World oil prices saw wild swings last week as traders sweated over supply threats in Iraq and Russia and a hurricane bearing down on Florida. Worries over Hurricane Frances had a significant impact also on price movements for coffee, cotton, soya and grains.
Meanwhile a strengthening of the dollar late in the week put pressure on gold.
The Commodities Research Bureau's index of 17 commodities rose to 276.36 points on Friday from 271.68 a week earlier.
GOLD: Gold prices were driven back by a rebound in the value of the dollar, analysts said.
The market finished the week on a downbeat note after the US currency surged on news the US economy generated 144,000 jobs in August.
"We were all building up to this final moment before the US long weekend: the non-farm payrolls, which came in pretty much on expectations," said Kevin Crisp, analyst at Koch Metals Trading.
"As a consequence, gold has sold off. So has silver."
But he added: "I don't see a dramatic decline in gold because there are so many uncertainties out there."
A strong dollar makes gold, which is priced in the US currency on world markets, less attractive to buyers using other currencies.
By Friday afternoon, gold prices stood at 401.15 dollars per ounce on the London Bullion Market against 405.10 a week earlier.
SILVER: Silver prices found support from buying by speculators. "While there are some signs of an improvement in supply and demand fundamentals as industrial demand continues to improve, most of this move has been driven by speculators," said UBS analyst John Reade.
"Base metals will probably continue to provide near term direction for silver, which we believe can make further gains, although we do not expect the metal to re-test recent highs in this cycle," he added.
Silver prices climbed to 6.712 dollars per ounce on Friday from 6.675 a week earlier.
Prices rose to as high as 6.8 dollars on Monday, still below a peak of 8.45 dollars seen on April 2 - the highest level since 1987.
PLATINUM AND PALLADIUM: Platinum prices held steady amid signs of industrial and speculative buying, though palladium remained weighed down by ample supply, analysts said.
"Platinum is still perceived very strongly," said Crisp of Koch Metals Trading.
"The Europeans are coming back in the market. We've seen some reasonable industrial buying."
But China was a concern for the market, he added.
"There are worries that Chinese jewellery demand could decline by as much as 20 percent and we are waiting to hear any more details on that."
Reade argued that speculative related buying appeared to be behind the upwards move, and echoed the worries about China.
"We remain concerned by weak Chinese demand and growing South African supply and expect the platinum market to move into oversupply this year.
"The palladium market is already oversupplied and remains vulnerable to long liquidation from US speculators," he added.
By Friday, platinum prices traded at 865 dollars per ounce on the London Platinum and Palladium Market from 868 a week earlier.
Palladium prices fell to 213 dollars per ounce against 215 the previous week.
BASE METALS: Base metals prices battled against concerns about the uncertain US economic outlook.
"Base metals have come under renewed downside pressure on fresh growth concerns stemming from poor US auto and general retail sales, plus softening semiconductor sales from weaker demand for consumer electronics products in the US," said Ingrid Sternby, analyst at Barclays Capital.
But she added: "It would be premature to claim US personal consumption is in a downturn.
"We would warn against being overly pessimistic based on this week's series of weak consumer data, and would highlight the ongoing robust manufacturing activity."
There was also some brighter news on US employment, though the 144,000 jobs created in August was only slightly above market expectations.
However, a rise in the value of the dollar in the wake of the data brought a new hurdle for base metals, which are traded in the US currency.
On a more positive note for prices, strike threats continued in the aluminium industry, notably at Venalum, Venezuelas largest state-run aluminium smelter.
By Friday, three-month copper prices had dropped to 2,720 dollars per tonne on the London Metal Exchange from 2,779.50 dollars a week earlier.
Three-month aluminium prices fell to 1,675.5 dollars per tonne from 1,705.
Three-month nickel prices declined to 12,325 dollars per tonne from 12,700.
Three-month lead prices traded at 850 dollars per tonne from 858.
Three-month tin prices rose to 8,975 dollars per tonne from 8,830. Three-month zinc prices gained to 977.50 dollars per tonne from 962.5.
OIL: Oil prices had a roller-coaster ride as traders reacted to headlines from Iraq, Russia and the United States, where Hurricane Frances barreled toward the eastern US coast.
After plunging by about 15 percent in New York from a record of 49.40 dollars seen on August 20, prices snapped back on Wednesday on news of a fall in US crude oil inventories.
The volatility continued during the week as traders showed alarm at an attack on a key oil pipeline in Iraq and a warning from Russian energy giant Yukos that it might have to halt production.
In Iraq, a huge fire blazed out of control on a vital northern pipeline to Turkey for a second day Friday, halting exports, Iraqi oil officials and police said.
They said it was the most serious attack on the north's oil infrastructure since the US-led invasion of Iraq.
In Moscow meanwhile a court on Tuesday granted a state prosecutor's request "to seize all resources in accounts belonging to the main producing divisions of the Yukos oil company", the company said in a statement Thursday.
And Hurricane Frances, bearing down on Florida, sparked concerns of delays to the arrival and offloading of oil tankers, and disruption to activities on offshore oil platforms.
Prices soared by almost two dollars a barrel in New York on Thursday on the combination of supply threats, but failed to hold onto the gains.
"After a strong week for oil following bullish US oil data, continued supply problems and a four-five percent recovery in price levels, the market looks set to firm above 44 dollars a barrel (in New York)," Barclays Capital analysts wrote in a note to clients.
In New York, light sweet crude for delivery in October stood at 43.90 dollars a barrel on Friday against 43.28 dollars a week earlier. In London, Brent North Sea crude for October delivery climbed to 41.49 dollars from 40.73 a week earlier.
RUBBER: Rubber prices rebounded slightly this week amid heavy rainfall in leading producers and as European consumers began returning from their summer vacations.
"At this time of the year, it always rains in Thailand and Malaysia and it can cause disruptions because people cannot tap the latex, but until now, we had no problems reported," one trader said.
"Consumer off-take is very quiet and we don't expect it to really start moving until next week. France is only just back in the drive. Italy is just coming back and is just looking. We had some enquiries for material from Eastern Europe," the trader added.
In Osaka, the RSS 3 November contract rose to 140.50 US cents on Friday against 136.50 a week earlier.
Singapore's RSS 3 November contract traded at 123 cents from 120.75 the previous Friday.
COCOA: Cocoa futures tumbled as rain fell in leading producer Ivory Coast.
"Beneficial rainfall in the Ivory Coast and forecasts for generous rainfall over the next two weeks, cut the heart out of the dryness-inspired rally," said Refco analyst Ann Prendergast, adding that rain was due to fall also in Ghana in the coming weeks.
On LIFFE, London's futures exchange, the price of cocoa for December delivery fell to 927 pounds per tonne from 1,004 a week earlier.
On the CSCE, the New York futures market, the December contract retreated to 1,560 dollars per tonne on Friday from 1,690 dollars the previous week.
COFFEE: Coffee prices steadied as a spell of warm weather in leading producer Brazil offset fears that Hurricane Frances could damage warehouses in Florida.
"There remains concern about Hurricane Frances and the coffee warehouse stocks in Florida, but it isn't very substantial and is not likely to be a big factor," Prendergast said.
"Weather conditions in the coffee growing areas remains favourable and there is continued concern about the quality of coffee coming from the 2004/05 harvest in Brazil, but not necessarily enough to support a rally," she added.
On LIFFE, Robusta quality for November eased to 670 dollars per tonne on Friday from 677 a week earlier. On New York's CSCE market, Arabica for December delivery stood at 73.80 US cents per pound from 73.70.
COTTON: Cotton futures jumped on fears about potential damage to crops caused by Hurricane Frances in the US state of Georgia and better than expected US export figures.
"Traders are still eyeing Hurricane Frances in the Atlantic as a major threat to the cotton crop," Prendergast said.
"South-western Georgia is in the path of the storm and produces a fair amount of cotton, which may be put at risk."
She added: "Export sales were better than market expectations and supported futures prices."
US export deliveries of cotton surged by 78 percent to 205,800 bales in the week ending August 26 compared with the previous seven-day period, the US Department of Agriculture said.
US cotton orders rose by 6.0 percent to 171,700 bales. New York's December contract lifted to 53.50 cents per pound on Friday from 48.90 a week earlier.
The Cotton Outlook Index of physical cotton advanced to 59.45 cents on Thursday from 56.35 a week earlier.
GRAINS AND SOYA: Soya and grain prices endured a bumpy ride this week as traders focused their attention on changing meteorological patterns in and around the United States.
Prices jumped at the start of the week on predictions that frost would descend on the United States' Midwest region from September 8, threatening to damage crops there, analysts said.
Soya and grain futures reversed much of their early gains, however, as Hurricane Frances pushed the mass of cold air towards Canada, they added.
On LIFFE, wheat for November delivery stood at 65 pounds per tonne on Friday from 66.75 a week earlier.
In Chicago, the price of wheat for September delivery climbed to 307.5 US cents per bushel from 303.
Maize for September delivery traded at 223.50 cents per bushel from 224.
Soyabeans for September delivery rose to 621 cents per bushel from 613.
September-dated soyabean meal - used in animal feed - dropped to 175.50 dollars per tonne from 183.
SUGAR: Sugar futures soared to the highest level for one month in New York on expectations that India was set to slash import tariffs. "Sugar futures skimmed a four-week high at 8.25 (cents) as fund buying in anticipation of India cutting its 60-percent raw sugar import tariff supported bullish interest," Refco's Prendergast said.
By Friday on LIFFE, the price of a tonne of white sugar for October delivery climbed to 246.60 dollars from 236.30 a week earlier.
On the CSCE in New York, a pound of unrefined sugar for October delivery rose to 8.14 US cents from 7.66 the previous week.
WOOL: Wool prices held steady in Australia, the commodity's leading market, as traders kept a close watch on the US dollar's performance against its Australian counterpart.
The Australian currency ended a volatile week down 0.7 percent at 70.01 US cents - the decline making wool imports cheaper for foreign consumers.
The Australian Eastern index stood at 7.75 Australian dollars per kilo on Thursday from 7.78 a week earlier.
The British Wooltops index was unchanged at 422 pence.
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