The New York equities markets were higher at noon on Thursday as the Dow Jones Industrial Average hit a new record high at one point in morning trade. The Dow dropped back a bit but was still 0.5 percent higher to 12,394.25 at midday. Meanwhile, the Nasdaq Composite was up 1 percent to 2,456.69 and the S&P 500 had gained 0.6 percent to 1,422.32. The gains came as Citigroup set new targets for the Dow and the S&P at 14,000 and 1,600 respectively for 2007.

The securities sector was higher on good earnings news. Lehman Brothers said that its earnings were at $1.72 per share, higher than the expected $1.68 per share. The announcement sent the broker’s shares up 0.2 percent to $76.55. Bear Stearns was 1.7 percent higher to $158.56 on fourth quarter earnings of $4 per share, well above the $3.36 per share that had been expected.

Earnings news also helped Costco. The wholesale retailer said that its earnings were at 51 cents per share in its fiscal first quarter, a penny better than the predicted 50 cents per share. Costco shares gained 2.2 percent to trade at $54.29.

Losers on the day included defense communications systems contractor Argon ST, which dropped 7.4 percent to $19.81 after it said that its fourth quarter profits had fallen by 32 percent.

The FTSE Eurofirst 300 ended the day at a five-year high as it closed 0.6 percent higher to 1,480.76. The gains came as analysts at Standard & Poor’s said that the active year in mergers and acquisitions could be topped by next year’s activity.

The airlines sector saw gains as investors looked for more consolidation in the sector after the recent record amount paid for the takeover of Qantas of Australia. Iberia was up 1.1 percent to €2.81, while Lufthansa added 1.3 percent to €20.87 and SAS gained 1.4 percent to SKr108.00.

In the pharmaceuticals sector, Novo Nordisk added 2.5 percent to DKr468 on an upgrade from “hold” to “buy” from Citigroup. The broker also raised Novo’s target share price from DKr445 to DKr525, citing the positioning of the drug maker and healthcare group to capture more business as more and more people become diabetic. It also said that Novo’s growth potential from its anti-obesity drug had not yet been priced into to its share value.

Also in the healthcare sector, Nestle and Novartis both benefited from Nestle’s agreement to purchase Novartis’ medical nutrition unit for $2.5 billion. The deal was said to position Nestle second only to Numico in providing special foods for patients. Nestle added 1.5 percent on the news, to SFr436, while Novartis gained 1.8 percent to SFr71.35 and Numico was up 2.9 percent to €40.13.

In the automobile manufacturing sector, Porsche was 2 percent higher to €955.00 when HVB increased its target share price from €995 to €1,104. Meanwhile, Volkswagen was 0.2 percent lower to €84.00.

Export-related stocks were higher on Thursday in Tokyo as the yen continued to stay weak and as new data was released in the United States that showed retail sales rose 1 percent in November. The Nikkei 225 was 0.8 percent higher to 16,829.20, its highest close in seven months, while the Topix index also ended with a gain of 0.8 percent, to 1,651.85. Meanwhile, the Mothers index of small and mid-caps gained 1.7 percent to close at 1,144.42.

The gains in US sales helped the electronics sector. While Pioneer dropped 1.8 percent to ¥1,633 on a downgrade from “buy” to “neutral” from Nomura Securities, others in the sector benefited from the new sales numbers. Matsushita Electric Industrial was 0.6 percent higher to ¥3,345. Canon gained 1.7 percent to ¥6,650. Sony added 1.8 percent, helped along by its insistence that it would meet its target of shipping 3 million PlayStation 3 game consoles globally by the end of the month and that 6 million units will be shipped by the end of March.

In the tobacco sector, no news was not necessarily good news for investors. There was nothing new on a possible bid by Japan Tobacco for UK tobacco company Gallaher. This lack of fresh information sent Japan Tobacco 2.4 percent lower to ¥579,000 just a day after reaching its highest share price ever.

The US dollar was stronger on Thursday as unemployment data was much better than expected. Initial figures showed that even though 304,000 people filed new jobless claims, new claims dropped by 20,000 last week. It was the second straight week of big declines, with the previous week seeing a drop of 34,000 in new claims. The drop last week was only expected to be in the range of 4,000 lower than the previous week. Some analysts said that while unemployment data usually has little influence on the markets, the dollar is looking for support wherever it can find it just now.

The Japanese yen was 0.1 percent lower versus the greenback to ¥117.68, while sterling dropped 0.3 percent to $1.9620 and the euro fell 0.4 percent to $1.3167 against the US currency.

The yen was still having problems ahead of the Tankan survey of business confidence in Japan, and the yen hit a new all time low versus the euro before rebounding slightly. The shared currency was at ¥155.60 versus the Japanese currency at one point in the session before sliding slightly to ¥155.09, for very little net change on the day.

Elsewhere in Asia, the Chinese Renminbi traded at Rmb7.818 versus the US dollar, a gain of 3.67 percent since its revaluation in July 2005. The new gains came as the US Treasury Secretary remarked that China needs to work harder toward a free-floating exchange rate.

Sterling was 0.2 percent higher against the euro, to £0.6706 as expectations rose that the Bank of England will hike interest rates once again, probably in February. The Confederation of British Industry released a strong report on British industrial activity.

Prices on US Treasury bonds dropped and yields rose on Thursday after unemployment claims were reported to be down last week and as import prices were up. Prices on imported goods were up 0.2 percent in November, the first rise in three months. Meanwhile, new jobless claims were down by 20,000 in the week ending December 9, a drop that was fivefold higher than had been expected.

At midday in New York, two-year Treasury bonds were 1.3 basis points higher to 4.717 percent, while ten-year issues had added 0.3 basis points to a yield of 4.580.

Yields were also up on Eurozone bonds after two European Central Bank officials made comments that were read to mean that more interest rate hikes are soon to come. The two-year Schatz added 2.1 basis points to 3.781,while the ten-year Bund gained 2.4 basis pints to yield 3.777 percent.

In the UK, strong retail sales data lent more fuel to the fire of rate hike expectations and sent prices on gilts down for the seventh session in a row. The two-year gilt added 3.5 basis points to yield 5.108 percent, while the ten-year gilt was 6.1 basis points higher to 4.688 percent.

In Japan, meanwhile, ten-year government bonds added 1.5 basis points to a yield of 1.630 percent. Shorter-dated bonds, however, dropped 0.5 basis points, to yield 0.795 percent.

Wall Street was slightly higher at mid-session on Wednesday. The Dow Jones Industrial Average had added 0.1 percent to 12,329.28 but was well down from the new record high of 12,368.61 it reached earlier in the day. Meanwhile, the Nasdaq Composite was up a bare 0.02 percent to 2,432.03 and the S&P 500 had gained 0.2 percent to 1,414.26. The small and mid-cap Russell 2000 index was 0.08 percent higher to 789.01.

Airlines were higher after United Airlines said that it has opened talks with Continental Airlines concerning the possibility of a merger. United was 4.5 percent higher to $45.54, while Continental gained 5.2 percent to $45.11. Elsewhere, the news that AirTran Holdings’ bid for Midwest Air had been rejected sent Midwest 21.26 percent higher to $11. AirTran added 1.5 percent to $12.53.

The retail sector was mixed. Home Depot added 1.3 percent to $39.22 on the news that it has acquired 12 stores in China. Best Buy and Circuit City both declined, however, after Prudential Securities issued a downgrade on both consumer electronics retailers on worries about the low price of flat-screen televisions. Circuit City dropped 1.4 percent to $23.24, while Best Buy was 1.5 percent lower to $50.51.

Anadarko Petroleum fell 3 percent to $46.19 after Goldman Sachs dropped its rating on the oil company from “buy” to “neutral”.

A broker upgrade helped Apple Computer to a 1.9 percent gain to $87.80. Morgan Stanley kept its recommendation for the computer maker at “overweight”, but upped its target share price from $90 to $110 on the theory that revenues could be increased by the introduction of new products.

European equities markets were higher on Wednesday as the banking sector was mixed but mostly higher. The FTSE Eurofirst 300 closed at 1,471.57, a gain of 0.6 percent and just below a five-year high. In Germany, meanwhile, the Xetra Dax ended the session at 6,520.77, its highest closing level since February 2001.

French publisher Lagardere added 2.5 percent to €59.10 on an upgrade from “neutral” to “buy” from UBS, which said it sees the possibility of growth by the publisher. Elsewhere in France, utility EDF added 4.8 percent to €55.55, a record high share price, on hopes that tariffs will go up soon. EDF’s shares have risen more than 15 percent since the end of November. On the other hand, French airplane engine manufacturer Safran dropped 6 percent to €15.95 after announcing that it was investigating accounting problems in its defense security unit and dropping its full-year operating profit margin target to 4 percent.

Raiffeisen International was 6.1 percent higher to €107.13 on growth potential in central and eastern Europe, where the Austrian bank has extensive holdings. In addition, Citigroup began coverage of Raiffeisen with a “buy” rating and a target share price of €124. Among other Austrian banks, Erste Bank added 0.5 percent to €57.63. Erste also has exposure to eastern Europe.

Elsewhere in the sector, ABN Amro was 3 percent higher to €24.10 on the news that it has completed its purchase of Italian bank Antonveneta. There were also rumors that ING is interested in bidding for ABN, its larger Dutch rival. ING gained 2.2 percent to €33.16.

The Nikkei 225 and the Topix index both saw gains on Wednesday as export-focused stocks were up, but gains were limited by declines in utilities and in the consumer finance sector. The Nikkei added 0.3 percent to 16,692.93, while the Topix gained 0.2 percent to 1,639.19. Meanwhile, the Mothers index of small and mid-cap stocks dropped 1.1 percent to 1,125.85.

In the retail sector, department stores saw gains but weren’t able to lift the sector as a whole. Takashimaya was 1.1 percent higher to ¥1,717, while Isetan ended 1.6 percent higher to ¥2,150. On the other hand, Seven & I dropped 0.6 percent to ¥3,630.

Exporters that saw gains included Canon, which added 1.1 percent to ¥6,540. In the electronics sector, Sony was 1.9 percent higher to ¥4,880. Sharp, however, dropped 1.5 percent to ¥2,040 on the news that it is being investigated for price fixing of liquid crystal displays.

Utilities were down on profit-taking. Tokyo Electric Power fell 0.5 percent to ¥3,720, while Kansai Electric Power and Tohoku Electric Power each dropped 0.7 percent to ¥3,050 and ¥2,895 respectively.

The consumer finance sector declined after parliament passed a bill that will cut the maximum amount of interest the lenders can charger their customers. Takefuji was 1.1 percent lower to ¥4,470, while Aiful fell 1.6 percent to ¥3,610 and Credit Saison dropped 1.9 percent to ¥4,100.

After a decline early in the day on reports that OPEC will not implement further cuts in oil production as they had been expected to do, crude oil prices were up on Wednesday on lower US inventory levels. Brent crude January deliveries were 14 cents higher to $61.66 per barrel late in the afternoon in London, while West Texas Intermediate crude contracts for January added 74 cents to $61.76 per barrel in late morning trade on the New York Mercantile Exchange.

The Energy Information Department said that crude oil stockpiles in the US were down by 4.3 million barrels to 335.4 million barrels in the week ending December 8. That was much more of a decline than the 600,000 barrels that had been expected. The huge decline was seen as an indication that the production cuts OPEC made in November were doing what was intended, that is to tighten supplies. The International Energy Agency had earlier said that its recommendation was that OPEC not cut production any more than it already had.

In the metals markets on Wednesday, gold was 70 cents lower in slow trade to $628.70/$6.29.35 per troy ounce. Most base metals were lower as well, the one notable exception being nickel, which was $425 higher to $33,225 per tonne. Aluminium dropped $7 to $2,800 per tonne, while zinc fell $90 to $4,290 per tonne and copper was $150 lower to $6,700 per tonne. Lead dropped over 4.5 percent to $1,650 per tonne on another increase in London Metal Exchange inventories.

The US dollar strengthened on Wednesday on the news that retail sales were up 1 percent in November. This was taken as a welcome sign that the US economy is not slowing as much as it has seemed from some recent data. It was also welcome news after comments from the Federal Reserve yesterday that mentioned a much-slower housing market which accompanied the Fed’s decision to leave interest rates at 5.25 percent for the time being even as it said that there was still some risk of inflation.

At mid-afternoon in New York the greenback was 0.3 percent higher in relation to sterling, to $1.9650, while it had added 0.4 percent versus the yen to ¥117.30 and had gained 0.5 percent against the euro to $1.3215.

The yen was weaker again, hitting another record low in relation to the euro and finding eight-year lows versus both the Swiss franc and sterling. Analysts said that the new declines were due to a reduced likelihood that the Bank of Japan will hike interest rates when it meets next week. The declining chance of a rate hike is largely due to remarks from a Japanese government official who said that last week’s revision of the third-quarter GDP growth rate, from 2 percent to 0.8 percent could have an effect on the Bank’s actions.

The yen traded at ¥230.98 against sterling, at ¥97.54 versus the Swiss franc, and was down to ¥155.46 in relation to the euro.

Meanwhile, sterling added 0.2 percent versus the euro to £0.6724 after new data showed that unemployment was down a bit in November when it had been expected to rise slightly. In addition, average earnings were up slightly more than had been predicted.

Wall Street was a bit lower at midday on Tuesday as investors waited to see whether or not the US Federal Reserve would leave interest rates at 5.25 percent as expected. The Dow Jones Industrial Average was 0.1 percent lower to 12,315.9, while the Nasdaq Composite had dropped 0.2 percent to 2,437.31 and the S&P 500 remained steady at 1,412.90 in the middle of the trading day.

The Nasdaq Stock Market added 0.5 percent to $36.47 after it made its hostile takeover bid for the London Stock Exchange official by offering $5.3 billion for the exchange. Nasdaq already owns 28.75 percent of the LSE.

Texas Instruments added 0.4 percent to $29.42 after seeing declines overnight after it cut its earnings and sales projections for the fourth quarter. The gains came after JP Morgan upgraded its recommendation on the chipmaker from “neutral” to “overweight”.

In the steel sector, Nucor dropped 8.1 percent to $59.12 after it used low prices and high inventories as its excuse for issuing a fourth-quarter prediction that was below analyst estimates. The decline affected the sector, with US Steel falling 5.2 percent to $73.20.

Best Buy was 5.1 percent lower to $51.19 after it said that its net income was 31 cents per share, lower than the 35 cents per share expected by analysts.

The FTSE Eurofirst 300 added 0.4 percent on Tuesday to close at 1,462.53 as merger rumors continued in the banking sector.

There were gains in the retail sector. Carrefour added 2 percent to €47.22 after Tesco decided to buy the other half of China-based supermarket chain Hymall. The move underscored the value of the French retailer’s interests in that Asian nation. Ahold was 3.9 percent higher to €7.81 on speculation about the Dutch retailer’s restructuring after it agreed to sell part of its interests in the US last month. Some hedge fund investors are urging Ahold to completely divest itself of US holdings.

In the banking sector, Nordea added 6.7 percent to SKr107 after it became known that Sampo of Finland purchased 12.8 million more shares of the bank in November. Bids rumors circulated although some analysts said that Sampo was simply looking for a better position before the Swedish government sells its stake in Nordea. Sampo added 3.1 percent to €20.20 on the speculation, while Svenska Handelsbanken added 0.5 percent to SKr192.50 and SEB gained 2.6 percent to SKr213.00.

Stock exchange operator Deutsche Borse dropped 2.1 percent to €134.22 on a downgrade from “add” to “hold” from West LB, which cited valuation issues as a reason for its move.

In the electronics sector, meanwhile, Philips Electronics was 0.7 percent lower to €27.72 after its joint venture in South Korea, LG.Philips LCD, dropped almost 8 percent after being looked at by authorities concerning allegations of price fixing.

Speculation that OPEC could decide to implement further production cuts during its meeting in Nigeria sent crude oil prices higher on Tuesday. Some cartel officials were quoted as saying that the cut is expected to add 500,000 barrels per day to the 1.2 million barrel per day cut introduced in November. Meanwhile, the US Energy Department is standing by its November prediction that global oil demand will go up by 1.5 million barrels per day next year. It also said that consumption of oil products in the US will be 300,000 barrels per day higher in 2007. Demand growth is also expected to be strong in China and in the Middle East.

January contracts for Brent crude added 51 cents in London in afternoon trade, to $62.35 per barrel, while West Texas Intermediate crude for January delivery was 66 cents higher to $61.88 per barrel on the New York Mercantile Exchange.

In the metals markets on Tuesday gold declined $1.90 to $628.30/$629.05 per troy ounce late in the day in London as buyers waited to see what the US Federal Reserve would do about interest rates. Lead dropped $35 by late in the day to $1,730 per tonne late in the day after reaching a new record of $1,790 per tonne in earlier trade. The decline came after the London Metal Exchange released figures showing that lead inventories had risen.

Three-month nickel dropped $1,200 to $32,800 per tonne, while tin fell $225 to $10,825 per tonne even though stockpiles were down. Copper dropped $90 to $6,842 per tonne. Aluminium was the only gainer on the day, adding $8 to $2,008 per tonne.

The US dollar was lower on Tuesday ahead of the Federal Reserve’s latest decision on interest rates as new data showed the US trade deficit dropped to its lowest level in 14 months in October, to $58.9 billion. Traders were interested not so much in the Fed’s decision, which was widely expected to keep the interest rate at 5.25 percent, where it has been since June, as they were in the comments that were to come with the announcement of the decision. At mid-afternoon in New York, the US dollar had dropped 0.1 percent versus the euro to $1.3250.

The Japanese yen, meanwhile, dropped 0.1 percent against the euro to ¥155.1 after having dropped to ¥155.00, a new all-time low earlier in the session. The yen was also down 0.1 percent versus the Swiss franc, to ¥97.35, while it fell 0.6 percent to ¥230.25 against sterling. The Japanese currency remained steady at ¥117.00 in relation to the greenback. The yen was hurt by a reduced chance that the Bank of Japan will raise interest rates when it meets on December 19 after new economic data that was weaker than expected.

Sterling was stronger, adding 0.4 percent to £0.6732 versus the euro and gaining 0.5 percent to $1.9670 against the US dollar on higher inflation. The new Consumer Price Inflation numbers will likely add to the speculation that the Bank of England will raise UK interest rates after the first of the year.

The US Federal Reserve held interest rates at 5.25 percent on Tuesday, as expected. The statement that accompanied the decision said that economic growth in the United States is expected to moderate, citing a substantial cooling of the housing market, but that some risk of inflation remains.

Before the interest rate announcement came, prices on US Treasury bonds were slightly higher on the news that the US trade deficit had been substantially reduced in October, a possible indication that fourth-quarter economic growth could turn out to be stronger than predicted. At midday in New York, two-year Treasury bond yields were at 4.658 percent, a drop of 1.3 basis points, while ten-year bonds were 0.6 basis points lower to 4.516 percent.

In the UK, gilts prices were lower and yields higher after new data showed that consumer prices in November were up 0.3 percent and that they had risen 2.7 percent so far this year, providing a surprise gain in UK inflation. Two-year gilts added 4 basis points to 5.042 percent, while ten-year gilts were 1.6 basis points higher to 4.612 percent.

Yields on Eurozone bonds were mixed. The ZEW index of German sentiment was at -19 in December, up from November’s reading of -28.5 and better than the predicted -25. The new figures prompted only a small sell-off as investors waited for the US interest rate decision. The two-year Schatz was up 0.3 basis points to 3.740 percent, while the ten-year bund dropped 0.8 basis points to 3.731.

In Japan, a sale of ¥2,000 billion in five-year government bonds was a success, with demand at nearly three times the supply. Five-year yields were down by 2.5 basis points to 1.215 percent, while two-year bonds were 2 basis points lower to 0.815 percent.

The New York equities markets were slightly higher at midday on Monday ahead of the next meeting of the US Federal Reserve and a new decision on interest rates. The Dow Jones Industrial Average was up 0.1 percent to 12,319.42, while the Nasdaq Composite had added 0.4 percent to 2,446.61 and the S&P 500 had gained 0.2 percent to 1,412.61.

Miners were lower on the session so far. Phelps Dodge dropped 0.3 percent to $123.25 after hedge fund SAC Capital Advisors LLC said they had purchased a stake and that it would oppose the effort by Freeport McMoran to buy the company. Freeport McMoran dropped 0.4 percent to $61.56 on the announcement.

The pharmaceuticals sector was still plagued by bad news from drug trials. Nuvelo was 80 percent lower to $3.92 after it said that clinical trials of two blood thinners it was developing were unsuccessful.

Citigroup was 1.4 percent higher to $52.58 on the news that it is bidding for Egg, Prudential’s internet banking unit.

In the chemicals sector, DuPont added 1.4 percent to $47.57 after it said it had upped its earnings forecast for the year from $2.86 per share to $3.25 per share. It also said it will cut 1,500 positions from its agriculture division.

Among technology companies, Cisco added 1.3 percent to $27.33, near its highest level in a year.

The FTSE Eurofirst 300 was up on Monday on gains in the steel sector as it seemed that there could be a bidding war for Anglo-Dutch steel maker Corus that could translate into wider consolidation in the sector. The Eurofirst was up 0.6 percent to 1,457.09.

The steel sector was not the only one that gained on bids and rumors of bids, however. Among stock exchanges, Deutsche Borse was 3.1 percent higher to €137.10 on a meager hope that Euronext’s tie-up with NYSE Group might not be as firmly settled as had been thought, making room for a bid from the German exchange operator. Euronext added 2.9 percent on the session ahead of a December 19 vote by shareholders on the merger with NYSE.

Bids rumors also helped Continental after General Capital Group would not rule out another bid after a failed attempt to buy the German tire maker earlier in the year. Continental was up 2.6 percent to €89. 69.

With prospects shaping up for a bidding war between CSN of Brazil and Tata of India, Corus added 5.4 percent to €7.80 as analysts said that while the Tata bid is more favorable from an employee point of view, Corus is obligated to act in the interests of its shareholders, who would benefit more from acceptance of the CSN bid. CSN is currently offering 515p per share, while Tata’s bid stands at 500p per share, raised on Sunday from a previous 455p bid. In Mumbai, Tata dropped 6 percent on the increased bid.

Elsewhere in the sector, ThyssenKrupp gained 1.5 percent to €32.13 after its target share price was revised upward by Goldman Sachs. Salzgitter was 1.6 percent higher to €97.22, Mittal Steel added 2.5 percent to €32.80, and Acerinox of Spain was up 2.7 percent to €21.77.

The Tokyo equities markets saw gains on Monday, despite investor caution ahead of a decision on US interest rates by the US Federal Reserve and the release of the latest Tankan survey from the Bank of Japan, both due soon. Also limiting gains was a significant decline in the consumer finance sector. The Nikkei 225 and the Topix index each added 0.7 percent on the session, to 16,527.99 and 1,627.97 respectively.

The consumer finance sector’s declines came after UBS forecast that lending would be down b y 30 percent in the next three years. Aiful dropped 3.4 percent to ¥3,660, while Takefuji fell 4 percent to ¥4,530 and Acom was 6 percent lower to ¥4,260.

In the tobacco sector, Japan Tobacco added 2.9 percent to ¥566,000, the third session of gains in a row for the company, as talk continued concerning its bid for UK tobacco company Gallaher.

Consolidator rumors sent the steel sector higher on the session even though some analysts see a successful hostile takeover of any Japanese steel company as only a slight possibility. Kobe Steel added 2.3 percent to ¥402, while Sumitomo Metal Industries gained 3.2 percent to ¥482. JFE was 3.8 percent higher to ¥5,720 and Nippon Steel was up 4 percent to ¥570.

The automobile manufacturing sector saw gains on a weakening yen. Toyota gained 1.4 percent to ¥7,140, while Honda Motor added 1.7 percent to ¥4,140.

Meanwhile the Osaka-listed games company Nintendo added 3.5 percent to ¥28,650 on data showing that sales of its Wii video game console are booming in the US.

Crude oil prices were mixed on Monday ahead of a meeting later in the week of the Organization of Petroleum Exporting Countries. OPEC is scheduled to talk about cutting oil production by 500,000 more barrels per day at the meeting, but reports are now mixed on whether the cartel is likely to make the cut or to leave quotas at their present levels.

Brent crude for January delivery was 30 cents higher by late afternoon in London, trading at $62.60 per barrel. On the other hand, January contracts for West Texas Intermediate crude were down 13 cents to $61.90 per barrel in early afternoon trade on the New York Mercantile Exchange.

Base metals prices hit record prices Monday, but not all of them maintained the gains by the end of the session. Lead added $35 dollars to trade at $1,765 per tonne by the end of the session after reaching a record high of $1,772.5 per tonne earlier in the day. Lead prices are up 61 percent so far this year as London Metal Exchange inventories have dropped by around 10 percent to their present level of 43,600 tonnes. Demand for the metal is mostly due to its use in lead-acid batteries for cars.

Tin hit a high of $11,325 per tonne before dropping back to $11,100 per tonne late in the session. Prices are up 70 percent this year while stockpiles have gone down by 18 percent. Meanwhile, copper added $50 to $6,930 per tonne, while aluminium dropped $30 to trade at $2,795 per tonne.

In precious metals, gold added $5 to trade at $629.00/$629.55 per troy ounce, while silver was up around 11 cents to trade in the $13.67/$13.74 range.

The Japanese yen was weaker on Monday after Friday saw a bigger than anticipated downward revision of the growth of the economy in Japan in the third quarter. The revision caused some analysts to reduce the chances that the Bank of Japan will hike interest rates when it meets on December 19, although some still expect the interest rate increase to materialize, especially if the Tankan report on business sentiment is strong.

In mid-afternoon trading in New York, the yen was 0.6 percent lower in relation to the US dollar to ¥117.10, while it dropped 0.7 percent to ¥154.66 against the euro.

The US dollar, meanwhile, dropped 0.1 percent to $1.3210 versus the euro to keep almost of all the gains it achieved on Friday. However, pressure was up on the dollar by the news that oil producing nations have reduced their exposure to the greenback. New data released by the Bank for International Settlements has Russian and the OPEC nations reducing their dollar reserves from 67 percent in the first quarter of the year to 65 percent in the second quarter. At least one analyst has said that there is no reason to think that the dollar selling was limited to the first half of the year.

Sterling moved little while investors waited to see what new CPI data in the UK, due on Tuesday, might have to say about where interest rates there might go in the future. The UK currency was steady at $1.9530 in relation to the US dollar, while it dropped 0.1 percent to £0.6765 against the euro.