LONDON, Jan 28: Metals prices raced to historic high points this week on strong buying by investment funds, while crude futures slid on profit-taking having briefly soared above 69 dollars per barrel in New York.

The Commodities Research Bureau’s index of 17 commodities hit a record on Monday of 347.82 points — the best level since its creation in 1957.

On Friday it stood at 346.29 points, compared with 345.65 the previous week.

GOLD: Gold prices paused for breath after striking a 25-year high point the previous week.

Gold prices struck 568.10 dollars per ounce on January 20, the highest level since January 1981, profiting from massive investment demand amid simmering global geo-political tensions.

“Given the sharp rally over the past few weeks, a consolidation is probably welcomed as a healthy feature before making further attempts higher,” said Barclays Capital analyst Yingxi Yu.

“However, significant downward moves over the short term are unlikely.”

On the London Bullion Market, gold prices fell to 561.75 dollars per ounce at Friday’s late fixing from 567.25 dollars the previous week.

SILVER: Silver prices hit the highest point for almost 22 years on strong investment buying.

On the London Bullion Market, the precious metal struck 9.785 dollars per ounce on Thursday, the highest level since March 1984.

“Silver remains the focus of the precious metals complex,” Yu said.

On the London Bullion Market, silver prices jumped to 9.69 dollars per ounce at Friday’s fixing, from 9.08 dollars the previous week.

PALLADIUM AND PLATINUM: Platinum prices hit a record peak, while platinum fell.

An ounce of platinum — used in jewellery and catalytic converters for automobiles — rose to a record high 1,067.50 dollars per ounce on Friday.

“Price prospects continue to look favourable with the positive investor sentiment, strong momentum and bullish comments from carmakers and research agencies that diesel engines will gain share in the US market,” Yu said.

On the London Platinum and Palladium Market, an ounce of platinum rose to 1,058 dollars per ounce at the late fixing on Friday, from 1,045 dollars the previous week.

Palladium dropped to 273 dollars per ounce on Friday, from 278 dollars.

BASE METALS: The prices of copper, lead and zinc struck record high points in trading this week, owing to strong buying by investment funds amid robust demand by China.

“Without any fresh bullish news, one has to assume that it is the funds and the weight of money that is once again pushing these prices higher,” said William Adams, an analyst at specialist website BaseMetals.com.

On Friday, three-month copper prices on the London Metal Exchange struck 4,861 dollars per ton — the highest level since the commodity was first listed in its current format in 1870.

The price of copper, used for electrical wiring and plumbing, had leapt by some 50 percent during 2005, owing to limited production and low stocks.

On Thursday, zinc struck a new record peak of 2,320 dollars per ton and lead hit an all-time high of 1,420 dollars per ton, while on Friday aluminium gained to 2,526.00 dollars per ton for the first time since January 1989.

A sharp increase in interest from investment funds has accelerated metal prices in recent weeks, amid creeping inflation in the United States and massive demand from powerful buyers in China.

On Wednesday, China’s economy was elevated to the world’s fourth biggest, overtaking France and Britain, after the government announced robust economic growth of 9.9 percent in 2005.

On Friday, three-month copper prices on the London Metal Exchange jumped to 4,840 dollars per ton from 4,579 dollars the previous week.

Three-month aluminium prices rose to 2,508 dollars per ton from 2,390 dollars.

Three-month nickel prices gained to 14,825 dollars per ton from 14,700 dollars.

Three-month lead prices climbed to 1,290 dollars per ton from 1,270 dollars.

Three-month zinc prices leapt to 2,260 dollars per ton from 2,172.50 dollars. Three-month tin prices advanced to 7,475 dollars per ton from 7,110 dollars.

OIL: World oil prices fell as an offer by Saudia Arabia to provide more crude and a jump in US energy stockpiles helped to offset supply concerns in Nigeria and Iran.

Supply concerns had Monday pushed New York’s main contract, light sweet crude for delivery in March, to an intra-day peak of 69.20 dollars — the highest level since September 1, 2005.

But they began falling a day later after Saudi Arabia’s Oil Minister Ali al-Nuaimi said in an interview with Indian television that the oil kingpin was ready to boost supplies to 11 million barrels per day from 9.5 million.

Losses were extended after the US Department of Energy (DoE) said stockpiles of distillate products, used to make heating fuel and diesel, had climbed by 1.8 million barrels to 136.5 million in the week ending January 20.

Prices rebounded late in the week on caution ahead of next week’s meeting of OPEC to discuss the cartel’s output levels.

In London, a barrel of Brent North Sea crude for delivery in March eased to 66.07 dollars late Friday, from 66.12 dollars the previous week.

In New York, a barrel of crude for delivery in March fell to 67.50 dollars Friday from 68.48 dollars.

RUBBER: Rubber prices rose before the Lunar New Year celebrations in Asia.

“There will be very little activity next week” amid the Lunar holiday festivities, particularly in China, said Richard Smethers, a trader with Corrie MacColl.

On TOCOM, Tokyo’s commodity exchange, natural rubber for March delivery climbed to 241 yen on Friday, from 229.30 yen from the previous week.

Singapore’s RSS 3 March contract rose to 202.50 cents on Friday, from 194.25 cents one week ago.

COCOA: Cocoa prices pulled back from the previous week’s multi-month highs as political tensions cooled in major producer Ivory Coast.

“London and US cocoa futures prices slipped as speculative profit-taking set in and took some of the shine off last week’s gains, that were driven by unrest in Ivory Coast,” Sucden analysts said.

The west African nation produces between 30-40 percent of the world’s cocoa supply.

On the LIFFE, London’s futures exchange, the price of cocoa for March delivery sank to 861 pounds on Friday, from 916 pounds a week earlier.

On the New York Board of Trade (NYBoT), the March contract fell to 1,456 dollars per ton on Friday, from 1,545 dollars.

COFFEE: Coffee prices neared a seven-month high in London before sliding.

On Wednesday, Robusta coffee reached 1,299 dollars per ton, last seen in July 2005.

“The market has pulled back from a six-and-a-half-month peak driven by fund buying,” Sucden analysts noted.

On LIFFE, Robusta quality for March firmed to 1,286 dollars per ton on Friday, compared with 1,269 dollars a week earlier.

On NYBoT, Arabica for March delivery stood at 122 cents per pound on Friday, from 122.80 cents.

SUGAR: Sugar prices reached the best level in New York for more than 24 years, while London hit an eleven-year peak on keen investment demand.

In New York on Friday, the price of unrefined sugar reached 18.82 cents, last seen in June 1981. London prices on Friday soared to 439 dollars, the highest since May 1995.

“The driver for the market continues to be the news that Brazil is set to divert more cane into ethanol production for use in its flex-fuel cars due to the high energy prices,” Sucden analysts said.

Sugar cane is used to produce ethanol, a cheaper alternative to gasoline or petrol.

By Friday on LIFFE, the price of a ton of white sugar for March delivery increased to 437 dollars, from 397.90 dollars the previous week.

On NYBot, the price of unrefined sugar for March delivery leapt to 18.72 US cents per pound on Friday, from 16.88 cents.

GRAINS AND SOYA: Soya and grain prices rose across the board.

‘Investment fund activity is increasing,’ noted Victor Lespinasse, analyst with AG Edwards.

On the LIFFE, the price of a ton of wheat for March delivery stood at 70.95 pounds late Friday, from 70 pounds a week earlier.

On the Chicago Board of Trade, the price of wheat for March delivery rose to 3.455 US dollars per bushel on Friday, from 3.253 dollars.

Maize for March delivery gained to 2.185 dollars per bushel Friday, from 2.053 dollars.

March-dated soyabean meal — used in animal feed — increased to 5.84 dollars per ton, from 5.69 dollars.

COTTON: Cotton prices steadied amid US export data which pointed towards stable demand from abroad.

Official US data revealed exports of 282,200 bales of cotton in the week to January 19, down 14 percent on the previous week, but 5.0 percent higher than the weekly average over the past month.

On the New York Cotton Exchange (NYCE), the March contract stood at 56.48 US cents per pound on Friday, unchanged from one week earlier.

The Cotton Outlook Index of physical cotton stood at 60.10 cents on Thursday, from 58.65 cents the previous week.

WOOL: Wool prices climbed for the third week in a row, owing to higher demand in Europe and Asia.

“The Australian wool market finished the week on a positive note, with prices 2.6 percent higher on average, making a total upward movement of 8.7 percent over the last three weeks,” the Australian Wool Industries Secretariat said.

The Australian Eastern index stood at 6.91 Australian dollars per kilo on Thursday, compared with 6.73 Australian dollars per kilo the previous week.

The British Wooltops index, meanwhile, stood at 406 pence on Thursday, compared with 399 pence the previous week.—AFP