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LONDON, Jan 20: Crude oil futures extended their plunge this week, trading below $50 a barrel in New York for the first time since May 2005 as supply concerns eased further. They rallied late on however.
The Commodities Research Bureau's index of 17 commodities rose to 289.67 points on Friday at about 1745 GMT, from 288.66 points a week ago.
On Thursday it stood at 284.61 points -- last seen in February 2005.
GOLD: Gold prices extended gains this week, lifted by some positive outlooks.
The London Bullion Market Association estimated that gold would trade at an average of $652.40 per ounce in 2007.
Metals consultancy GFMS meanwhile said that the yellow metal should climb to about $670 before the end of the first quarter.
With the metal's fundamentals (of supply and demand) still bullish and investment demand ever increasing, gold remains on target for another strong year, said James Moore, an analyst for specialist website TheBullionDesk.com.
On the London Bullion Market, gold prices rose to $629 per ounce at Friday's late fixing, from $619.70 the previous Friday.
SILVER: Silver prices rose.
Silver tracked gold with an absence of independent drivers, UBS analyst John Reade said.
On the London Bullion Market, silver prices climbed to $12.72 per ounce at Friday's late fixing, from $12.43 the previous week.
PALLADIUM AND PLATINUM: Palladium and platinum prices both increased.
Platinum prices are holding up well around the $1,150 level while palladium looks also well supported, Reade said.
On the London Platinum and Palladium Market, platinum advanced to $1,158 per ounce at the morning fixing Friday, from $1,137 the previous week. Palladium climbed to $339 per ounce, from $329.50 one week earlier.
BASE METALS: Nickel prices struck an all-time high.
On Thursday, nickel for delivery in three months reached $36,040 per ton in London trade amid a tight supplies of the metal.
On Friday, three-month copper prices fell to $5,520 per ton on the London Metal Exchange from $5,820 the previous week.
Three-month aluminium prices slipped to $2,705 per ton from $2,760.
Three-month nickel prices jumped to $35,455 per ton from $33,650.
Three-month lead prices stood at $1,601 per ton from $1,602.
Three-month zinc prices dropped to $3,611 per ton from $3,785.
Three-month tin prices advanced to $11,580 per ton from $10,600 a week earlier.
OIL: World oil prices continued to slide for most of the week and have now lost more than 15 per cent since the start of 2007.
Crude futures had tumbled to a 19-month low under $50 in New York on Thursday after a US government report showed a bigger-than-expected rise in US stockpiles of crude oil.
Oil dropped to 49.90 dollars after the US Department of Energy (DoE) said crude oil inventories rose 6.8 million barrels to 321.5 million last week, compared with expectations for a gain of just 100,000 barrels.
The market... didn't expect the crude statistics to be so high, said Tony Nunan of Mitsubishi Corporation's international petroleum business in Tokyo.
Prices rebounded sharply Friday on the prospect of colder US weather.
Crude prices have been hit since the start of 2007, mainly owing to mild winter temperatures across the United States, which has dented demand for heating fuel.
By Friday in New York, a barrel of crude for delivery in February fell to $51.85 per barrel from $52.30 the previous week.
In London, a barrel of Brent North Sea crude for delivery in March gained to $53.52 per barrel, from $52.45.
RUBBER: Rubber prices gained 4.0 per cent in Tokyo and Singapore.
The weather's been very varied which can slow down production, Corrie MacColl analyst Rashid Ahmed said.
On TOCOM, Tokyo's commodity exchange, natural rubber for June delivery jumped to 263.20 yen per kilogramme on Friday, from 253.60 yen a week earlier.
Singapore's RSS 3 April contract ended at 212 US cents per kilogramme on Friday, from 204.50 US cents a week earlier.
COCOA: Cocoa prices dipped further as selling outweighed buying.
On the LIFFE, London's futures exchange, the price of cocoa for March delivery dropped to 872 pounds per ton on Friday, from 892 pounds a week earlier.
On the New York Board of Trade (NYBOT), the March contract fell to $1,595 per ton on Friday, from $1,631 the previous week.
COFFEE: Coffee prices recovered in London.
Sucden analyst Michael Davies said they benefited as industrial buying outweighed speculative sales.
On LIFFE, Robusta quality for March delivery gained to $1,572 per ton on Friday, from $1,546 a week earlier.
On NYBOT, Arabica for March delivery stood at 119.70 cents per pound on Friday, from 120.25 cents the previous week.
SUGAR: Sugar prices remained pressured owing to tumbling oil futures.
Sugar is used to make ethanol, a cheaper alternative to gasoline, which is refined from crude oil. But with oil prices dropping, there has been less demand for ethanol.
By Friday on LIFFE, the price of a ton of white sugar for March delivery rose to $332 at about 1720 GMT, compared with $327 a week earlier.
On NYBOT, the price of unrefined sugar for March delivery dipped to 10.87 US cents per pound, from 10.92 US cents the previous week.
GRAINS AND SOYA: Maize prices jumped above $4.0 to the highest level in over a decade.
In Chicago, Maize for delivery in March struck $4.2050 per bushel, the highest point since July, 1996.
Maize benefited after the US government downgraded its estimate for the 2006/07 harvest.
“While the US crop is still the third highest on record, and should exceed domestic needs, a reduced surplus will be available for export, said Helen Henton, head of commodity research at Standard Chartered.
On the Chicago Board of Trade, the price of wheat for March delivery retreated to US$4.68 per bushel on Friday, from $4.84 the previous week.Maize for March delivery rose to 4.12 dollars per bushel on Friday, from 3.96 dollars the previous week.
March-dated soyabean meal — used in animal feed — advanced to 7.23 dollars on Friday, from 7.12 dollars the previous week.
On the LIFFE, the price of a ton of wheat for March delivery was unchanged at 96.25 pounds.
COTTON: Cotton prices rebounded as US exports rose.
On the NYBOT, the March contract climbed to 54.55 US cents per pound at about 1715 GMT on Friday, from 53.60 US cents the previous week.
The Cotton Outlook Index of physical cotton was unchanged at 59.20 US cents on Thursday, compared with a week earlier.
WOOL: The Australian wool market extended its strong start to 2007, rising 4.9 per cent, after a 10-per cent jump the previous week, owing to strong demand.
The Eastern index surged to 9.62 Australian dollars per kilo on Friday, from $9.51 the previous week.—AFP
