Gold prices had hit 575.35 dollars per ounce in London trading on February 2, the highest level since January 1981, on the back of rising geopolitical concerns, particularly over Iran’s nuclear activities.

On the London Bullion Market, gold prices plummeted to 557 dollars per ounce at Friday’s late fixing from 569 dollars the previous week.

SILVER: Silver prices dropped in the wake of gold.

The price of silver sank on Friday following a sell-off in precious metals overnight, Yu noted.

Silver has lost almost 4.0 per cent of its value since hitting 9.935 dollars per ounce on February 2, the highest point since March 1984.

On the London Bullion Market, silver prices slid to 9.55 dollars per ounce at Friday’s fixing, from 9.81 dollars the previous week.

PALLADIUM AND PLATINUM: Platinum and palladium prices retreated.

Both metals “have weakened in line with the rest of the complex”, Yu said.

The price of platinum, used in jewellery and catalytic converters for automobiles, has handed back 1.8 per cent of its value since hitting a historic peak of 1,085.50 dollars on February 3.

Palladium has sunk by 7.6 per cent since February 3, when it hit 322.50 dollars per ounce, almost a two-year high point.

On the London Platinum and Palladium Market, an ounce of platinum drooped to 1,066 dollars per ounce at the late fixing on Friday, from 1,079 dollars the previous week.

Palladium decreased to 298 dollars per ounce on Friday, from 315 dollars.

BASE METALS: Copper, zinc and aluminium hit record heights on Monday before sinking on profit-taking. Most other base metals fell also.

In Monday trading, copper prices hit 5,075 dollars per ton — the highest level since the commodity was first listed in its current format in 1870 — before shedding 2.0 per cent of its value over the week.

Zinc also hit a historic peak of 2.420 dollars on Monday, but lost 4.6 per cent of its value by Friday.

Aluminium shed about 2.7 per cent of its value since hitting a fresh 17-year high on Monday of 2.670.10 dollars.

Without any specific negative fundamental news, base metals prices have corrected sharply, Yu said, adding that fund profit-taking was the main force.

On Friday, three-month copper prices on the London Metal Exchange fell to $4,973 per ton from 5,005 dollars the previous week.

Three-month aluminium prices slid to 2,598 dollars per ton from 2,624 dollars.

Three-month nickel prices rose to 15,305 dollars per ton from 15,135 dollars.

Three-month lead prices declined to 1,269 dollars per ton from 1,393 dollars.

Three-month zinc prices decreased to 2,308 dollars per ton from 2,375 dollars.

Three-month tin prices eased to 7,775 dollars per ton from 7,800 dollars.

OIL: World oil prices sank on data that revealed strong energy stockpiles in the United States, while fears subsided over crude supplies from Iran.

Crude futures had topped 66 dollars on Monday as the International Atomic Energy Agency (IAEA) voted to refer Iran, a major crude producer, to the UN Security Council over its disputed nuclear programme.

But they tumbled Wednesday after the US Department of Energy revealed that gasoline or petrol inventories jumped 4.3 million barrels to 223.3 million in the week to February 3.

That was more than double analysts’ consensus forecasts of a 1.9-million-barrel build and took US gasoline supplies to 1.7-per cent above their level at the same stage last year.

The DoE also reported a drop in crude oil inventories of 300,000 barrels to a level of 320.7 million barrels. But the agency noted that crude reserves were 10.7 per cent above the levels at the same time last year.

Despite the price falls, “the market remains supported on concerns about the reliability of supply from several major oil producers, including Iran, Nigeria, Russia and now also Venezuela and Ecuador, as well as ongoing concerns about attacks on Iraq’s oil infrastructure”, Sucden analysts said.

In London, a barrel of Brent North Sea crude for delivery in March plunged to 60.96 dollars per barrel on Friday, from 62.97 dollars the previous week.

In New York, a barrel of crude for delivery in March slumped to 62.97 dollars per barrel Friday from 65.05 dollars.

RUBBER: Rubber prices retracted in rocky Tokyo trade after striking the highest point for more than 20 years the previous week.

This week was like a ‘Tokyo-yoyo’, with prices going up and down all the time, said Corrie Maccoll analyst Rashid Ahmed.

The market has been purely led by fund managers this week. The production side has been a little bit slower as the wintering has started in northern Thailand. Demand has picked up and the supply side has not been able to match.

Wintering refers to the low harvest season between February and April in major producers Indonesia, Malaysia and Thailand.

On TOCOM, Tokyo’s commodity exchange, natural rubber for April delivery dropped to 255.90 yen on Friday, from 264.30 yen from the previous week.

Singapore’s RSS 3 April contract declined to 210.50 US cents on Friday, from 218.75 cents.

COCOA: Cocoa prices extended gains on expectations of a weaker harvest in Ivory Coast, the world’s biggest producer of the commodity.

The west African nation’s October-March main crop “has tailed off faster than expected, confirming expectations that it will end below its average 1.0 million tons, which is supporting prices”, analysts at the Sucden brokerage said.

Ivory Coast produces between 30-40 per cent of global cocoa supplies.

On the LIFFE, London’s futures exchange, the price of cocoa for March delivery gained to 917 pounds on Friday, from 880 pounds a week earlier.

On the New York Board of Trade (NYBoT), the March contract rose to 1,530 dollars per ton on Friday, from 1,487 dollars.

COFFEE: Coffee prices went off the boil on selling by speculators.

At the moment the move lower appears to be a correction of the four-month uptrend, Sucden analysts said.

On LIFFE, Robusta quality for March delivery slid to 1,208 dollars per ton on Friday, from 1,279 dollars a week earlier.

On NYBoT, Arabica for March delivery fell to 113.40 US cents per pound on Friday, from 118.7 cents.

SUGAR: Sugar prices fell on profit-taking after trading at multi-year high points a week earlier.

The underlying fundamentals remain bullish, but given the pace of sugar’s rally over the last few months the feeling is that prices may need to consolidate for a while as the realities catch up with the speculation, Sucden analysts said.

Sugar has been winning support in recent weeks from strong demand.

By Friday on LIFFE, the price of a ton of white sugar for March delivery dropped to 428 dollars, from 453 dollars the previous week.

On NYBot, the price of unrefined sugar for March delivery slipped to 17.90 US cents per pound on Friday, from 19.63 cents.

GRAINS AND SOYA: Grains and soya prices mostly rose on buying from investment funds amid weather deemed harmful to harvests.

“If the funds keep buying, prices are going to go higher,” said Victor Lespinasse, analyst at AG Edwards.

Regarding weather patterns, he noted that Argentina was too dry.

They need more rain and right now there is none forecast.

On the LIFFE, the price of a ton of wheat for May delivery climbed to 74 pounds late Friday, from 72.60 pounds a week earlier.

On the Chicago Board of Trade, the price of wheat for March delivery advanced to 3.595 US dollars per bushel on Friday, from 3.527 dollars.

Maize for March delivery advanced to 2.24 dollars per bushel Friday, from 2.225 dollars.

March-dated soyabean meal — used in animal feed — stood at 5.82 dollars per ton, from 5.83 dollars.

WOOL: Wool prices hit the highest level for seven months in major producer Australia.

Prices reached 7.29 Australian dollars per kilogramme this week for the first time since July 2005. By contrast, prices had last December fallen to 6.32 Australian dollars, the lowest point in almost six years.

This week “buyers in China were again in force, as were buyers for Italy”, the Australian Wool Industries Secretariat said.

The Australian Eastern index rose to 7.29 Australian dollars per kilo on Thursday, from 7.04 Australian dollars the previous week.

The British Wooltops index stood at 414 pence on Thursday, compared with 413 pence the previous week.—AFP