LITTLE REACTION TO COMEX PRICE LIMIT REMOVAL The elimination of price limits on precious metals contracts trading at the Commodity Exchange in New York appears to be having little effect on the market, analysts said. "There is nothing apparent from the change," said William O'Neill, director of futures research at Elders Futures Inc. "The market has not approached the old price limits and trading is relative quiet, in narrow ranges," he added. Gold futures, which previously had a limit of 25 dlrs on market moves in most back months, were about 7.00 dlrs weaker in the nearby contracts amid thin conditions, traders said. On May 5, COMEX did away with price limits on the two contracts following spot after a volatile market in silver futures at the end of April caused severe disruptions. During the last week of April, silver futures traded up and down the price limit in the back months, causing traders to rush into the spot contract to offset those moves, analysts said. As a result, Elders' O'Neill said, there was much confusion, many unmatched trades, and large losses. The COMEX fined Elders Futures and three other large firms a total of 100,000 dlrs for failure to resolve unmatched trades in a timely manner. Silver futures were trading about 30-40 cts weaker in the nearby contracts amid quiet trading today. O'Neill said the elimination of price limits on all COMEX metals futures would add caution to trading since all contracts could move any distance. "This is amore realistic approach because the metals market is a 24 hours market and prices can move without limit," O'Neill said. Paul Cain, a vice president at Shearson Lehman Brothers, said the elimination of price limits will cut back on panic buying or selling and contribute to more orderly markets.