World oil prices slid from historic heights close to 100 dollars a barrel last week on easing supply concerns. Most metals futures also fell as the dollar stabilised against the euro.
OIL: Crude futures slumped further from all-time highs of 98.62 dollars in New York and 95.19 dollars in London as Opec and the International Energy Agency (IEA) downgraded their forecasts for global oil demand.
Prices were also hit late in the week by news of a surprise increase to US energy stockpiles. Losses were limited after Opec ruled out an imminent hike to crude output. By Friday, New York's main oil futures contract, light sweet crude for delivery in December, fell to 95.13 dollars a barrel, from 95.93 dollars a week earlier. In London, Brent North Sea crude for January delivery slid to 91.62 dollars a barrel, from 92.83 dollars for the December contract.
PRECIOUS METALS: Gold and silver prices dropped further from 27-year highs on profit-taking as the dollar steadied. The previous week, the price of gold hit 845.84 dollars an ounce to reach the highest level since 1980 and within touching distance of its all-time peak of 850 dollars.
Silver had struck 16.22 dollars an ounce - last achieved in 1980. On the London Bullion Market, gold prices plunged to 789.75 dollars an ounce at Friday's late fixing, from 831.50 dollars a week earlier. Silver prices dropped to 14.45 dollars an ounce, from 15.15 dollars.
On the London Platinum and Palladium Market, platinum prices rallied to 1,450 dollars an ounce at the late fixing Friday, from 1,434 dollars a week earlier. Palladium prices slipped to 366 dollars an ounce, from 370 dollars.
BASE METALS: Base metals prices declined with the exception of tin, which struck a record high of 17,575 dollars a tonne. "Tin extended recent gains as concerns over future supply spurred further buying interest," Barclays Capital analysts said. Three-month nickel prices decreased to 31,400 dollars a tonne, from 32,349 dollars.
-- Three-month lead prices slid to 3,340 dollars a tonne, from 3,477. dollars.
-- Three-month zinc prices tumbled to 2,510 dollars a tonne, from 2,712 dollars.
-- Three-month tin prices rallied to 17,350 dollars a tonne, from 16,850 dollars.
COCOA: Cocoa prices rose in London as the British pound fell strongly against the dollar. This made the sterling-denominated commodity cheaper for buyers paying in dollars. By Friday on the Liffe, London's futures exchange, the price of cocoa for March delivery jumped to 959 pounds a tonne, from 925 pounds for the December contract a week earlier. On the New York Board of Trade (NYBOT), the March cocoa contract fell to 1,927 dollars a tonne, from 1,935 dollars for the December contract.
COFFEE: Coffee prices climbed in New York. "The Arabica (coffee) continues to strengthen and by our reckoning will continue to do so," Sucden analysts said. On the NYBOT, the price of unrefined sugar for March delivery fell to 9.89 US cents a pound, from 10.06 cents.
RUBBER: The price of rubber dropped. "Supplies remain tight with the prevailing wet weather," said an official at a rubber-producing firm. On Friday, the Malaysian Rubber Board's benchmark SMR20 dropped to 230.25 US cents per kilogramme, from 244.00 cents last week.
WOOL: The Australian wool market finished 2.1 percent higher on average, with Chinese buyers dominant as the weaker Australian dollar made the commodity less expensive for overseas buyers, the Australian Wool Industries Secretariat said.
The market opened very strongly after last week's solid close and a 3.9 percent depreciation in the US exchange rate, it added. The Eastern Index gained to 9.79 Australian dollars a kilo, from 9.59 Australian dollars a week earlier.
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