Commodities

Commodities daily update: precious metals, base metals, crude oil (February 02, 2012)

Contributed by Nirmal Bang

- Russia's gold and foreign exchange reserves rose to $504 billion in the week to Jan. 27 from $499.7 billion a week earlier, central bank data showed on Thursday.

- Copper miner Antofagasta aims to increase production by more than 9 percent this year, anticipating slower output growth after an almost 23 percent jump in 2011, when the miner topped its targeted range, thanks to the ramp up of its Esperanza mine.

- State-owned China National Offshore Oil Corp (CNOOC) aims to double oil and gas production by 2020 and triple it by 2030 from output levels in 2010, Chairman Wang Yilin said.

- Sudan, stepping up its rhetoric, accused South Sudan of "hostility" in their row over oil transit fees and said it would hold Juba responsible for any attack on northern oilfacilities, a state-linked news website said  on Wednesday.