REUTER | GREEK OFFICIAL SAYS AUSTERITY MEASURES PAYING OFF |
LME late pre-market trading to 11.30 hrs was quiet and prices were little changed from earlier. Copper was steady in light two way business around the 1410 dlrs equivalent level after early dollar based buying had seen trading from 1408 to 1411 dlrs a tonne compared with 1406 dlrs yesterday. Sterling business was reported from 876 to 878 stg up two stg from yesterday afternoons kerb close. Zinc was easier under light trade selling in a thin market and three months delivery traded around the 730 dlrs equivalent compared with 734 dlrs yesterday. The sterling price was around 453/455 stg a tonne down three stg. Lead was steady with three months delivery business at 299 stg unchanged from yesterday but aluminium eased under light dollar based selling from 1299 to 1295 dlrs compared with 1298 dlrs a tonne yesterday. Sterling aluminium prices were quoted around 805/807 stg down two stg a tonne. Nickel and silver were tradeless and quoted at 2355/2360 stg a tonne and 424/426 pence an ounce respectively. REUTER | LME LATE PRE-MKTS QUIET |
Call money firmed to about 3.65 pct back to yesterdays 3.60/70 pct from around 3.55 pct earlier today after the Bundesbank announced a tender for a new securities repurchase pact dealers said. The Bundesbank offered funds over 28 days at 3.80 pct unchanged from the rate on recent facilities. Many traders had expected the tender rate to come down in line with market rates for call money. When this did not happen because of more than adequate liquidity many participants decided to withdraw funds from the market and use them to build up minimum reserves further. This resulted in the slight rise in call money. Banks held 58.9 billion marks at the Bundesbank on April 5 averaging 59.3 billion over the first five days of the month well clear of the likely 51 billion mark minimum reserve requirement dealers said. There was therefore some surprise that the Bundesbank was offering more funds above the call money rate. But some dealers noted that the rate on the 28 day facility was in line with one month money which traded at 3.80/85 today after 3.80/90 yesterday and 3.90/4.00 on April 1. Given market liquidity dealers said banks were likely to bid and the Bundesbank allocate less than the 14.9 billion marks draining from the market tomorrow when an earlier pact expires. One dealer expected some 10 billion marks to be allocated. Some dealers said the Bundesbank would have been unwilling to cut rates on this pact as it is the first under its faster and more flexible tender process and because a lower rate might have been associated with the new system. Dealers said they still thought the Bundesbank would over the next month lower the call money range from the narrow 3.6-3.8 and broad 3.5-4.0 pct it has held recently. REUTER | GERMAN CALL MONEY FIRMS ON TENDER |
 Beirut exchs clsg - april 7 uk transfer 18575.00 - 18675.00 us transfer 11475.00 - 11525.00 kuwait 41880.00 - 42050.00 saudi arabia 3050.00 - 3060.00 france 1890.00 - 1905.00  | |
Genfinance Luxembourg is issuing a 50 mln stg eurobond due May 7 1994 paying 9-1/4 pct and priced at 101-1/4 pct lead manager Kleinwort Benson Ltd said. The issue is guaranteed on a subordinated basis by Generale Bank. It is available in denominations of 1000 and 10000 stg and will be listed in Luxembourg. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. The payment date is May 7. REUTER | GENFINANCE LUXEMBOURG ISSUES 50 MLN STG EUROBOND |
The Malaysian rubber market closed higher at 228 cents per kilo for May Int. Ones RSS buyer on further short covering up 1.50 cents from yesterdays close dealers said. The market saw further buying interest towards the close following the rise in physicals and a further rise in Singapore. Lower Japanese advices failed to dampen sentiment. Prices opened unchanged and then rose gradually on nearby covering following the steadier Singapore market. May SMR 20 buyer closed unchanged from yesterdays level of 194.50 cents per kilo on continued absence of fresh factors. Physicals saw renewed activity on further short covering with sentiment influenced by an impending Indian tender tomorrow for April RSS Threes and SMR 20 dealers said. May SMR 10 was traded at 196.50 and was further quoted between 196 and 197. SMR CV saw sellers at 244 while SMR L was bidd between 240 and 242. The INRO daily market indicator price for April 6 was 195.62 Malaysian/Singapore cents per kilo against 195.91 for April 3 while the five-day moving was unchanged at 195.70 cents. REUTER | MALAYSIAN RUBBER MARKET CLOSES HIGHER |
 LME SILVER 1ST RING 1157 - APR 7 LAST BUYER SELLER Large Cash -- -- -- 3 Months -- -- -- Small Cash -- -- -- 3 Months -- -- --  | |
Malaysian crude palm oil futures closed off the days highs on late speculative selling following talk that Pakistan passed on its tender for another 6000 tonnes of RBD palm oil for second half April shipment after buying the same amount yesterday dealers said. A higher overnight Chicago soyoil futures close had supported prices earlier they said. June and July closed seven ringgit firmer at 746 and 742 ringgit per tonne respectively while April and May were six and five ringgit higher at 747. Turnover rose to 448 lots from 135 yesterday. REUTER | MALAYSIAN CRUDE PALM OIL FUTURES CLOSE OFF HIGHS |
 PARIS GOLD COINS - APR 7 Franc per coin Ingot 1 kilo 81950 Napoleon 512 Sovereign 595 Double eagle 2895 Single 1440 Latine Union 485 Swiss Louis 559 Mexican Pesos 3150 Turnovers - Paris Gold 8.5 (8.9) Mln francs Ingots 60 (70) Napoleons 2000 (2000)  | |
 LONDON COCOA SHIPMENTS MIDDAY - APR 7 GHANA Cocoa differentials based on London terminal prices stg per tonne cif U.K./N.E. Mar/May 50 over May Apr/Jun 55 over Jul May/Jul 55 over Jul Jun/Aug 60 over Sep Jul/Sep 65 over Sep Oct/Dec 80 over Dec All nominal sellers  | |
 ZURICH EXCHANGES 1300 - APRIL 7 us 1.5110-5120 stg 2.4456-4487 dmk 82.92-83.02 ffr 24.92-95 lit 0.11637-11653 hfl 73.47-58  | |
 LONDON BULLION 1200 - APRIL 7 GOLD 420.20/420.70 dlrs KRUGERRAND 425.00/428.00 dlrs SILVER spot 674.00/677.00 cents 3 months 424.00/426.00 pence  | |
 ZURICH GOLD 1300 - APRIL 7 pool 419.50-422.50 (419.50-422.50 at 1200) interbank 420.40-420.90 (420.60-421.10 at 1200)  | |
Greece and the Soviet Union have reached agreement in Moscow on a joint venture for a 450 mln dlr alumina plant in Greece government spokesman Yannis Roubatis said. Roubatis told reporters the Soviet Union agreed to buy the plants entire annual output of 600000 tonnes of alumina. More details would be given later by Greek Industry Undersecretary George Petsos who was in Moscow. The project was due to start in 1986 but problems over plans to sell some alumina to Bulgaria caused delays. The Soviet Union which was to take 400000 tonnes later agreed to take the full production. REUTER | AGREEMENT REACHED IN GREEK ALUMINA DEAL WITH MOSCOW |
 LONDON DOLLAR CROSS RATES MIDDAY - APRIL 7 SPOT 1 MONTH 3 MONTHS 6 MONTHS STG 1.6190/6200 52/49 131/127 225/220 DMK 1.8215/25 42/39 122/117 247/242 SFR 1.5110/20 48/43 114/109 228/218 DFL 2.0555/65 19/16 58/53 130/125 BFC 37.70/73 01/04 03/08 09/16 FFR 6.0575/0625 34/30 98/93 200/190 LIT 1297/1298 310/360 900/1100 1800/2300 YEN 145.10/20 34/30 98/93 200/190 CAN 1.3073/78 BFR FIN 37.85/88 DKR 6.8700/50 NKR 6.8150/8200 SKR 6.3425/75 AUS SCH 12.79/81 HK 7.8012/17 IRL 1.4670/90  | |
 LME ALUMINIUM IST RING 1202 - APR 7 LAST BUYER SELLER Cash -- -- -- 3 Months -- 805.0 806.0  | |
 MADRID INTERBANK RATES - APR 7 US DOLLAR SPOT 127.65 - 127.75 ONE MTH 105 - 115 TWO MTH 198 - 208 THREE MTH 295 - 305 SIX MTH 527 - 542 ALL DISCOUNTS  | |
 ZURICH DOLLAR FORWARDS 1300 - APRIL 7 one month 0046/0043 two 0084/0081 three 0114/0111 six 0227/0219 twelve 0440/0420 all discs.  | |
The Bundesbank did not intervene as the dollar was fixed lower at 1.8218 marks after 1.8243 yesterday dealers said. REUTER | NO INTERVENTION, DOLLAR FIXED AT 1.8218 MARKS |
 INTERNATIONAL COFFEE ORGANISATION - APR 7 Prices for Apr 6 in U.S.Cents per lb. Composite daily price ICA 1979 98.29 15 day average 99.17 Composite daily price ICA 1976 97.75 Other mild Arabicas New York 98.00 Bremen/Hamburg 104.30 Average 99.58 Robustas New York 97.50 Le Havre/Marseilles 96.23 Average 96.99 Colombian mild Arabicas 107.00 Brazilian and other Arabicas 94.50  | |
 Malaysian palm oil - april 7 (prices un us dlrs/tonne local fob malaysian ports bulk) rbd pal oil apl 325 slr may 322.50 slr 318 jne 322.50 slr jly 320 slr rbd olein apl 332.50 slr 330 may 335 slr 332.50 jne 335 slr jly 335 slr 332.50 rbd stearin apl/may 277.50 slr the rest unquoted  | |
 Egyptian bullion/coins - april 7 gold fine per gram 2890 silver pure per gram 50.0 republic (egypt gold pound) 22000 sovereign (kings head) 21500 sovereign (queens head) 21500 in egyptian piastres ==  | |
Robusta futures held small gains of 12 to five stg per tonne at midmorning in quiet trade with second position July traded up seven at 1258 stg. Recent increased roaster demand and physical offtake of coffee prompted light general buying dealers said. However some analysts believed prices should be weakening due to the increase in Colombian Brazilian and Mexican coffee on the market after origin sales of the past week. They were perplexed by steadiness in futures they said. Trade houses rolled May positions into July and September contracts. Volume was 969 lots including 520 crosses. REUTER | LONDON COFFEE HOLDS SMALL GAINS AT MIDMORNING |
Crude palm oil prices closed below the days highs on late selling prompted by talk that Pakistan passed on its tender for 6000 tonnes of RBD palm oil for second half April shipment after having bought the same amount yesterday dealers said. Pakistans presence and steadier overnight Chicago soyoil futures supported the market initially they added. April deliveries south and central regions closed five higher at 752.50 and 750 ringgit per tonne respectively after highs of 757.50 while May south traded down to 750 from 755. The refined palm oil market saw some renewed interest with prices also higher initially. May and June RBD palm olein traded earlier at 332.50 dlrs per tonne and May RBD palm oil at 318. REUTER | MALAYSIAN CRUDE PALM OIL CLOSES BELOW HIGHS |
 LME COPPER 1ST RING 1207 - APR 7 LAST BUYER SELLER Std Cash -- -- -- 3 Months -- -- -- Hg Cash -- -- -- 3 Months 880.0 879.5 880.0  | |
 PRS PARIS COCOA 13.00 - APR 07 May 1255 ASK Jul 1285 ASK Sep 1285 BID Dec 1320 BID Mar 1335/1345 ba May 1350 BID Jul 1365 BID Sales at call NIL accumulative total NIL IRREGULAR  | |
 LONDON STERLING RATES MIDDAY - APRIL 7 US 1.6190/6200 FFR 9.8080/8180 CAN 2.1165/95 LIT 2100/2103 DMK 2.9480/9520 YEN 234.85/235.15 DFL 3.3265/3305 DKR 11.1210/1350 SFR 2.4460/90 IRL 1.1025/45 BFC 61.01/13 ECU 1.4190/4207  | |
 BANK OF ENGLAND STERLING INDEX NOON - APRIL 7 72.3 AFTER OPENING 72.3 (PREVIOUS CLOSE 72.4)  | |
 LME LEAD 1ST RING 1212 - APR 7 LAST BUYER SELLER Cash -- -- -- 3 Months 300.0 299.5 300.0  | |
 CBT DELIVERY NOTICES April 7 for delivery on April 8 original last date into which notices commodity was assigned (grains in thousand bushels) Wheat Corn Oats Soybeans 0 bu Soymeal Soyoil 0 lots Silver 33 lots Apr 2 1987 Kilo Gold 1 lots Mar 30 1987 Reuter  | |
The Bank of Japan bought a small amount of dollars at around 145.95 yen shortly after the Tokyo market opened dealers said. But the dollar then fell on speculative selling by trading houses they said. The dollar had opened here at 145.95 yen against 145.85/90 yen in New York and 146.00 yen at the close here yesterday. REUTER | BANK OF JAPAN INTERVENES SHORTLY AFTER TOKYO OPENS |
White sugar futures were around morning lows in very quiet featureless trading with the market looking to New York to provide impetus and perhaps an upside move dealers said. They said there was little outright trading with one Against Actual of 250 lots of May done and some May/August spread trading mainly crosses. May last traded at 1146 francs a tonne after an opening 1155 a low of 1145 and a close last night at 1164. August was at a morning low of 1168 francs after an opening 1180 and previous close at 1188. REUTER | PARIS SUGAR AROUND LOWS BY MIDMORNING |
The following deliveries are scheduled for April 8 against Chicago Baord of Trade Futures - Silver - 33 lots at Chicago Illinois. Kilo Gold - one lot at Chicago Illinois. Reuter | CBT METALS/FINANCIALS DELIVERY LOCATIONS |
Iraq said today its troops had killed thousands of Iranians in checking a new Tehran offensive on their southern war front. The official Iraqi news agency INA quoted a correspondent in the field as saying Baghdads forces were pursuing retreating Iranian troops. The agency said the al-Ghadeer Brigade of the Iranian Revolutionary Guards and the 21st Brigade had been destroyed in the fighting. The INA correspondent said Iraqi troops had surrounded the Iranians after the overnight attack was launched. The Iranian news agency IRNA said Iranian forces had killed or wounded over 2600 Iraqis in their new Karbala-8 offensive and the thrust through Iraqi defences was continuing. Iraqi President Saddam Hussein who presided over a meeting of his top military commanders in Baghdad two days ago visited the northern city of Mosul today to attend celebrations marking the 40th anniversary of the ruling Baath Arab Socialist Party. Reuter correspondent Subhy Haddad reported from Mosul that political observers there said Irans offensive was timed to coincide with the partys anniversary. But radio programs were normal and there was no word in Mosul on fighting in the south. REUTER | IRAQ SAYS IRAN OFFENSIVE ON SOUTHERN FRONT CHECKED |
 LME ZINC 1ST RING 1217 - APR 7 LAST BUYER SELLER Hg Cash 455.0 -- -- 3 Months -- 454.0 455.0  | |
Iran said it had achieved important victories against Iraq on the southern war fronts last night. A brief Iranian news agency IRNA report said Important victories achieved in southern fronts Monday night. It gave no further details. Iran launched a major offensive codenamed Karbala-5 towards the major southern Iraqi port of Basra in January but there have been no reports of heavy fighting in the area in recent weeks. REUTER | IRAN REPORTS IMPORTANT VICTORIES ON SOUTHERN FRONT |
The Bank of Japan will sell tomorrow a total of 800 billion yen worth of financing bills from its holdings to help absorb a projected money market surplus of 1300 billion yen money traders said. Of the total 400 billion yen will yield 3.8502 pct on sales from money houses to banks and securities houses in a 41-day repurchase accord maturing on May 19. Another 400 billion yen will yield 3.7991 pct in a 20-day repurchase pact maturing on April 28 they said. The repurchase agreement yields compare with the 3.8125 pct one-month and 3.7500 pct three-week commercial bill discount rates today. Tomorrows surplus is attributable to government tax allocations to local governments and public entities. The operation will put outstanding bill supply at about 4300 billion yen they said. REUTER | BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS |
The Bundesbank did not intervene as the dollar was fixed lower at 1.8218 marks after 1.8243 yesterday dealers said. Dealers said dollar trading was very quiet over the European morning with operators made wary by todays meeting of the Group of Five finance ministers and central bank chiefs ahead of the full IMF/World Bank session in Washington. It was undermined by remarks from U.S. Council of Economic Advisers Chairman Beryl Sprinkel who told Iowa bankers the U.S. Had no objective regarding the value of the dollar. Sprinkel also called the reference to stabilizing exchange rates at about current levels made at the Paris meeting on February 22 a vague statement casting doubt on operators assumptions that a secret target level had been set. Sprinkel added that if West Germany and Japan made progress to stimulate their economies as the Paris agreement envisaged there would not be the necessity of significant declines in the dollar. One dealer for a U.S.-based bank noted the dollar tended easier after the remarks. They were obviously regarded as being negative. And if the market starts regarding anything that comes out negatively then it means that the underlying sentiment is negative he said. Some early selling pressure softened the dollars undertone. Most operators overlooked intervention by the Bank of Japan to support the dollar against selling in favour of the yen by institutional investors and overseas operators dealers said. After the strong focus on the dollar/yen rate in recent weeks up to the end of the Japanese financial year on March 31 interest and activity was likely to switch dealers said. We can start to look at a point in time where the interest shifts away from dollar/yen and more into dollar/mark and the other European currencies the U.S. Bank dealer said. Despite the softer undertone traders would remain wary of taking significant new positions during the Washington meetings dealers said. Aside from the G-5 session today Bundesbank President Karl Otto Poehl is due to meet the German Affairs group on international monetary issues later. The mark gained some strength from news the Bundesbank set a new securities repurchase tender to add money market liquidity at a fixed 3.80 pct unchanged from those over the last several weeks. Some expectation had been growing that it might cut the rate or move to a minimum interest rate tender signalling a desire for a slight easing in credit policy. Bundesbank central bank council member Lothar Mueller said the Bundesbank had not given up its focus on money supply. A monetary policy which took into account exchange rates and capital flows could not be confused with an exchange-rate oriented policy he said contradicting some growing sentiment. Sterling eased a touch to 2.950 marks at the fixing from 2.957. The yens unabated strength despite the intervention brought it up to 1.2555 marks per 100 from yesterdays 1.2480. The Swiss franc rose to a fix of 120.515 marks per 100 from 120.180. The French franc eased to 30.055 marks per 100 after 30.060 Belgian franc was little changed at 4.829 marks per 100. REUTER | NO INTERVENTION, DOLLAR FIXED AT 1.8218 MARKS |
Fire protection and security group Wormald International Ltd <WOIA.S> said British-listed <Holmes Protection Group Inc> has agreed to issue it with 6.15 mln common shares of one U.S. Cent par-value at 1.72 stg each. The two groups have also begun exploratory talks on a possible merger of the Holmes business with the compatible businesses of Wormald comprising some or all of its fire protection and security businesses in the Americas and Europe Wormald said in a statement. The issue of shares in the New York-based Holmes is conditional upon shareholder approval at a general meeting. Wormald said its stake will represent 9.99 pct of Holmes existing issued shares and 9.09 pct of the enlarged capital. The issue will raise 10.6 mln stg which will be used for further development of the Holmes business. Wormald said the businesses of the two groups are largely complementary in terms of both geographical spread and the nature of their activities with Holmes concentrating on burglar alarms and Wormald on fire systems. Holmess operations are concentrated in and around New York amd Miami. It earned 11 mln U.S. Dlrs pre-tax in its last reported full year 1985 and 6.0 mln in first half 1986. REUTER | WORMALD TO ACQUIRE STAKE IN HOLMES PROTECTION |
Eurodollar deposit rates were little changed at midsession though some firmness was detected at the longer end of the market prompted by a slightly weaker dollar. Dealers said the market remains extremely thin with no important U.S. Economic indicators due until Friday. Operators are awaiting the outcome of the Group of Seven finance ministers meeting in Washington tomorrow to review their February accord on currency stability. Federal Reserve Board Chairman Paul Volckers testimony before a Senate subcommittee later today on monetary policy could provide some interest dealers added. Short dated eurodollars were steady with overnight to spot/next quoted at a common 6-1/4 1/8. One week gained 1/16 point to 6-5/16 3/16 pct. In the period rates one to five months were unchanged with three months at 6-9/16 7/16 pct. Six months to one year were all 1/16 point firmer with sixes at 6-11/16 9/16 pct and one year at 6-7/8 3/4 pct. REUTER | LONDON EURODOLLAR DEPOSITS STEADY AT MIDSESSION |
Two British opinion polls showed the ruling Conservative Party would retain power with a clear majority in general elections. A poll for commercial television conducted after Prime Minister Thatcher returned from Moscow this morning gave the Conservatives their highest rating since they were re-elected in 1983 with 43 pct of the votes Labour 30 and the Social Democratic-Liberal Alliance 26 pct. Another poll in the Times newspaper taken in 73 key marginal constituencies predicted a Conservative majority of 92 seats. Thatcher does not have to call elections until June 1988. REUTER | BRITISH OPNION POLLS KEEP CONSERVATIVES AHEAD |
Finance ministers from African countries in the French franc currency zone called for more aid from the international banking community at a meeting here last Friday the French finance ministry said in a statement. The talks held to prepare for this weeks International Monetary Fund interim committee meeting in Washington underlined that a considerable decline in bank aid to developing nations was a major source of worry. The ministers noted that this decline was contrary to expectations on debt strategy which emerged from the October 1985 IMF general assembly in Seoul. Even if to a certain extent the efforts of banks can be helped out by those of private investors the contribution of the international banking community remains indispensable the statement said. They underlined the need given present circumstances for a new allocation of Special Drawing Rights (SDRs) to relieve tensions on the exchange reserves of numerous developing countries the statement added without elaborating. REUTER | FRANC ZONE MINISTERS CALL FOR MORE AID |
2650 tonnes mainly carries cash nil 3months 880.00 STANDARD - Nil LEAD - 1550 tonnes mainly carries cash nil 3months 299.50 300.00 ZINC HIGH GRADE - 450 tonnes mainly carries cash 455.00 3months nil SILVER LARGE and SMALL - Nil ALUMINIUM - 12000 tonnes all carries cash nil 3months nil NICKEL - 126 tonnes mainly carries cash nil 3months 2360 REUTER | LME METAL AM 1ST RING VOLUMES/PAIDS - APR 7 |
Economy Undersecretary Yannos Papantoniou said the Greek economy was responding well to a two-year government austerity program. He told reporters the evidence for this was in last years figures which showed a drop in inflation from 25 pct to 16.9 and a reduction in the current account deficit from 3.3 billion dlrs to 1.7 billion. Papantoniou said indications were encouraging that a target of 1O pct inflation and a deficit of 1.25 billion dlrs would be reached by the end of 1987. Reuter | GREEK OFFICIAL SAYS AUSTERITY MEASURES PAYING OFF |
 LME NICKEL 1ST RING 1222 - APR 7 LAST BUYER SELLER Cash -- -- -- 3 Months 2360 2360 2370  | |
West German consumption of oilmeals and oil cakes last year rose by 2.4 pct to 6.3 mln tonnes the agriculture ministry said. It said in a statement the increase was exclusively due to sharply higher use of rape products which went up by 8.9 pct to 1.08 mln tonnes. Use of soy products dropped 7.2 pct to 2.89 mln tonnes it added. REUTER | WEST GERMAN 1986 OIL MEALS, CAKES USE UP |
Bank of Japan Governor Satoshi Sumita said he would support the issuance of Reagan bonds yen-denominated U.S. Government securities if it was considered appropriate a Japanese daily paper reported. The Sankei Shimbun quoted Sumita as saying in an interview It (Reagan bond) is a very feasible idea speaking in the context of the effectiveness of such bonds in halting the dollars decline. Asked how he would respond to the idea if it were brought up at any Group of Five meeting in Washington later this week the paper quoted him as saying I will back it up. But Sumita said the market still has confidence in the dollar and one must be careful in associating the current dollar decline with anything like a free fall the paper said. In 1978 the administration of then president Jimmy Carter floated government securities worth four billion dlrs in marks and Swiss francs to try to halt the the dollars depreciation. A Bank of Japan spokesman confirmed that the newspaper report was basically correct. But a senior central bank official told Reuters that as far as he knew the idea was not being seriously considered now either in the U.S. Or in Japan. REUTER | SUMITA SEES REAGAN BONDS FEASIBLE, SAYS NEWSPAPER |
A strong earthquake registering 6.9 on the open-ended Richter scale jolted central and northern Japan the Meteorological Agency said but there were no immediate reports of injuries or damage. An agency statement estimated the epicentre of the quake which struck at 9:40 A.M. (0040 GMT) as being under the sea off Fukushima prefecture some 240 km north of Tokyo. On March 18 a quake also registering 6.9 on the Richter scale hit south-west Japan killing two people. Earthquakes of force six on the Richter scale are capable of causing widespread heavy damage in a populated area. The agency issued but soon cancelled a tidal-wave warning for the Pacific coastline of central and northern Japan. The Shinkansen bullet train linking Tokyo and northern Morioka stopped running. Services will be suspended for several hours while workers check the tracks railway officials told Reuters. A spokesman for Fukushima police told Reuters they had not received any damage reports even from the coastal town of Onahama which registered the maximum intensity. He described the shaking as very strong. REUTER | STRONG QUAKE JOLTS CENTRAL JAPAN |
Kuwait may re-register part of its tanker fleet with foreign flag jurisdictions including the U.S. And USSR in an attempt to protect them from Iranian missile attacks in the Gulf war zone U.S. Officials were quoted by the New York Times as saying. The transfers would allow the country of registration to escort Kuwaiti-owned ships in the Gulf. Kuwait had earlier declined an offer of U.S. Naval escorts as too public an admission of its need for protection they said. Kuwait is also looking at flagging-out to European registries the officials said. Soviet flag tankers transporting Kuwaiti oil through the Gulf may get Soviet escorts the officials said. Kuwait had earlier considered having both USSR and U.S. Escorts but the U.S. Was unwilling to give the Soviet Union a naval role in the region the newspaper quoted the officials as saying. Kuwait has backed Iraq in the seven-year war against Iran and its ships have increasingly been the target of Iranian attacks. The U.S. And Kuwait have been negotiating for over a month on methods of protecting Kuwaiti ships. REUTER | KUWAIT MAY RE-REGISTER GULF TANKERS - NEWSPAPER |
<Chase-AMP Bank Ltd> said it will lower its prime lending rate to 17.75 pct from 18.25 effective tomorrow. The bank is the first to lower its prime rate below the 18 pct set by a few banks in the last few days in a continuation of a downward trend which began late last month. Other prime rates range from 18.25 to 18.5 pct with the majority on 18.25. The bank said the reduction reflected the recent downturn in money market rates the improved economic outlook and adequate liquidity in the second quarter tax rundown period. REUTER | CHASE-AMP BANK CUTS AUSTRALIAN PRIME TO 17.75 PCT |
The Bank of Japan intervened in early afternoon Tokyo trading to support the dollar against active selling by institutional investors and speculative selling by overseas operators dealers said. The central bank had also bought dollars against the yen in morning trade. The dollar traded around 145.20/30 yen when trading began in the afternoon here and weakened only slightly the dealers said. REUTER | JAPAN CENTRAL BANK INTERVENES IN TOKYO AFTERNOON |
 ESTIMATED PEORIA/INDIANAPOLIS LIVESTOCK RECEIPTS USDA APRIL 7 PEORIA INDIANAPOLIS CATTLE HOGS CATTLE HOGS TODAY --- 2000 n/a WEEK AGO --- 2900 800 400 YEAR AGO --- 2100 800 800 WEEK TO DATE 1400 4500 n/a WEEK AGO 1200 4700 1000 1000 YEAR AGO 1300 5000 1200 1800 Reuter  | |
Hyundai Motor Co <HYUN.SE> exported 80432 cars in the first three months of 1987 mostly to North America up from 62813 in the same 1986 period company officials said. The company aims to export 450000 cars in 1987 including 250000 to the United States. Last year Hyundai exported a record 300200 cars including 168900 sales to the U.S. Of the Pony Excel sub-compact they said. REUTER | HYUNDAI CAR EXPORTS RISE SHARPLY IN EARLY 1987 |
 SIX MARKET ESTIMATED ARRIVALS USDA APRIL 7 SLGHTR FEEDER TOTAL SLGHTR CATTLE CATTLE CATTLE HOGS TODAY 5300 700 6000 13700 WEEK AGO 4900 700 5600 12800 YEAR AGO ---- ---- 4400 15700 WEEK TO DATE 12600 900 13500 30700 WEEK AGO 10200 1000 11200 24900 YEAR AGO ---- ---- 11700 35600 reuter  | |
Italys majority Christian Democrat party saying the five-party government to which it belongs is finished has decided to withdraw its 16 ministers before a parliamentary confidence vote later this week. Christian Democrat leadership issued a document saying it registers ... The dissolution of the present government. Socialist Prime Minister Bettino Craxis five-party government resigned on March 3 after a dispute between his party and the Christian Democrats. President Francesco Cossiga has rejected the resignation and sent the government back to parliament for a confidence debate. REUTER | CHRISTIAN DEMOCRATS SAY ROME GOVERNMENT FINISHED |
 ESTIMATED LIVESTOCK RECEIPTS FOR 11 MARKETS USDA For APRIL 7 SLTR FEEDER TOTAL SLTR CATTLE CATTLE CATTLE HOGS KANSAS CITY 100 --- 100 500 OMAMA 2700 --- 2700 2700 ST LOUIS 200 100 300 3000 ST JOSEPH --- 300 300 1500 SIOUX CITY 900 --- 900 3200 ST PAUL 1400 300 1700 2800 TOTAL SIX MARKETS 5300 700 6000 13700 WEEK AGO 4900 700 5600 12800 SLTR FEEDER TOTAL SLTR CATTLE CATTLE CATTLE HOGS PEORIA --- --- --- 2000 OKLA CITY 200 6800 7000 500 SIOUX FALLS 1200 --- 1200 3000 JOLIET --- --- --- 200 WEST FARGO 400 500 900 400 TOTAL 11 MARKETS 7100 8000 15100 19800 WEEK AGO 7400 6900 14300 19100 YEAR AGO 6100 5900 12000 21300 WEEK TO DATE 18200 21400 39600 41400 WEEK AGO 16800 13600 30400 38000 YEAR AGO 17400 9900 27300 49000 Reuter  | |
 LONDON EURODOLLAR DEPOSITS RATES 1230 - APRIL 7 overnight 6-1/4 1/8 tom/next 6-1/4 1/8 spot/next 6-1/4 1/8 week fixed 6-5/16 3/16 one month 6-7/16 5/16 two 6-1/2 3/8 three 6-9/16 7/16 four 6-9/16 7/16 five 6-5/8 1/2 six 6-11/16 9/16 nine 6-13/16 11/16 twelve 6-7/8 3/4  | |
 LONDON SUGAR NON-TRANSFERABLE OPTIONS - APR 7 MTH TYPE STRIKE PRICE PREMIUM VOLUME MORNING BUSINESS Nil.  | |
The Bank of England said it had provided the money market with 224 mln stg help in the morning session. This compares with the Banks forecast of a shortage in the system today of around 850 mln stg which it earlier revised up from 800 mln. The central bank bought bank bills comprising 27 mln stg in band one at 9-7/8 pct 21 mln stg in band two at 9-13/16 pct and 171 mln stg in band three at 9-3/4 pct. It also purchased three mln stg of treasury bills and two mln stg of local authority bills in band three at 9-3/4 pct. REUTER | U.K. MONEY MARKET GIVEN 224 MLN STG ASSISTANCE |
Apr 149.00 149.00 149.25 149.50 147.75 987 May 147.50 147.25 147.50 147.75 146.25 898 Jun 146.50 146.50 146.75 147.25 146.00 280 Jul 146.50 146.50 146.75 147.00 146.50 64 Aug --- 147.00 148.00 --- --- --- Sep --- 146.50 151.00 --- --- --- Oct --- 145.00 --- --- --- --- Nov --- 145.00 --- --- --- --- TOTAL SALES 2229 | LONDON GASOIL CALL COMPLETE 1231 - APR 7 |
 LONDON COFFEE OPTION TRADES MORNING - APR 7 Business nil.  | |
 EXTENDED WEATHER OUTLOOK - OFFICIAL Thursday through Saturday ILLINOIS - Fair Thu/Fri. Partly cloudy Sat. Mild days cool nights through the period. Highs 60s near 70 extreme south Sat. Lows 40s. MISSOURI - Mild w/chance of showers late Fri/Sat. Highs 60s lows 40s. INDIANA - Mostly clear nights sunny days Thu/Fri. Increasing clouds Sat w/chance of rain south. Lows mid 30s-mid 40s highs mostly 60s. IOWA - Partly cloudy Thu chance of rain Fri/Sat. Highs 60s lows 40s. MINNESOTA - Warm/dry Thu. Chance of showers Fri east Sat. Highs mid 50s-around 70. Lows low 30s-low 40s. OHIO - generally fair/milder. Highs upper 50s-60s. Lows upper 30s-mid 40s. TENNESSEE - Fair/mild Thu/Fri w/increasing cloudiness mainly west Sat. Highs mid 60s-near 70. Lows mainly 40s. SOUTH DAKOTA - Chance of showers west Thu east Fri. Lows 30s-mid 40s. Highs 60s-mid 70s. NORTH DAKOTA - Continued fair/mild. Highs upper 50s-mid 60s. Lows 30s. KANSAS - Chance for rain/t-storms Sat. Mild. Highs 60s lows upper 30s nw 40s elsewhere. NEBRASKA - Mild. Chance of showers west Thu statewide Fri. Highs low-mid 60s west upper 60s-low 70s se. Lows mid-upper 30s west low 40s se. ARKANSAS - Partly cloudy w/slow warming trend Thu/Fri. Chance of t-showers Sat. Lows 40s-50s. Highs 60s-70s. OKLAHOMA - Generally fair w/highs mostly 70s and lows upper 30s-upper 40s. COLORADO - Cooler Thu w/scattered showers/t-storms over state. Mostly clear/warmer Fri/Sat. Highs Thu mostly 40s mountains 50s at lower elevations. Highs warming by Sat to upper 40s-50s mountains 60s-70s elsewhere. Lows teens-20s mountains upper 20s-30s at lower elevations. NORTH TEXAS - No significant rainfall expected Thu-Sat. Lows mid 40s-low 50s. Highs low-mid 70s. WEST TEXAS - Fair Thu becoming partly cloudy w/widely scattered showers/t-storms Fri/Sat. No large change in temps. Lows mid 30s-40s. Highs mid 60s-70s. SOUTH TEXAS - Partly cloudy north Thu mostly cloudy south w/chance of showers. Highs 70s lows 40s north and east near 60 lower coast lower Rio Grande Valley 50s elsewhere. Mostly cloudy Fri/Sat w/chance of t-storms. Highs 70s near 80 lower valley and Rio Grande Plains. Lows near 50 north 60s extreme south 50s elsewhere. MISSISSIPPI - Mostly fair Thu/Fri. Partly cloudy w/chance of rain Sat. Most lows 40s. Highs upper 60s-low 70s. LOUISIANA - Little or no rain Thu/Fri chance of rain Sat. Lows 50s highs 70-75. Reuter  | |
 ESTIMATED PEORIA/INDIANAPOLIS LIVESTOCK RECEIPTS USDA APRIL 7 PEORIA INDIANAPOLIS CATTLE HOGS CATTLE HOGS TODAY --- 2000 900 500 WEEK AGO --- 2900 800 400 YEAR AGO --- 2100 800 800 WEEK TO DATE 1400 4500 1200 1400 WEEK AGO 1200 4700 1000 1000 YEAR AGO 1300 5000 1200 1800 Reuter  |
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