World oil prices extended losses this week as the market took the view that adequate energy supplies were in place to meet heating fuel demand during the northern hemisphere winter.
Gold prices hit the highest point for 18 years owing to strong buying from speculative funds.
Copper futures meanwhile struck a historic high amid tight supplies, while platinum prices struck their best level for almost 26 years.
The Commodities Research Bureau's index of 17 commodities fell to 312.40 points on Friday from 314.77 points the previous week.
GOLD: Gold prices reached almost 490 dollars per ounce, hitting the highest level for 18 years on the back of massive speculative buying.
Gold struck an intra-day high point of 489.10 dollars on Friday - the heftiest price since January 1988.
"Heavy speculative and dealer buying interest... have driven metal prices to new highs amidst speculation of central bank purchases and rising inflation in the United States," said James Moore, analyst at specialist metals website TheBullionDesk.com.
Consumer prices in the United States rose 0.2 percent in October on higher shelter, food and medical care prices, as energy prices retreated from recent highs, US government data had showed on Wednesday.
Gold is seen as a safe haven against high inflation.
On the London Bullion Market, gold prices surged to 485.85 dollars per ounce at the late fixing on Friday from 466.75 dollars the previous week.
SILVER: Silver prices followed in the footsteps of sister metal gold, climbing above 8.0 dollars per ounce.
Silver hit 8.16 dollars per ounce on Friday, the best level since December 2, 2004.
Silver "appears to be shaking off two years of under performance and is on course to test 8.45 and higher", Barclays Capital analyst Phil Roberts said.
On the London Bullion Market, silver prices climbed to 8.11 dollars per ounce at the late fixing Friday from 7.698 dollars the previous week.
PLATINUM AND PALLADIUM: Platinum prices raced to the highest point in almost 26 years in the wake of strong speculative buying.
Platinum prices jumped by 7.0 percent in two weeks to reach 994 dollars per ounce on Thursday. Palladium hit 260.50 dollars per ounce on Friday, the best level since May, 2004.
The gains came as an independent study said that platinum and palladium prices were being supported by increased demand from car and jewellery manufacturers in 2005.
Platinum demand was to have risen by 120,000 ounces to 6.71 million ounces this year, an all-time high, said a report by Johnson Matthey, a precious metals research group and manufacturer.
"Palladium demand will grow by 410,000 ounces to 6.89 million ounces, and with Russian supply expected to fall, the palladium market surplus will be greatly reduced," it added.
Growing demand for platinum autocatalysts used by diesel cars and trucks in Europe, Japan and the United States meant that platinum prices could reach 1,030 dollars per ounce during the next six months, Johnson Matthey predicted.
Palladium was meanwhile forecast to trade as high as 270 dollars per ounce. On the London Platinum and Palladium Market, an ounce of platinum gained to 979 dollars per ounce at the late fixing Friday, from 955.50 dollars the previous week.
Palladium increased to 259.50 dollars per ounce, from 239 dollars.
BASE METALS: Base metals prices mostly rose as copper hit yet another historic high point and zinc reached the best level for eight years owing to tight supplies.
Copper touched 4,224 dollars per tonne on Friday, one month after passing the 4,000-dollar mark for the first time.
"With sentiment so bullish, it would not be surprising if something snapped before long," said William Adams, an analyst at specialist website BaseMetals.com.
The new record for copper meanwhile came amid a report that said China stood to lose at least 100 million US dollars on the London Metal Exchange after a bet on copper prices by a state commodities trader went spectacularly wrong.
Citing a source close to China's State Reserve Bureau (SRB), the South China Morning Post reported on Thursday that SRB copper futures trader Liu Qibing took short positions equal to about 130,000 metric tonnes of copper in July and August.
At the time, Liu paid about 3,300 dollars a tonne, expecting the price of copper to decline. Chinese authorities rejected reports of any link to the trader, who has since vanished.
Copper prices have soared this year, rising by more than 30 percent and repeatedly breaking historic records.
Elsewhere zinc hit 1,645 dollars per tonne on Friday, the highest level since July 1997.
By Friday, three-month copper prices on the LME rose to 4,220 dollars per tonne from 4,067 dollars the previous week.
Three-month aluminium prices fell to 2,042.50 dollars per tonne from 2,044 dollars.
Three-month nickel prices gained to 11,950 dollars per tonne from 11,830 dollars.
Three-month lead prices increased to 997 dollars per tonne from 987 dollars.
Three-month zinc prices jumped to 1,645 dollars per tonne from 1,609.50 dollars.
Three-month tin prices dropped to 6,055 dollars per tonne from 6,300 dollars.
OIL: World oil prices fell despite a brief mid-week rally caused by a surprise fall in US crude stockpiles.
New York's main contract, light sweet crude for delivery in December, touched 58 dollars on Wednesday after the US Department of Energy revealed the first drop in crude stocks for six weeks.
The DoE said in its weekly report that crude stocks fell by 2.2 million barrels for the week to November 11. Analysts had pencilled in a rise of 1.6 million barrels.
However on Thursday, the New York contract dived 1.55 dollars to close at 56.34 dollars, the lowest finish since June 15, as analysts deemed that despite the drop in stockpiles, the level of US crude inventories remained sufficient to meet heating fuel demand during the northern hemisphere winter.
"The market remains in a downtrend with stocks of crude and heating oil currently ample as we head into the peak demand winter period," Sucden analyst Sam Tilley said.
By Friday, New York's light sweet crude for December delivery dropped to 55.70 dollars per barrel from 57.60 dollars the previous week.
In London, Brent North Sea crude for January delivery slid to 54.81 dollars per barrel from 55.40 dollars.
RUBBER: Rubber prices crept higher in a quiet trade. "Prices remained vulnerable with the lack of any upward direction both in Tokyo and Singapore," said Corrie Maccoll trader Rashid Ahmed.
On TOCOM, Tokyo's commodity exchange, natural rubber for December delivery firmed to 184.70 yen on Friday, from 183.40 yen a week earlier.
Singapore's RSS 3 December contract rose to 158.50 cents on Friday, from 157.50 cents the previous week.
COCOA: Cocoa futures rose amid plentiful supplies and continued tensions in major producer Ivory Coast.
"Traders want neither to buy the market nor sell it off, in the first instance fearing adequate supply, and in the second unease in the Ivory Coast," Refco analyst Ann Prendergast said.
Ivory Coast has been divided and in a state of crisis since war broke out in 2002, pitting President Laurent Gbagbo's government against rebels who control the north of the country.
On the Liffe, London's futures exchange, the price of cocoa for December delivery increased to 842 pounds on Friday, from 795 pounds a week earlier.
On the New York Board of Trade (NYBoT), the December contract gained to 1,418 dollars per tonne on Friday from 1,326 dollars.
COFFEE: Coffee prices steadied in London and fell in New York. In London trading, "coffee futures ended flat after a speculator-dominated" trade, Prendergast said.
On the Liffe, Robusta quality for January delivery eased to 1,049 dollars per tonne on Friday, from 1,052 dollars a week earlier.
On the NYBoT, Arabica for December delivery slid to 98.90 cents per pound, from 106.90 cents.
SUGAR: Sugar futures progressed on strong speculative buying. "Fund buying is supporting this market," Prendergast said.
By Friday on Liffe, the price of a tonne of white sugar for March delivery gained to 298.80 dollars, from 276.50 dollars a week earlier.
On the NYBot, the price of unrefined sugar for March delivery stood at 12.0 US cents on Friday, from 11.42 cents a week before.
GRAINS AND SOYA: Grains and soya prices were mixed but generally lower on markets plagued by fears over bird flu.
The market has been anticipating weaker demand for grains and soya owing to the culling of poultry amid concerns over the avian flu virus.
Soya got some support however from positive weekly sales data from the US Department of Agriculture, according to Allendale analyst Joe Victor.
On the Liffe, the price of a tonne of wheat for January delivery rose to 70.15 pounds late on Thursday, from 69 pounds the previous Friday.
On the Chicago Board of Trade, the price of wheat for December delivery eased to 304 US cents per bushel on Friday, from 311 cents the previous week.
Maize for December delivery fell to 192 cents per bushel Friday, from 193.50 cents.
Soyabeans for January delivery dropped to 573.50 cents per bushel on Friday, from 583 cents.
December-dated soyabean meal - used in animal feed - stood at 173.90 dollars per tonne, from 178 dollars.
COTTON: Cotton prices were mixed amid keen Chinese demand, while subsidised cotton production remained in the headlines.
"Demand remains strong, particularly from China," Refco's Ann Prendergast said.
Britain urged the United States this week to halt subsidy payments to cotton farmers ruled illegal by the World Trade Organisation. The European Union also said it would propose a new cotton deal for poor countries ahead of a December WTO meeting in Hong Kong.
The WTO, acting on a complaint by Brazil, had ruled in March that US cotton subsidies violated international trade rules because they gave US exporters an unfair advantage in the global market.
Britain's request came in London at an event to mark the launch in Britain of "fair trade" cotton products, which guarantee farmers a just price in developing countries, such as African nations like Mali and Togo.
On the New York Cotton Exchange (NYCE), the December contract slid to 49.75 US cents per pound on Friday, from 50.30 cents a week earlier.
The Cotton Outlook Index of physical cotton firmed to 56.90 cents on Thursday, from 56.80 cents a week earlier.
WOOL: Wool prices rebounded after several weeks of losses, partly reflecting interest from Chinese buyers. "Buyers for China were again dominant," the Australian Wool Industries Secretariat said.
The Australian Eastern index rose to 6.51 Australian dollars per kilo on Thursday from 6.28 dollars the previous week.
The British Wooltops index was unchanged at 393 pence on Thursday.
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