World oil prices pulled back from recent record heights this week on easing US supply concerns, but remained firm amid tensions over Iran's disputed nuclear programme.
The prices of copper, platinum, zinc and nickel struck historic highs and the cost of aluminium hit its highest point for almost 18 years, spurred by strong fund buying amid tight supplies for base metals, dealers said. The Commodities Research Bureau's index of 17 commodities stood at 348.90 points on Friday, down from 353.10 points the previous week.
This week China raised the cost of borrowing for the first time since October 28, 2004, in an attempt to cool the nation's powerhouse economy which grew by 10.2 percent in the first quarter of 2006. The People's Bank of China hiked one-year lending rates to 5.85 percent from 5.58 percent.
"News of China's rate hike (had) triggered heavy dealer selling on fears of a slowdown in physical demand," said James Moore, an analyst with specialist website TheBullionDesk.com.
This week has meanwhile seen the dollar strike a near 12-month low against the euro and multi-month lows against the yen on increasing speculation that US interest rates are close to peaking. A weaker dollar makes gold, which is priced in the US unit on world markets, more attractive to buyers using other currencies.
Gold prices on April 20 had hit 645.85 dollars - the highest level since November 1980 - amid record oil prices, fears of rising inflation and simmering geo-political concerns, particularly over Iran.
On the London Bullion Market, gold prices stood at 644 dollars per ounce at Friday's late fixing, compared with 623.50 dollars on Friday the previous week.
Silver had struck 14.74 dollars April 19, marking the highest level since January 1981, before profit-taking set in.
The metal has been boosted also in recent weeks by news that the Securities and Exchange Commission (SEC), a US government financial watchdog, gave its backing for a silver fund to begin trading on the American Stock Exchange.
"With SEC approval now granted, a bout of profit-taking may be seen before silver moves back to test the 14.50-dollar area," Moore added.
On the London Bullion Market, silver prices rose to 12.55 dollars per ounce at Friday's fixing, from 12.18 dollars the previous week.
The price of platinum on Friday reached 1,149.75 dollars per ounce, a new record that represented a rise of about 17.0 percent since the start of the year.
"Platinum managed to post a new all-time high as fund buying continued," Moore said.
Platinum, which is used by car manufacturers in catalytic converters, could hit records approaching 1,250 dollars per ounce, metals consultancy GFMS said this week. GFMS added that increased production would limit gains.
On Friday on the London Platinum and Palladium Market, platinum firmed to 1,145 dollars per ounce at the late fixing on Friday, compared with 1,115 dollars the previous week.
Palladium rose to 362 dollars per ounce on Friday from 350 dollars the previous week.
Three-month copper prices on Wednesday reached 7,385 dollars per tonne - the highest point since the metal was first listed in 1877.
Also on Wednesday, the price of nickel struck a record 20,250 dollars and zinc posted an all-time peak of 3,445 dollars per tonne. However, both fell on profit-taking ahead of the weekend.
Aluminium prices reached 2,845 dollars per tonne, a level last seen in August 1988.
Keen demand from economic powerhouse China has underscored strong gains across much of the metals complex so far this year.
Many metals have been supported also by weak global stockpiles and limited production.
On Friday, three-month copper prices on the London Metal Exchange rocketed to 7,096.00 dollars per tonne from 6,621.50 dollars on Friday of the previous week.
Three-month aluminium prices climbed to 2,761.00 dollars per tonne compared with 2,739.50 dollars the previous week.
Three-month nickel prices slid to 18,500 dollars per tonne from 19,150 dollars.
Three-month lead prices fell to 1,210 dollars per tonne from 1,224 dollars.
Three-month zinc prices declined to 3,205 dollars per tonne from 3,270 dollars.
Three-month tin prices jumped to 9,350 dollars per tonne from 9,100 dollars.
In recent weeks, US gasoline or petrol stocks have been a major cause of record high crude prices, alongside fears over supplies from key producers Iran and Nigeria, combined with strong global energy demand.
New York crude hit 75.35 dollars per barrel on Monday - matching a record level struck last Friday. Brent crude, meanwhile, had reached a historic peak of 74.79 dollars last Friday.
Oil prices began falling on Tuesday after US President George W. Bush announced a decision to suspend deposits into the US strategic oil reserves.
Prices were also calmed this week by Wednesday's data from the US Department of Energy, which showed a less-than-expected fall in gasoline stocks ahead of the summer season, when many Americans use their cars for vacation. However, crude futures have held above the key 70-dollar barrier on persistent geo-political tensions between the international community and Iran, leading to fears over supplies from the world's fourth-biggest crude producer.
Iran has failed to comply with a UN deadline to halt uranium enrichment, UN nuclear chief Mohamed ElBaradei said in a crunch report Friday that opened the door to possible international sanctions.
Analysts fear that Iran could respond to sanctions by slashing its exports.
On Friday in London, a barrel of Brent North Sea crude for delivery in June slipped to 71.73 dollars per barrel, from 72.76 dollars on Friday of the previous week.
In New York, a barrel of crude for delivery in June fell to 71.65 dollars per barrel on Friday from 72.76 dollars the previous week.
"It is quietly steady," said Ricard Smethers, a trader at Corrie MacColl.
Wintering refers to the low-harvest season which normally lasts between February and April across major rubber producers Indonesia, Malaysia and Thailand.
On TOCOM, Tokyo's commodity exchange, natural rubber for July delivery dipped to 248.70 yen per kilogram on Friday, from 252.60 yen the previous Friday.
Singapore's RSS 3 June contract stood at 216 US cents per kilogram on Friday, from 214.25 cents the previous week.
On the Liffe, London's futures exchange, the price of cocoa for July delivery climbed to 885 pounds per tonne on Friday, from 872 pounds the previous week.
On the New York Board of Trade (NYBoT), the July contract stood at 1,522 dollars per tonne on Friday, from 1.463 dollars the previous week.
On Liffe, Robusta quality for July delivery rose to 1,213 dollars per tonne on Friday, from 1,206 dollars the previous week.
On NYBoT, Arabica for July delivery dipped to 108.50 US cents per pound on Friday, from 115.20 cents the previous week.
Sugar cane is used to produce ethanol, a cheaper alternative to motor fuel.
By Friday on Liffe, the price of a tonne of white sugar for August delivery eased to 466.50 dollars, from 468.00 dollars the previous week.
On NYBot, the price of unrefined sugar for July delivery declined to 17.07 US cents per pound, from 17.34 cents.
On the Chicago Board of Trade, the price of wheat for May delivery fell to 3.41 US dollars per bushel on Friday, from 3.46 dollars the previous week.
Maize for May delivery firmed to 2.35 dollars per bushel on Friday from 2.34 dollars the previous week.
May-dated soyabean meal - used in animal feed - rose to 5.93 dollars per tonne on Friday, from 5.69 dollars.
On the Liffe, the price of a tonne of wheat for May delivery climbed to 74.25 pounds on Friday, from 73.25 pounds.
The Cotton Outlook Index of physical cotton stood at 54.30 US cents on Thursday, from 57.45 US cents a week earlier.
"In a week of rising exchange rates, the Australian Wool Market finished the week 2.2-percent lower," the Australian Wool Industries Secretariat said.
The Australian Eastern index closed at 7.14 Australian dollars per kilo on Thursday, compared with 7.28 Australian dollars on Thursday April 13, before trading stopped for the Easter break.
The British Wooltops index stood at 418 pence on Thursday, compared with 417 pence a week earlier.