Nicaragua coffee exports fall
Nicaragua exported 7,53,920 quintals (46 kg bags) of coffee through April 29, down 13 per cent from the last crop year's exports at this time, the Nicaraguan Coffee Commission (Conicafe) said. The latest figures showed export figures continuing at slightly below last year's levels following initial delays in the harvest caused by El Nino and Hurricane Mitch. During the 1997-98 cycle, Nicaragua exported 8,71,308 quintals of coffee from the start of the harvest on October 1 through April 29. Conicafe has maintained a forecast that exports will reach 1.2 million quintals for the 1998/99 cycle, similar to total exports in the previous harvest. The prolonged drought caused by the El Nino weather phenomenon in the first half of 1998 was followed by devastating rains and mudslides from Hurricane Mitch in late October, which delayed the harvest and damaged crops.

HK gold opens firmer
Hong Kong spot gold opened firmer onThursday, extending its rise in New York overnight, following early buying and short-covering, and expected the price to stay firm during the day. Bullion opened at $287.30/80 an ounce, up from New York's $286.90/287.40 close on Wednesday and Hong Kong's previous close of $285.60/286.10. "The gold market has continued upward interest in Asia and I think gold might continue higher and try the $288 levels later," said a dealer at a local securities house. "There is good support at $285." Spot silver opened at $5.37/40 per ounce in Hong Kong. It ended quoted at $5.37/39 in New York on Wednesday. Local gold opened HK$18 higher at HK$2,655 a tael.

ACCESS energy market slides
US energy futures prices slipped in after-hours ACCESS trade as dealers stepped back after regular trading took the crude contract above $19 a barrel, its highest level in 17 months. The June crude oil contract slipped seven cents to $18.87 cents a barrel on slim volume of 460 lots, 288 for June. "It opened lower and looks like itwill stay there the whole night," one dealer said. "People are taking some profits and there's really light volume." Crude oil prices traded above $19 in the regular session, but closed at $18.98, 6 cents higher than last Tuesday's close. A draw on inventories last week supported higher prices. Gasoline prices fell on the ACCESS market by 0.25 cent to 56 cents a gallon. Volume was 78 lots, 69 for June. Heating oil slipped 0.19 cent to 45.80 cents a gallon, on trade of 28 lots.

Slump hits Hungarian company
A global slump in commodities prices hit Hungarian chemicals firm BorsodChem in the first quarter, causing net profits to fall 35.3 per cent to 1.87 billion forints ($8.64 million), the firm said. "The chemicals industry petrochemicals cycle bottomed out in the first quarter of 1999 as a result of the regional economic crises which began in the Far East in 1997," the firm said in the official bourse gazette. Revenues fell to 15.53 billion forints from 17.28 billion forints, the firm said, addingthat comparisons with last year's first quarter results were difficult also because prices of petrochemicals hit a high in early 1998. Revenues from PVC powder were hit hardest by the commodities slump, the firm said.