LONDON, Oct 8: Oil prices slumped this week, hit by easing demand for energy in the United States, while copper reached a new high point.
The Commodities Research Bureau’s index of 17 commodities fell to 324.34 points on Friday from 326.28 points the previous week.
GOLD: Gold prices eased, but stayed close to 18-year high points as the dollar weakened towards the end of the week.
The rebounding euro prompted a fresh round of fund buying, said James Moore.
On the London Bullion Market, gold prices fell to $472.70 per ounce at the late fixing on Friday from $473.25 the previous week.
SILVER: Silver prices received a late lift from gold.
Silver again took direction from its golden cousin with the bullish copper market also adding to the metal’s movements, Moore said.
On the London Bullion Market, silver prices rose to $7.62 per ounce at the late fixing Friday from 7.53 dollars the previous week.
PLATINUM AND PALLADIUM: Platinum and palladium prices increased, with the former reaching the highest level for one and a half years.
Platinum reached $932 per ounce at Friday’s early fixing — the highest level since April 2004.
There was some positive news for platinum demand in the longer term, Barclays Capital analyst Yingxi Yu said, noting that scientists in South Africa have developed a platinum-based superalloy which works at higher temperatures than traditional nickel-based composites used in turbine blades.
On the London Platinum and Palladium Market (LPPM), an ounce of platinum rose to $930 per ounce at the late fixing Friday, from $929 the previous week.
Palladium climbed to $196 per ounce, from $194.
BASE METALS: Base metals prices mostly rose, as copper reached a fresh record high.
On Friday, three-month copper prices on the London Metal Exchange (LME) hit 3,895 dollars per ton — the highest price for the metal since it was first quoted in its current form in 1870. The metal has risen 11 per cent in three weeks.
By Friday, three-month copper prices on the LME increased to 3,893 dollars per ton from 3,799 dollars the previous week.
Three-month aluminum prices rose to 1,906 dollars per ton from 1,870 dollars.
Three-month nickel prices fell to 13,125 dollars per ton from 13,700 dollars.
Three-month lead prices climbed to 964 dollars per ton from 939 dollars.
Three-month zinc prices advanced to 1,470.50 dollars per ton from 1,410 dollars.
Three-month tin prices dipped to 6,575 dollars per ton from 6,600 dollars.
OIL: World oil prices sank this week, reaching the lowest point for more than two months on evidence that energy demand is cooling in the United States.
New York’s main contract, light sweet crude for delivery in November, plunged 2.09 dollars to $60.70 per barrel at one point on Thursday — the lowest level since August 3.
In London, the price of Brent North Sea crude for November delivery plummeted $1.88 to $58.24 per barrel also on Thursday. That was the lowest level since July 28, one month before Hurricane Katrina sent prices to record highs.
Falling demand offset declines in US crude inventories.
Crude stocks fell by 300,000 barrels to 305.4 million barrels in the week to September 30, the DoE said.
Oil prices rocketed to all-time peaks at the end of August, touching 70.85 dollars in New York and 68.89 dollars in London, on supply concerns as Katrina tore through oil rigs and refineries in the Gulf of Mexico, severely disrupting US energy production.
The barrel of Brent North Sea crude for delivery in November plunged to $58.77 late Friday, compared to 62.38 dollars the previous week.
In New York, the barrel of crude for delivery in November plummeted to $61.81 from $65.80.
RUBBER: Rubber prices rose as the raining season progressed in major producing Asian countries.
China buyers would likely weigh into the market soon following the past holiday week, he added.
On TOCOM, Tokyo’s commodity exchange, natural rubber for December delivery climbed to 193.50 yen on Friday, from 188.20 yen a week earlier.
Singapore’s RSS 3 December contract stood at 170.25 US cents on Friday, from 167.25 US cents the previous week.
COCOA: The price of cocoa receded on forecasts of a bumper crop this season, while traders monitored tensions in major producer Ivory Coast.
On the LIFFE, London’s futures exchange, the price of cocoa for December delivery stood at 823 pounds, down from 859 pounds a week earlier.
On the New York Board of Trade (NYBoT), the December contract lowered to 1,371 dollars per ton on Friday from 1,435 dollars.
COFFEE: Coffee prices nudged upwards this week in quiet trade.
“Mainly the market suffers from a lack of interest, with bears betting on a bumper crop from Brazil and bulls looking to” a possible shortage, Prendergast said.
On the LIFFE, Robusta quality for November delivery stood Friday at 873 dollars per ton from 872 dollars a week earlier.
SUGAR: Sugar prices were mixed after hitting a near eight-year high on strong industrial demand.
In New York on Tuesday, the price of unrefined sugar for March delivery reached 11.91 cents, last seen in January 1998.
On the NYBot, the price of unrefined sugar for March delivery rose to 11.38 US cents on Friday from 11.26 cents a week before.
GRAINS AND SOYA: Maize and soya prices mostly fell as gains earlier in the week were cancelled out by investment fund selling.
On the LIFFE, the price of a ton of wheat for November delivery stood at 68.40 pounds late Friday, from 67.75 pounds a week earlier.
Soyabeans for November delivery dipped to 567 cents per bushel on Friday from 570 cents.
October-dated soyabean meal — used in animal feed — fell to $164.80 per ton from $168.60.
COTTON: Cotton prices eased on profit taking after striking a near three-month high.
Late speculative selling left the market with a small pullback, said Prendergast.
The Cotton Outlook Index of physical cotton dipped to 54.75 cents on Thursday from 57.00 cents last week.
WOOL: Wool prices fell to a low point not seen for five and a half years this week in major producer Australia.
The Australian wool market finished this week with prices 0.9 per cent lower on average, the Australian Wool Industries Secretariat said.
The Australian Eastern index eased to 6.70 Australian dollars per kilo on Thursday from 6.76 AUD last week.
The British Wooltops index remained at 403 pence on Thursday, unchanged from the previous week.—AFP
