Oil prices steadied this week, as the US Gulf Coast refinery production remained paralysed by hurricanes Rita and Katrina, but supply fears were countered by concerns over the strength of global demand.
Copper continued to smash records and gold held close to an 18-year high. The price of sugar also notched up a near five-year high on keen demand.
The Commodities Research Bureau's index of 17 commodities climbed to 335 points on Friday from 326.28 points the previous week.
GOLD: Gold prices rose amid high oil prices and inflation worries.
On the London Bullion Market, the price of gold rose to 473.40 dollars an ounce on Friday morning. It reached 475.45 dollars on September 22, the highest level since January 1988.
"The bullish factors remain, high oil, directionless currencies and growing physical demand; and short-term seems set to propel gold towards 500 dollars and above in the mid to long-term," said James Moore, analyst with specialist website TheBullionDesk.com.
On the London Bullion Market, gold prices climbed to 473.25 dollars per ounce at the late fixing on Friday from 462.65 dollars the previous week.
SILVER: Silver prices benefited from gold and copper gains, combined with investment fund interest.
"After lurking in the shadows silver finally sprang into life as fund buying allowed the metal to play catch-up with gold and copper," said Moore.
"The industrial metal's next target are the March and June highs around 7.60-7.65 dollars."
On the London Bullion Market, silver prices rose to 7.53 dollars per ounce at the late fixing Friday from 7.29 dollars the previous week.
PLATINUM AND PALLADIUM: Platinum and palladium prices increased, drawing strength from other metals.
"With gold, silver and copper firm, platinum and palladium have traded back towards their recent highs," UBS analyst John Read said.
On the London Platinum and Palladium Market (LPPM), an ounce of platinum was traded for 929 dollars per ounce at the late fixing Friday, from 921 dollars the previous week.
Palladium was valued at 194 dollars, up from 193 dollars.
BASE METALS: Base metals prices mostly eased but copper hammered out another fresh record.
On Friday, three-month copper prices on the London Metal Exchange (LME) hit 3,815 dollars per tonne - the highest price for the metal since it was first quoted in its current form in 1870.
"Copper prices continue to rally, setting fresh all-time highs", Barclays Capital analyst Ingrid Sternby said, adding that "prices were buoyed higher by fund buying".
By Friday, three-month copper prices on the LME increased to 3,799 dollars per tonne from 3,793.50 dollars the previous week.
Three-month aluminium prices nudged down to 1,870 dollars per tonne from 1,874 dollars.
Three-month nickel prices eased to 13,700 dollars per tonne from 13,705 dollars.
Three-month lead prices rose to 939 dollars per tonne Friday from 931.93 dollars.
Three-month zinc prices fell to 1,410 dollars per tonne from 1,427.50 dollars.
Three-month tin prices dipped to 6,600 dollars per tonne from 6,875 dollars.
OIL: Oil prices steadied this week after jumping on US Gulf Coast refinery concerns, but handed back gains as worries surfaced that high price levels could lead to a drop-off in demand at some stage.
The US Gulf of Mexico was still reeling from the impact of Hurricanes Rita and Katrina, which has paralysed refineries and damaged offshore production platforms.
"The crude oil and product markets were torn this week between the staggering loss of product caused by Rita and Katrina, and gnawing worries for demand destruction going forward," said Deutsche Bank analyst Adam Sieminski.
All Gulf crude production was knocked offline by the hurricane weather, while 80 percent of natural gas production was shut down.
Meanwhile, the US Department of Energy (DoE) posted a drop in crude oil inventories of 2.4 million barrels for the week to September 23, a sharper decline than the 1.5-million-barrel drawdown expected by analysts.
But gasoline reserves increased by 4.4 million barrels, against market expectations of a drop of two million barrels.
Distillates, used for heating and diesel fuel, fell by 500,000 barrels, against expectations of a decrease of two million.
Crude was also supported by record levels of natural gas prices.
Prices were little affected by Saudi Arabia's pledge to supply the market with more crude if necessary.
The barrel of Brent North Sea crude for delivery in November slipped to 62.38 dollars late Friday, compared to 63.54 dollars the previous week.
In New York, the barrel of crude for delivery in November eased to 65.80 dollars from 65.90 dollars.
RUBBER: Rubber prices were stable as the traditional raining season began in major Asian producing nations.
"The raining season has started in the south of Thailand and north of Malaysia," noted Rachid Ahmed, a trader at Corrie Maccoll.
The season makes it difficult for farmers to collect latex.
On TOCOM, Tokyo's commodity exchange, natural rubber for December delivery climbed to 188.20 yen on Friday, from 187.10 yen a week earlier.
Singapore's RSS 3 December contract stood at 167.25 US cents on Friday, unchanged from the previous week.
COCOA: Cocoa prices rose on speculative buying while the prospect of elections receded in Ivory Coast, the world's top producer.
Ivory Coast President Laurent Gbagbo conceded that the presidential election planned for October 30 could not go ahead because rebels had not disarmed.
"Exporters are wary of the (political) situation and are shipping their exports as quickly as possible lest trouble break out," said Refco analyst Ann Prendergast.
Ivory Coast has been split in two since a September 2002 failed coup and subsequent armed uprising by rebels who now control the north of the country.
On the Liffe, London's futures exchange, the price of cocoa for December delivery stood at 859 pounds, up from 801 pounds a week earlier.
On the New York Board of Trade (NYBoT), the December contract jumped to 1,435 dollars per tonne on Friday from 1,344 dollars.
COFFEE: The price of coffee slipped amid fears of critically low stock levels and the after-effects of Hurricane Katrina.
Coffee futures had risen earlier in the week following an "announcement that a large portion of the coffee stored in New Orleans warehouses would not be deliverable", Prendergast said.
Global coffee stocks have reached a "critical" level because of a collapse in Brazilian reserves, according to the head of the International Coffee Organisation, director general Nestor Osorio.
Brazil's stocks have fallen to their lowest level in decades and are expected to be around two million 60-kilogramme bags next year, because 2005 production was expected to be down to 33.3 million sacks against 39.3 million last year.
On the Liffe, Robusta quality for November delivery stood Friday at 872 dollars per tonne from 884 dollars a week earlier.
On the NYBoT, Arabica for December delivery fell to 91.05 cents per pound from 91.80 cents.
SUGAR: Sugar prices hit their highest level for nearly five years in New York, underscored by strong industrial demand.
In New York on Friday, the price of unrefined sugar for March delivery reached 11.33 cents, last seen October 2000.
"The market stretched to five-year highs propelled by trade and fund buying," Prendergast said.
By Friday on Liffe, the price of a tonne of white sugar for December delivery stood at 299 dollars, from 291 dollars a week earlier.
On the NYBot, the price of unrefined sugar for March delivery surged to 11.26 US cents on Friday from 10.73 cents a week before.
GRAINS AND SOYA: Maize and soya prices mostly retreated amid favourable harvest conditions in major producer United States.
On the Liffe, the price of a tonne of wheat for November delivery stood at 67.75 pounds late Friday, from 68.05 pounds a week earlier.
On the Chicago Board of Trade, the price of wheat for December delivery settled at 342.50 US cents per bushel on Friday, from 334 cents.
Maize for December delivery decreased to 205.50 cents per bushel Friday from 208 cents.
Soyabeans for November delivery dipped to 570 cents per bushel on Friday from 577 cents
October-dated soyabean meal - used in animal feed - fell to 168.60 dollars per tonne from 172.50 dollars.
COTTON: Cotton prices advanced in a market awaiting a clear assessment of Hurricane Rita's impact in Texas and Louisiana.
"Most (traders) are still waiting around for damage assessments from Rita and this will likely be the case for another couple of weeks," Prendergast said.
On the New York Cotton Exchange (NYCE), the December contract stood at 54.10 US cents per pound on Thursday, up from 51.75 cents a week earlier.
The Cotton Outlook Index of physical cotton rose to 57.00 cents on Thursday from 55.45 cents last week.
WOOL: Wool prices stabilised in Australia after striking a five-and-a-half-year low.
"The Australian wool market finished this week with prices 0.4 percent lower on average", the Australian Wool Industries Secretariat said, while it reported that "buyers for China were dominant".
The Australian Eastern index edged down to 6.76 Australian dollars per kilo on Thursday from 6.79 AUD last week.
The British Wooltops index firmed to 403 pence Thursday from 400 pence last week.
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