Oil prices eased last week despite Opec's decision to hold output levels and news of plunging crude reserves in the United States. Elsewhere, precious metals mostly rose on supply-side fears, while base metals sank on global and US economic outlook concerns.
Since striking recent record highs close to 100 dollars last month, crude prices have crumbled by more than ten percent in volatile trade.
OIL: Prices spiked by as much as two dollars on Wednesday but fell back into negative territory after Opec left daily output quota unchanged at 27.25 million barrels.
The price of New York crude had struck a record high 99.29 dollars on November 21, which had sparked widespread calls for Opec to hike output at this week's output meeting in Abu Dhabi. Opec insists it has no control over high prices and that the market rally seen during much of the year does not really reflect supply and demand fundamentals.
There had been some speculation the cartel would raise output by 500,000 barrels a day as gesture to calm the market. Oil experts argue that prices are being supported by tight supplies of winter fuel during the peak-demand northern hemisphere winter.
At the same time, however, they add that there are fears of a US-led global economic slowdown that could dampen demand for energy. By Friday, New York's main oil futures contract, light sweet crude for delivery in January, slid to 88.50 dollars, compared with 88.85 dollars a week earlier. In London, Brent North Sea crude for January nudged down to 88.62 dollars from 88.68 dollars the previous week.
PRECIOUS METALS: The prices of most precious metals rose, with platinum and gold winning support from a mining strike in leading producer South Africa. Tens of thousands of mineworkers downed tools in South Africa on Tuesday in a one-day strike over safety standards, accusing their bosses of putting lives at risk for the sake of profits.
In the first stoppage by the National Union of Mineworkers since the end of apartheid, production was affected at mines nation-wide. On the London Bullion Market, gold prices advanced to 792.50 dollars an ounce at Friday's late fixing, from 783.50 dollars a week earlier. Silver firmed to 14.44 dollars an ounce, from 14.23 dollars.
On the London Platinum and Palladium Market, platinum prices rose to 1,458 dollars an ounce at the late fixing Friday, from 1,440 dollars a week earlier. Palladium fell to 344 dollars an ounce from 349 dollars.
BASE METALS: Base metals prices fell across the board owing to fears over the prospect of slowing growth in key consumer the United States. On Friday, the price of copper for delivery in three months sank to 6,860 dollars a tonne on the London Metal Exchange from 7,045 dollars a week earlier.
-- Three-month aluminium prices weakened to 2,466 dollars a tonne from 2,514 dollars.
-- Three-month nickel declined to 26,900 dollars a tonne from 27,100 dollars.
COCOA: Cocoa prices shot higher on supply concerns in key exporter Ivory Coast, whose output has been hampered by strikes. By Friday on the Liffe, London's futures exchange, the price of cocoa for March delivery rose to 1,036 pounds a tonne, compared with 980 pounds last week. On the New York Board of Trade (NYBOT), the March cocoa contract increased to 2,062 dollars a tonne from 1,983 dollars last week.
COFFEE: Coffee prices drifted lower in London but held firm in New York amid quiet trading conditions. By Friday on the Liffe, Robusta quality for January delivery fell to 1,754 dollars a tonne, compared with 1,824 dollars the previous week. On the NYBOT, Arabica for March delivery firmed to 129.80 US cents a pound, from 129.20 cents the previous week.
SUGAR: Sugar prices firmed. By Friday on the Liffe, the price per tonne of white sugar for March delivery rose to 290.60 pounds from 287.20 pounds the previous week. On the NYBOT, the price of unrefined sugar for March delivery stood at 9.92 US cents a pound, from 9.75 cents the previous week.
RUBBER: Rubber prices sank and are expected to continue their downward trend due to favourable weather conditions in Thailand, the world's largest producer, analysts said. On Friday, the Malaysian Rubber Board's benchmark SMR20 dropped to 235.95 US cents per kilogramme from 237.30 cents last week.
WOOL: The wool market finished 0.9 percent higher in major producer Australia, with keen demand from Asia and Europe.
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