EUROPEAN.htm in Business Recorder on February 04, 2000

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20000204

Dow declines

NEW YORK: The technology-rich Nasdaq market left blue chip stocks in the dust at midday on Thursday as Wall Street bet that tech companies could keep generating knock-out earnings despite rising interest rates.

The Dow Jones industrial average fell 95.86 points, or 0.87 percent to 10,907.34 after climbing on the opening. The broader Standard & PoorÕs 500 Index was down 3.52 points, or 0.25 percent, at 1,405.60.

The 30-stock Dow index was dragged down by its interest-rate sensitive financial services components and oil giant Exxon Mobil Corp., which fell 3-7/16 to 80-9/16.ÑReuters

Wheat down

CHICAGO: Wheat down 3 to 4 cents per bushel. Fell on commodity fund selling and an improved moisture outlook for the U.S. Plains winter wheat belt. The latest National Weather Service six- to 10-day outlook called for above-normal precipitation in Kansas, the leading U.S. wheat state.

Funds sold at least 3,000 contracts on the day, floor sources said. Carr Futures sold 700 March and Cargill Inc. bought 800 March.ÑReuters

Corn slides

CHICAGO: Corn falls 2 to 2-3/4 cents. Pulled lower by declines in soybeans, with March sinking as low as $2.17-1/4, the contractÕs lowest price Jan. 18. Funds sold at least 2,000 contracts on the day. FIMAT Futures Inc. sold 600 March and bought 200 May and Cargill Investor Services bought 800 March and sold 400 May.ÑReuters

Soyabeans lower

CHICAGO: Soyabeans lower 5-1/2 to 8 cents. March futures sank as low as $4.98, a two-week low, amid continued fund selling and improved crop conditions in South America, especially in BrazilÕs southern soy growing region. Up to late trading, fund sold at least 2,000 soybean contracts. E.D. & F. Man International sold 300 May and 200 July and Carr Futures sold 300 March.ÑReuters

Euro falls after ECB rate hike

LONDON: The euro fell on Thursday after the European Central Bank raised interest rates by a quarter percentage point as the rate rise was deemed insufficient to lure investors back to the beleaguered single currency.

The ECB raised its refinancing rate by 25 basis points to 3.25 percent and its marginal lending facility rate to 4.25 percent from 4.0 percent.

Euro/dollar recovered slightly after falling nearly half a cent to test its lows for the day following the ECB announcement, bringing it within half a cent of TuesdayÕs $0.9960 record low.

The single currency has accumulated losses of nearly 18 percent against the dollar since its January 1999 launch and has fallen 13.7 percent on broad trade-weighted measures. Such losses have boosted the cost of imported goods in euro terms.

However analysts said the downside could be limited with an important technical base for the euro seen at $0.9640.

Traders said one potential positive for the euro was the vote later on Thursday by the board of German telecoms and engineering group Mannesman AG on a friendly merger with BritainÕs Vodafone Airtouch PlcÕs.

They emphasised the actual direct forex flow would not be anything as great as the nominal bid value, as it was an all-share offer. But the sheer size of the deal suggested Vodafone would have a need to purchase euros at some stage.

However, any immediate benefits to the European single currency could be short lived.The 25 basis point rise in the FedÕs target for the federal funds rate to 5.75 percent, as expected, and in its discount rate to 5.25 percent from 5.00 percent, provoked a fairly benign reaction in U.S. stocks enabling the dollar to hold its ground across the board.

The central bank chose to emphasise that the risks in the economy were towards higher inflation, but the market has long been discounting further hikes, so U.S. assets were hardly damaged with the Dow Jones Industrials Average losing only 38 points and the NASDAQ closing higher on the day.

The Swiss National Bank followed the ECB by raising its Libor target range to 1.75/2.75 percent saying the move aimed to counter the weakness of the Swiss franc which threatened price stability.

The Swiss franc rallied three-quarters of a percent from its 10-year lows against the dollar set on Monday.

The strength of the U.S. economy was helping underpin dollar/yen which was within one yen of TuesdayÕs 109.00 peak, its highest in nearly five-months.ÑReuters

Rotterdam veg oil prices

ROTTERDAM: The following were ThursdayÕs Rotterdam vegetable oil Euro 0.9872 $Õs

SOYOIL Dutch crude degummed euros per tonne fob ex-mill Mar-00 374 -3 May00/Jul00 379 -4 Aug00/Oct00 387 -3

RAPEOIL Dutch/EU euros per tonne fob ex-mill Mar-00 367 -5 Apr-00 376 1 May00/Jul00 379 -4 Aug00/Oct00 385 0

SUNOIL EU dlrs tonne extank five ports option Feb-00 402.50 -22.50 Mar-00 410.00 -20.00 Apr00/Jun00 430.00 -10.00 Jul00/Sep00 440.00 -10.00

GROUNDNUTOIL any origin dlrs tonne cif Rotterdam Jan00 /Feb00 775.00 0.00

LINOIL any origin dlrs tonne extank Rotterdam Jan00/Jun00 450.00 0.00

PALMOIL CRUDE Sumatra /Malaysia slrs option dlrs tonne cif Feb-00 345.00 5.00 Mar-00 350.00 5.00 Apr00/Jun00 355.00 0.00

PALMOIL RBD dlrs tonne cif Rotterdam Feb00/Mar00 362.50 0.00 Apr00/Jun00 365.00 0.00

PALMOIL RBD dlrs tonne fob Malaysia Feb00/Mar00 322.50 0.00 Apr00/Jun00 325.00 0.00

PALM OLEIN rbd dlrs tonne fob Malaysia Feb-00 342.50 5.00 Mar-00 345.00 Apr00/Jun00 347.50 2.50 Jul00/Sep00 350.00 -2.50 Oct00/Dec00 352.50

PALM STEARIN dlrs a tonne fob Malaysia Feb-00 242.50 -2.50 Mar-00 245.00 -2.50

COCONUTOIL Philippine /Indonesian dlrs tonne cif Rotterdam Jan00/Feb00 645.00 -5.00 Feb00/Mar00 625.00 0.00 Mar00/Apr00 610.00 0.00 Apr00/May00 600.00 5.00 May00/Jun00 590.00 5.00

PALMKERNEL OIL Malaysian/Indonesian dlrs tonne cif Rotterdam Jan00/Feb00 625.00 5.00 Feb00/Mar00 605.00 0.00 Mar00/Apr00 595.00 0.00 Apr00/May00 590.00.ÑReuters

LME nickel holds gains, seen gaining more ground

LONDON: London Metal Exchange nickel steered its own course on Thursday, briefly trading at a new 4-1/2-year high above $9,000 a tonne while the other metals were sold by the funds, dealers said.

Three-months nickel closed at $8,980, up $60 from ThursdayÕs PM kerb close, and dealers predicted it would reach $12,000 in the first half.

ÒItÕs just brilliant, there are no signs at all of producer selling even though everyone thought there would be at this level,Ó an analyst said.

ÒItÕs even more impr-

essive when you consider that nickelÕs doing it alone,Ó he added.

NickelÕs strength is being underwritten by good demand from stainless steel makers, a shortage of scrap and problems at AustraliaÕs lateritic producers, dealers said.

Copper eased further on the fund selling which began on Wednesday, ending the day $9 lower at $1,817.

Aluminium staged a modest trecovery in the kerb to close $5 higher at $1,703.

ÒThe technical picture does look a bit weaker after the fund selling weÕve seen, but theyÕve basically just stopped for a breather before moving higher,Ó a dealer asid.

Copper is seen with strong support at $1,800, and aluminium is seen bouncing off $1,660.

Zinc recovered from WednesdayÕs poor close to end the PM kerb $14 higher at $1,124, while sister metal lead ended down $5 at $471, having hit fresh 1-year lows in the afternoon rings.

Tin closed $25 lower at $5,805, and alloy gained $5 in tandem with its primary cousin to end at $1,400/$1,410.

Silver was indicated unchanged at 520/525 an ounce by the close.ÑReuters

London timecharter fixtures

LONDON: Nightwhisper: (built 1985) 172,000 dwt delivery Fos end Feb 2 years trading redelivery world-wide $15,200 daily Coeclerici.

Luigi DÕAmato: (built 1996) 75,300 dwt delivery passing Muscat outbound Feb 7/14 trip via Goa redelivery Japan $10,600 daily Sanko.

Chia May: (built 1997) 74,000 dwt delivery Taiwan mid Feb trip via west Australia redelivery China $11,000 daily Cosco.

Alpha Effort: (built 1999) 72,844 dwt 14.5 on 36 delivery Japan prompt 3-5 months trading $10,600 daily Chinese charterers.

Kater Wave: (built 1989) 70,300 dwl delivery passing Muscat outbound mid Feb trip via India redelivery Japan $10,250 daily Shinwa.

Apostolos Andreas 5: (built 1995) 70,119 dwt delivery passing Muscat outbound prompt trip via New Mangalore redelivery Taiwan $10,850 daily Transyang.

Torm Marina: (built 1990) 69,637 dwt delivery retroactive Aughinish Jan 28 trip 2 laden legs via Brazil redelivery Skaw-Cape Passero range $8,850 daily first 50 days $9,100 daily for the balance Coeclerici.

Silvergate: (built 1987) 68,000 dwt 13.5/14 on 31.5 plus 0.5 delivery Liverpool Feb 6/11 4-6 months trading redelivery Atlantic $9,500 daily Torm.

Hugo Selmer: (built 1986) 65,427 dwt 13 on 41 plus 3/3.8 delivery Dunkirk Feb 7/8 trip via Murmansk redelivery Adriatic $6,250 daily Deiulemar.

Tara: (built 1976) 65,085 dwt delivery north France mid Feb trip and redelivery China $7,000 daily Transfield.

Natalie: (built 1981) 64,911 dwt delivery U.S. Gulf Feb 15/20 trip and redelivery Red Sea-Colombo range $8,000 daily plus $150,000 bb Geepee.

Oinoussian Seaman: (built 1987) 64,312 dwt 13.5 on 30 delivery Continent trip via Ventspils redelivery China $9,000 daily Transfield.

Ever Brilliance: (built 1980) 61,902 dwt 12 on 28 plus 0.2 delivery passing Muscat outbound Feb 18/26 trip via west coast India redelivery China $8,000 daily Noble.

Iran Eshragi: (built 1985) 43,330 dwt delivery Singapore early Feb trip via Port Hedland redelivery Spore-Japan range $8,200 dailyHanjin.

Aton: (built 1983) 41,543 dwt delivery Black Sea spot trip and redelivery Far East $7,500 daily Pan Ocean.ÑReuters

World oil price move up

LONDON: Oil prices rose on Thursday, aided by comments from the United Arab Emirates and Mexico on current price levels and output curbs.

The market also drew

support from Venezuelan Oil Minister Ali Rodriguez, who said he expected prices to ÒnormaliseÓ and that their recent spike was caused by temporary factors.

Benchmark Brent crude for March delivery was 67 cents higher at $26.60 a barrel about 50 cents off the nine-year highs set last month.

The market saw as bullish comments by the oil minister of the United Arab Emirates, Obaid bin Saif al-Nasseri, that crude prices were not exaggerated.

ÒCurrent prices are realistic taking into consideration the market conditions. We call this a realistic price, otherwise we would not have seen it,Ó he said in remarks published in Gulf newspapers.

The UAE and its allies in the OPEC producers group along with non-member Mexico have nearly trebled world crude prices in a year by holding back more than five million barrels per day (bpd) of supply.

The output cuts have reduced world oil stockpiles in consuming nations to near record lows.

U.S. stockpiles of crude now stand at 281 million barrels, or 20 million barrels lower than at the end of January 1997, when inventories last dipped sharply, and below even the recent trough of 284 million barrels of end-December 1996.

U.S. heating oil stocks of 112 million barrels are similar to the 111 million barrels of end-January 1997 though higher than the 90-million-barrel low of end-March 1996.

OPEC ministers are scheduled to meet on March 27 to decide their next move, but before then Nasseri and other Gulf oil ministers meet in Saudi Arabia to discuss their strategy.

The head of MexicoÕs state oil monopoly Petroleos Mexicanos (Pemex), Rogelio Monetmayor, also lent some support to prices with remarks that his country would like the current output limits kept in place for another quarter, after their scheduled end-March expiry.

ÒI would like to see the accord prolonged for at least three months,Ó he said on Wednesday. ÒIn other words, I would not like oil prices to plunge.Ó

Crude futures took a knock on Wednesday as VenezuelaÕs Rodriguez said producers knew there was danger pushing the market too high by holding supply down for too long.

But on Thursday he attributed the recent price spike to cold weather in the United States and oil market speculators and he told a Venezuelan radio station he expected largely stable prices for the rest of 2000.

ÒIÕm convinced that with the proactive position which OPEC has assumed we will have a fairly stable market in the rest of the year, not just in the first half but in the second six months as well,Ó he said.

He gave no indication of whether OPEC action would include a relaxation of output restrictions.

High crude and refined products prices have galvanised politicians into action in the United States, the worldÕs largest oil consumer.

Energy Secretary Bill Richardson, who has said he considers prices to be too high, plans to travel to Venezuela later this month as part of a round of oil diplomacy.

Rodriguez said he was confident of reaching an understanding with Richardson when they meet.

Richardson, who has already had talks with energy ministers from Mexico and Norway, will also meet Saudi ArabiaÕs Oil Minister Ali al-Naimi later this month, but insists he is not trying to put pressure on OPEC and non-OPEC exporters to ease supply cuts.

Senior U.S. politicians have also been putting pressure on the Clinton administration to release oil from the Strategic Petroleum Reserve (SPR), to bring prices down.ÑReuters

FTSE-100 share index higher

LONDON: The UKÕs FTSE 100 index ended a volatile session in the black on Thursday, aided by bid talk surrounding a trio of second-tier telecoms companies.

On a day dominated by record trade in mobile telecoms operator Vodafone , the benchmark index closed 21.5 points or 0.3 percent higher at 6,324.3.

Bid hopes boosted Colt Telecom Energis Plc and Telewest Communications as much as 16 percent, together giving a 28 points lift to the index.

By contrast, VodafoneÕs progress towards a deal to swallow GermanyÕs Mannesmann saw heavy trade in its stock, taking it to 371-1/2 pence at the close, down 14-1/2p or 3.8 percent to knock 22 points off the FTSE 100.

The hugely liquid share saw its busiest day ever, with almost one billion changing hands on a day London saw a total 2.5 billion shares traded.

Another big faller was BP Amoco, which dropped 3.7 percent or 20 pence to lop off a further 19 index points as investors bailed out following a hostile U.S. ruling over its plans to buy Atlantic Richfield.

Losses in those two heavyweights were enough to dampen the contributions made by the FTSE 100Õs 65 gainers, leaving the leading index trailing in the wake of European neighbours.

ÒLondon has had a fairly torrid time of late when you look at the way the other European markets have been performing,Ó said Bob Semple, equity markets strategist at Deutsche Bank.

ÒIf you look at the DAX and the CAC and others, the UK stands out as having done very badly,Ó Semple said.

FrankfurtÕs DAX-30 and the Paris CAC-40 indices are both trading positively for 2000 while the FTSE 100 is down nearly nine percent on its level at the start of January.

British Telecommunications lost 14 billion pounds worth of market value on Wednesday after announcing profits below analystsÕ expectations, and an early recovery on Thursday driven by analyst ÒbuyÓ recommendations failed to hold. The stock ended a penny lower. A strong start in technology stocks on New YorkÕs Nasdaq powered LondonÕs techMARK index three percent higher to a record close of 4,238.8.

Mid cap stocks on the FTSE 250 index posted a more modest performance, rising 46 points to 6,166 points, while the small cap stocks added 3.6 points to close at 3,159.9.

Among the other FTSE 100 gainers was British shipping group P&O Steam Navigation Co, up nearly 16 percent after it announced the demerger of its cruises division to form a separate group.

Another gainer was news and information company Reuters Group Plc, eight percent higher on news of a deal with telecoms group Equant NV to merge certain communications assets into a new joint company offering financial firms the worldÕs biggest secure Internet-standard network.

British Imperial Chemical Industries also gained, adding more than 10 percent as strong full-year results and easing debt exposure cheered investors.

The main FTSE 100 companies losing out were Royal Dutch, which slipped nearly four percent in sympathy with BP AmocoÕs loss, and Imperial Tobacco, also down four percent despite a favourable review of the European tobacco sector by brokers Merrill Lynch.

Technically, the FTSE 100 remained weak according to Royal Bank of Scotland technical analyst Brian Kiely, who detected no real enthusiasm among investors despite recent sideways trade.ÑReuters

Closing stock market indices

LONDON: Here is how major stock markets outside the United States ended on Thursday.

FRANKFURT: GermanyÕs DAX share index climbed to a new all-time high as investors switched into Deutsche Telekom from Mannesmann, which is poised to vote on a friendly merger with Vodafone AirTouch. The DAX ended the session up 182.3 points, or 2.54 percent, at a new all time high of 7,354.26.

PARIS: Records tumbled and turnover soared on the Paris bourse as roaring telecoms and media stocks boosted the CAC-40 to new highs and investors shrugged off a quarter-point rate rise by the European Central Bank. The benchmark CAC-40 index closed up 3.41 percent at 6.149.67, a new closing and all-time high, as the index ended above 6,000 points for the first time.

ZURICH: Recently-battered Swiss blue-chips rose in active trade as investors rediscovered value in stocks like ABB, Novartis and Nestle. The blue chip Swiss Market Index closed up 85.5 points at 7,182.9.

MILAN: Milan bourse indices closed at new all-time highs with trading volume also setting a new record. The all-share Mibtel index closed 2.22 percent or 655 points higher at 30,122.

AMSTERDAM: Dutch shares ended over three percent higher as technology and telecom stocks raced to new highs and financial stocks took comfort that the latest European rate hike was out of the way. The AEX blue chip index tested the 640 level just before the ECB rate hike was announced and rallied afterwards to end at 649.59 points, 3.25 percent higher.

SYDNEY: Another surge in the share price of Rupert MurdochÕs News Corp offset weakness among other blue chip stocks on Thursday to drag the Australia share market to a higher close.

JOHANNESBURG: South African shares made a late spurt higher on Thursday, tracking signals that U.S financial markets were poised for a firmer session, and supported by sturdy gains in the information technology sector The All-Share index ended 0.52 percent stronger at 8,795.3. The Industrial index collected 1.15 percent to 9,851.3 but the Gold Index shed 1.59 percent to 1,084.4.ÑReuters

Palladium, platinum continue sharp rally

LONDON: Palladium and platinum continued a sharp rally sparked by a shortage of metal on the spot market and dealers said there was scope for both to reach the $550.00 an ounce level.

Palladium reached an all-time high of $513.50 a troy ounce before dropping back to around $507.00, while platinum reached a 9-1/2-year high of $506.50.

A shortage of spot metal caused by a lack of deliveries from major supplier Russia was the main factor driving prices.

Rhodium, another platinum group metal (PGM), also continued its sharp climb, with dealers quoting the asking price at as high as $2,050 the highest since October 1992 but still well off the $7,000 reached in 1990.

Platinum was last quoted at $504.00/$508.00 compared to the New York close at $496.00/$501.00, and palladium at $508.00/$513.00 from the close at $499.00/$504.00.

Russia supplies more than 70 percent of the worldÕs annual palladium needs and a large proportion of its platinum, but political factors have kept Russian metal off the market so far this year and for most of 1999.

Platinum and palladium, along with rhodium and ruthenium, are used in various combinations in autocatalysts to purge noxious gases from exhaust fumes.

Demand for PGMs has increased with car manufacturers facing tighter emissions laws in Europe, the U.S. and Japan.

Lease rates, or the cost of borrowing metal, helped fuel platinumÕs rally, with the rate to borrow one-month platinum now around 60 percent, double the level in mid-January.

Palladium does not suffer too much from liquidity problems with the current lease rate around 8-9 percent, well away from the 200 percent seen in previous rallies.

ÒThe platinum-gold spread is as big as itÕs ever been, but bearing in mind the overall views on both metals, it would be brave to even sell it here,Ó one bullion dealer said.

Gold took a back seat to the gyrations in the PGM markets and was last quoted at $285.30/$285.80 from the New York close at $284.50/$285.25.

Dealers said gold remained in its recent range of $280.00 to $290.00.

Silver also stayed stuck in its recent range and dealers expected the trend to continue. It was last quoted at $5.18/$5.20, just up from the New York close at 5.17/$5.20.ÑReuters

~~~~~5305#Metals & metallurgy

London Metals Exchange: unofficial prices

*****LONDON: London Metals Exchange Unofficial Prices on Thursday (February 03, 2000) at 1652 GMT

<PRE>

========================================================================

Cash 3 Months 15 Months 27 Months Settlement

========================================================================

Copper 1789.0/90.0 1826.5/27.0 1890.0/00.0 1915.0/25.0 1790.0

(Stg EQ) 1118.19 1141.26 - - -

Tin 5790/5795 5825/5830 5885/5895 - 5795

Lead 453.00/4.00 471.00/2.00 512.00/7.00 - 454.0

(Stg EQ) 283.61 294.84 - - -

Zinc 1101.0/01.5 1120.0/21.0 1125.0/30.0 1102.0/07.0 1101.5

Aluminum 1720.5/21.0 1700.0/00.5 1645.0/50.0 1595.0/00.0 1721.00

Nickel 8920/8930 8940/8950 7885/7935 6765/6815 8930

Al.Alloy 1375.0/80.0 1415.0/20.0 1495.0/05.0 - 1380.0

Silver 508.0/12.0 518.0/22.0 518.0/22.0 518.0/22.0 512.00

========================================================================

SETTLE Ñ GBP 1.6008 DEM 2.0093 JPY 108.73 EUR 0.9734

========================================================================

--Reuters

</PRE>

(Disclaimer: All comments, rates and dates are provided purely for information only. Business Recorder will not be responsible for any error of fact, opinion or recommendation and also any loss resulting from these rates or commentaries.)

~~~~~5415#Stocks & Bonds

~~~~~5215#Stocks & Bonds

~~~~~5315#Stocks & Bonds

Key stock market movements

*****LONDON: The latest close of key indices on major world stock exchanges, the day's change in points and the indices' 1999 closing highs and lows (with dates).

<PRE>

=======================================================

Feb 03, Day's 1999 1999

Close Change in High Low

points

=======================================================

New York 10891.83 -111.37 11722.98 9120.67

(midday) (Jan 14) (Jan 22/99)

London 6324.3 +21.5 6930.2 5770.2

(Dec 30) (Feb 10)

Tokyo 19786.42 +207.51 19437.23 13232.74

(Jan 04) (Jan 5)

Frankfurt 7354.26 +182.3 7258.90 4668.52

(Dec 30) (Mar 3)

Paris 6149.67 +202.81 5958.32 3958.72

(Jan 11) (Jan 13)

Sydney 3135.1 +18.8 3164.6 2779.7

(Dec 30) (Oct 19)

Hong Kong 15868.12 +178.30 17369.63 9076.33

(Jan 30) (Feb 10)

=======================================================

--Reuters

</PRE>

~~~~~5314#Currency

Key currency market movements

*****LONDON: Foreign exchange/gold bullion close on Thursday (February 03, 2000).

<PRE>

====================================

Dollar/euro.... 0.9899 (0.9770)

Dollar/yen.... 107.72 (108.37)

Pound/dollar.....1.6003 (1.6054)

Gold (ounce).. 285.70 (285.10)

====================================

--Reuters

</PRE>

~~~~~5314#Currency

Closing of dollar rates

*****LONDON: Closing of dollar rates at 1730 GMT on Thursday (February 03, 2000).

<PRE>

===================================================

Spot 1 Month 3 Months 6 Months

===================================================

EUR 0.9943/945 20.0/0.3 62/64 129.3/0.0

GBP 1.5948/953 -1.3/.30 -1.0/.50 8/11

CHF 1.6173/178 -48.5/7.8 -156.2/3.1 -311.0/7.0

JPY 107.23/.28 -50.0/9.5 -160.3/9.0 -327.5/5.0

CAD 1.4404/414 -11.00/000 -30/-29 -60/-57

DKK 7.4846/866 -140/136 -440/425 -850/825

NOK 8.1155/255 -15/-10 -53/-43 -160/130

SEK 8.5550/650 -149/146 -468/460 -930/910

HKD 7.7803/813 -15/ -5 -25/-15 -5/15

AUD 0.6385/395 1.42/.67 4.9/5.3 6.9/7.5

===================================================

--Reuters

</PRE>

~~~~~5314#Currency

Closing of sterling rates

*****LONDON: Closing of sterling rates on Thursday (February 03, 2000).

<PRE>

=========================

USD 1.5948/1.5953

EURO 1.6056/1.6077

CAN 2.2971/2.3002

DMK 3.1386/3.1396

DFL 3.5354/3.5382

SFR 2.5804/2.5836

BFC 64.703/64.789

FFR 10.5212/10.5352

LIT 3106.29/3108.86

YEN 171.11/171.23

DKR 11.9398/11.9505

NKR 12.9546/12.9707

SKR 13.6531/13.6776

SPAIN 266.87/267.23

ATS 22.0708/22.1001

PORT NA/NA

=========================

--Reuters

</PRE>

~~~~~5423#Cotton & Textiles

New York cotton: closing prices

*****NEW YORK: Closing prices of New York cotton in US cents/pound on Thursday (February 03, 2000).

<PRE>

==========================================================

Months P/Settlement Open High Low Settlement Change

==========================================================

March-00 57.04 57.35 57.50 55.70 56.09 -0.95

May-00 58.51 58.75 58.95 57.40 57.72 -0.79

July-00 59.50 59.68 59.85 58.30 58.84 -0.66

October-00 60.33 60.45 60.50 59.80 59.80 -0.53

December-00 60.68 60.75 60.90 60.15 60.42 -0.26

March-01 61.65 61.90 61.90 61.50 61.43 -0.22

May-01 62.20 62.30 62.00 62.00 61.95 -0.25

July-01 62.70 62.80 62.40 Ñ 62.45 -0.25

October-01 62.70 62.80 62.40 Ñ 62.45 -0.25

December-01 62.70 62.80 62.50 62.50 62.45 -0.25

==========================================================

--Reuters

</PRE>

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