Global oil prices leapt last week by around three dollars on the back of supply concerns in major exporting nations and despite news of a fresh increase in US crude stockpiles.
The weakening US dollar meanwhile boosted the prices of many dollar-denominated commodities. A weaker dollar makes commodities priced in the US unit on world markets more attractive to buyers using other currencies.
The star metals performer was zinc, which hammered out a new historic high. The Commodities Research Bureau's index of 17 commodities rose to 327.70 points on Friday, from 319.19 points the previous week.
GOLD: Gold prices rebounded by almost 20.0 dollars on solid demand, after shedding 30.0 dollars the previous week.
"The metal should remain within the 548-560 dollar range, while the longer-term outlook remains bullish, as inflation, geo-political instabilities and supply/demand imbalances look set to propel the metal to 600 dollars later in the year," said James Moore, analyst with website TheBullionDesk.com.
Gold profits from higher investment demand in times of geo-political uncertainty, most recently over the unfolding nuclear crisis in Iran.
On the London Bullion Market, gold prices surged to 552.75 dollars per ounce at Friday's late fixing from 535 dollars the previous week.
SILVER: Silver prices reached a new 22-and-a-half-year peak on keen investment fund buying.
On Friday, silver prices climbed to 10.44 dollars per ounce - the highest level since September 1983.
"Fund interest remains strong in this market," said Barclays Capital analyst Yingxi Yu.
On the London Bullion Market, silver prices slid to 10.36 dollars per ounce at Friday's fixing, from 9.85 dollars the previous week.
PALLADIUM AND PLATINUM: Platinum and palladium prices rose in line with gains made by gold and silver.
Palladium jumped on speculative buying, Yu said and adding that "there is no obvious fresh impetus for the sudden bout of fund interest".
Palladium gained a whopping 10.5 percent in value over the course of the week, while platinum notched up a 2.7-percent gain.
On the London Platinum and Palladium Market, an ounce of platinum rose to 1,033 dollars per ounce at the late fixing on Friday, compared with 1,006 dollars the previous week.
Palladium gained to 316 dollars per ounce on Friday, from 286 dollars.
BASE METALS: Base metals prices also staged a rebound, while zinc rushed to a new record on the back of a weaker dollar and strong US data.
The price of zinc reached its highest-ever level on Friday, lifted by strong demand, and hit 2,470.25 dollars per tonne.
Copper meanwhile struck 5,093 dollars per tonne on Friday, a whisker away from its historic record of 5,100 dollars set at the start of February.
"Better-than-expected US economic data that showed strength in both the jobs market and in housing, while inflation remains subdued, provided a firm footing for prices to rally from," said William Adams, analyst with BaseMetals.com.
"The weaker dollar may also have encouraged non-dollar based consumer buying."
On Friday, three-month copper prices on the London Metal Exchange leapt to 5,035.50 dollars per tonne from 4,773 dollars the previous week. Three-month aluminium prices dollars rose to 2,452 dollars per tonne from 2,365.50 dollars.
Three-month nickel prices climbed to 14,910 dollars per tonne from 14,775 dollars.
Three-month lead prices increased to 1,184.50 dollars per tonne from 1,175 dollars. Three-month zinc prices surged to 2,452 dollars per tonne from 2,239 dollars. Three-month tin prices gained to 7,975 dollars per tonne from 7,825 dollars.
OIL: World crude prices climbed by more than three dollars this week, lifted by tensions in the oil-rich Middle East and concerns over a potential shortage of gasoline or petrol in the United States.
"Sentiment remains bullish as the air strikes in Iraq brought back concerns about tension in the Middle East," analysts at the Sucden brokerage said.
Brent's May contract and New York's April contract had closed up more than a dollar on Thursday as a massive US-led air assault in Iraq intensified jitters about global crude supplies.
This week US and Iraqi forces launched an air assault described as the biggest since the invasion three years ago, against rebels loyal to al Qaeda commander Abu Musab al-Zarqawi in an area north of Baghdad.
Meanwhile on Friday traders digested news that the Organisation of Petroleum Exporting Countries revised downward its 2006 forecast for global oil demand.
Opec predicted a rise of 1.8 percent to 84.5 million barrels per day (bpd) in its monthly report, compared with the 84.64 million bpd predicted in February.
Crude futures won support this week on concerns that Iran - the world's fourth biggest producer of crude - may curb exports if hit by economic sanctions over its controversial nuclear programme.
Oil prices are being supported also by recent unrest in Nigeria, Africa's biggest producer of crude, which has led to a 20-percent cut in the country's oil output.
Offsetting this support has been data that shows US crude inventories are at the highest level for seven years.
US gasoline reserves are also at a seven-year high - but are only slightly above their level at the same stage last year.
Gasoline levels are a worry in the run-up to the so-called US summer driving season, beginning in May, when demand for the fuel tends to surge as American drivers take to the open roads on vacation.
In London, a barrel of Brent North Sea crude for delivery in May jumped to 64.35 dollars per barrel on Friday, from 61.10 dollars the previous week.
In New York, a barrel of crude for delivery in April soared to 63.70 dollars per barrel Friday from 60.58 dollars.
RUBBER: Rubber prices rose as the wintering season arrived in Thailand, the world's biggest producer of latex.
Wintering refers to the low-harvest season between February and April in Indonesia, Malaysia and Thailand.
Lower supplies of rubber help to support higher prices.
"Wintering is in Thailand now, the main producer, and in Vietnam," said Rashid Ahmed, analyst at Corrie MacColl.
On TOCOM, Tokyo's commodity exchange, natural rubber for May delivery rose to 240.80 yen per kilogramme on Friday, from 236.40 yen the previous week.
Singapore's RSS 3 May contract increased to 205.50 US cents per kilogramme on Friday, from 201.75 cents.
COCOA: Cocoa prices moved higher on investment interest.
"Cocoa futures touched a one-month high (on Thursday), boosted by fund and speculative buying and a weak dollar," analysts at the Sucden brokerage said.
"Earlier in the week Ivory Coast farmers said that good weather so far this month has paved the way for a sizeable mid crop, which runs from April to September."
Ivory Coast is the world's biggest producer of cocoa.
On the Liffe, London's futures exchange, the price of cocoa for May delivery climbed to 912 pounds on Friday, from 905 pounds a week earlier.
On the New York Board of Trade (NYBoT), the May contract advanced to 1,500 dollars per tonne on Friday, from 1,483 dollars.
COFFEE: Coffee prices went off the boil, falling to three-month lows in London and New York.
The price of coffee receded "on speculative and fund selling", Sucden analysts noted.
On Liffe, Robusta quality for May delivery fell to 1,130 dollars per tonne on Friday, from 1,166 dollars a week earlier.
On NYBoT, Arabica for May delivery eased to 107.80 US cents per pound on Friday, from 108.10 cents.
SUGAR: Sugar futures were mixed, despite the rise in oil prices.
Higher crude prices traditionally lead to greater demand and higher prices for sugar, because sugar cane is used to produce ethanol, a cheaper alternative to gasoline or petrol.
By Friday on Liffe, the price of a tonne of white sugar for May delivery stood at 439.50 dollars, down from 442 dollars the previous week.
On NYBot, the price of unrefined sugar for May delivery gained to 16.46 US cents per pound on Friday, from 16.39 cents.
GRAINS AND SOYA: Grain and soya prices mostly fell in reaction to forecasts of rainy weather in leading producer the United States, which is deemed favourable for crop growth.
"If the rains do not come through, it would not be surprising to see wheat prices sharply higher next week," cautioned AG Edwards analyst Bill Nelson.
On the Liffe, the price of a tonne of wheat for May delivery stood at 72 pounds late Friday, unchanged from a week earlier.
On the Chicago Board of Trade, the price of wheat for May delivery dropped to 3.56 US dollars per bushel on Friday, from 3.81 dollars.
Maize for May delivery fell to 2.24 dollars per bushel Friday from 2.34 dollars.
May-dated soyabean meal - used in animal feed - dropped to 5.78 dollars per tonne, from 5.89 dollars.
COTTON: Cotton prices climbed as US exports rose, indicating that demand for the commodity was solid.
On the New York Cotton Exchange (NYCE), the May contract advanced to 54.55 US cents per pound on Friday, from 54.40 US cents one week earlier.
The Cotton Outlook Index of physical cotton stood at 59.05 US cents on Thursday, from 58.65 cents the previous week.
WOOL: Wool prices weakened in Australia.
"The Australian wool market finished the week 0.6 percent lower on average," the Australian Wool Industries Secretariat said.
The Australian Eastern index slid to 7.51 Australian dollars per kilo on Thursday, from 7.54 Australian dollars the previous week. The British Wooltops index stood at 436 pence on Thursday, compared with 432 pence the previous week.
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