LONDON, Feb 9 This week, precious metal platinum forged yet another record high on the back of flagging output from leading producer South Africa.

Wheat also rocketed to an historic peak in Chicago, thanks to tumbling inventories and keen global demand, traders said.

Elsewhere on global commodity markets, world oil prices drifted lower owing to concerns over a potential economic slowdown and soaring crude reserves in key consumer the United States.

Towards the end of the week, trading was somewhat subdued owing to market holidays in many Asian countries for the Lunar New Year.

PLATINUM AND PALLADIUM Platinum enjoyed a record high of $1,882 per ounce on Friday, with sister metal palladium enjoying a six-year peak.

Palladium hit $438.50 which was the highest level since January 2002.

In recent weeks, power shortages in South Africa -- a key producer of gold and platinum -- have paralyzed mining activity and pressured prices.

Producers in South Africa are still suffering from power constraints and as there is no-quick fix; power shortages are likely to further impact platinum production, said Barclays Capital analysts.

Although further gains in palladium cannot be ruled out given its close relationship with platinum, the healthy level of palladium supplies coupled with high level of inventories are likely to cap upside potential. On the London Platinum and Palladium Market, platinum soared to $1,876 an ounce at the late fixing Friday from $1,755 a week earlier.

Palladium climbed to $438.25 an ounce from $410.50 .

GOLD AND SILVER Gold prices edged higher but failed to improve on the all-time pinnacle of $936.92 per ounce struck the previous week.

On the London Bullion Market, gold firmed to $916.25 at Friday's late fixing from $914.75 a week earlier.

GRAINS AND SOYA Wheat hit a record high in Chicago at $10.93 a bushel on Friday, amid dwindling US stockpiles and surging demand for exports, traders said.

It's has been an uptrend week for wheat, said analyst Dax Wedemeyer at US Commodities.

He added that low supplies and high demand have fuelled sharp price gains.

By Friday on the Chicago Board of Trade, March-dated soyabean meal -- used in animal feed soared to $13.72, up from 12.89.

The price of maize for March delivery rose to $5.12 a bushel from $5.06 a week earlier.

Wheat for March delivery jumped to $10.93 a bushel from $9.46.

On LIFFE, the price per ton of wheat for May delivery climbed to 192 pounds from 188.40 pounds a week earlier.

OIL Oil prices slinked lower after a topsy-turvey week.

Prices staged a late rally on supply disruptions in Nigeria, Africa's biggest exporter, and expectations of colder US weather.

Energy giant Shell said Thursday it would not be able to honour all its export contracts from its southern Nigerian Bonny export terminal for the rest of February and March because of sabotage.

Shell is Nigeria's largest oil operator, accounting for around half of the country's daily output of 2.6 million barrels at peak production, but unrest in the Niger Delta has slashed production by a quarter since January 2006.

Oil prices had meanwhile closed down more than a dollar on Wednesday after the US government reported another rise in crude oil inventories amid mounting worries that demand for energy would fall owing to the weak US economy.

The US Department of Energy said American crude inventories had jumped by 7.0 million barrels in the week ending February 1, marking a fourth straight rise in stocks.

The increase was much higher than analysts' consensus forecast which had predicted a gain of just 2.2 million barrels.

US gasoline, or petrol, stockpiles increased by 3.6 million barrels, which also beat market expectations calling for a 1.7-million-barrel rise.

On Friday, New York's main oil futures contract, light sweet crude for delivery in March, drifted downwards to $89.24 per barrel from $89.86 a week earlier.

Brent North Sea crude for March eased to $89.66 from $90.51 a week earlier.

BASE METALS Base metals prices diverged, but copper chalked up gains amid fears that slowing US economic growth could crimp demand, analysts said.

Prices were mixed amid thin trading due to the absence of market participants in China owing to the Chinese New Year holidays, said Barclays Capital analysts.

On Friday, copper for delivery in three months rallied to $7,770 a ton on the London Metal Exchange from $7,305 a week earlier.

Three-month aluminium prices firmed to $2,714 a ton from $2,710.

Three-month nickel eased to $27,795 a ton from $28,000 .

Three-month lead gained to $2,920 a ton from $2,850 .

Three-month zinc slid to $2,410 a ton from $2,515.

Three-month tin decreased to $17,050 a ton from $17,100 .

COCOA Cocoa prices hit five-year peaks on the back of strong speculative buying and supply problems in Ivory Coast, which is the world's top exporter.

Fresh speculative buying interest coupled with industry cover taking pushed the market up, said Sucden analysts.

By Friday on the LIFFE, London's futures exchange, the price of cocoa for March delivery marched upwards to 1,228 pounds a ton from 1,201 pounds a week earlier.

COFFEE Coffee prices in London leapt to a ten-year high of $2,130 per ton on news of falling output in Vietnam, which is the biggest producer of Robusta.

High-caffeine Robusta, a bitter variety used in instant coffee, and the more expensive Arabica are the two most widely traded types of the commodity.

By Friday on the LIFFE, Robusta quality for March delivery rose to $2,195 a ton from $2,117 a week earlier.

SUGAR Sugar prices turned sour, falling after the previous week's gains.

By Friday on the LIFFE, the price per ton of white sugar for May delivery declined to 345.30 pounds from 350.40 pounds a week earlier.

On the NYBOT, the price of unrefined sugar for March delivery slid to 12.07 US cents a pound from 12.45 cents.

RUBBER Rubber prices were mixed as buyers remained sidelined in shortened trading ahead of the Chinese New Year holidays.

The price is uncertain because of the long festive holidays, most people are just watching other markets in the region, said a dealer with a rubber producing firm.

Markets in Malaysia were closed on Thursday and Friday for public holidays.

By Wednesday, the Malaysian Rubber Board's benchmark SMR20 fell to 246.69 US cents per kilogramme from 247.302 US cents last week.--AFP