LONDON, Aug 26: Crude oil prices rebounded, while nickel hit a historic peak and coffee futures in London reached their highest level in seven years in a volatile trading week for commodities.

On Friday, the Commodities Research Bureau's index of 17 commodities finished at 336.20 points, up from 330.62 points the previous week.

GOLD: The price of gold advanced, rebounding from a one-month low.

It jumped about $15.0 on Monday amid tensions surrounding Iran's ongoing standoff with the international community over its nuclear programme.

Heightened geo-political tensions, helped to push gold higher, said James Moore, analyst at specialist website TheBullionDesk.com.

The precious metal usually benefits from its safe-haven status in times in geopolitical instability, while gold is also seen as a good hedge against rising inflation.

On the London Bullion Market, gold prices increased to 621.25 dollars per ounce at Friday's late fixing, from 613.90 dollars a week earlier.

SILVER: Silver prices jumped to the highest point for almost three months.

Gold's sister metal continues to benefit from the launch earlier this year of a silver fund on the American Stock Exchange.

Silver struck 12.69 dollars per ounce on Wednesday -- a peak last reached on May 31.

On the London Bullion Market, silver prices rose to 12.40 dollars per ounce at Friday's fixing, from 12.01 dollars the previous week.

PALLADIUM AND PLATINUM: Palladium prices touched a multi-month peak, while sister metal platinum lagged behind somewhat.

Palladium hit $347 per ounce on Thursday, which marked the highest level since June 6.

BASE METALS: Base metal prices climbed higher, with star performer nickel reaching a historic high on declining stocks and rising demand from steelmakers.

The price of nickel broke through the 30,000-dollar-a-ton threshold for the first time Thursday, reaching 30,165 dollars per ton.

Copper prices also rose amid an ongoing strike at the Escondida mine in Chile, the world's biggest copper mine.

On Friday, three-month copper prices on the LME gained to $7,506 per ton from $7,481 the previous week.

Three-month aluminium prices firmed to $2,497 per ton from $2,484.

Three-month nickel prices surged to $29,300 per ton from $28,400.

Three-month lead prices advanced to $1,220 per ton from $1,204.

Three-month zinc prices increased to $3,380 per ton from $3,295.

Three-month tin prices rose to $8,600 per ton from $8,425.

OIL: Crude futures rebounded late in the week as supply concerns fuelled by Iran's standoff over its nuclear programme and production problems in the United States offset a surprise jump in stocks of US motor fuel.

Prices were also supported by news that BP has further cut output at the United States' biggest oil field.

The British energy giant BP said that output at its troubled Prudhoe Bay oil field in Alaska had fallen to about a quarter of normal output because of a new technical problem.

Prudhoe Bay was already operating at about half its normal output of 400,000 bpd owing to a pipeline leak which was revealed earlier this month.

Crude futures had tumbled more than a dollar midweek, however, owing to an unexpected rise in stocks of US gasoline, or petrol.

US gasoline inventories rose 400,000 barrels to 205.8 million barrels in the week to August 18, the Department of Energy said in a weekly report published on Wednesday.

Analysts had anticipated a decline of more than two million.

The increase was achieved despite robust demand for petrol with many Americans on the roads for summer vacations.

Oil prices won support late in the week also from fears that oil installations in the Gulf of Mexico could be hit by a potential tropical storm.

RUBBER: Rubber prices weakened owing to favourable growing conditions in leading Asian producer nations.

There's a lack of interest in the rubber futures from the fund managers at the moment, maybe on the back of finer weather conditions in the East, which have led to better production and reasonable stocks, Corrie MacColl trader Rashid Ahmed said.

COCOA: Cocoa prices slid on signs of a bumper harvest in West Africa, but falls were limited by instability in leading producer Ivory Coast, which accounts for 40 per cent of global output.

Favourable weather conditions in key growing regions have helped prospects for an improving 2005/06 crop, with market players awaiting estimates for the new main crops in West Africa, which start in October, Sucden analyst Michael Davies said.

COFFEE: The price of coffee struck the highest point for more than seven years in London trade owing to low output in major producer Vietnam.

On Tuesday, Robusta coffee hit 1,586 dollars per ton -- last reached in May 1999. Robusta has seen its price almost double in one year and surge by 37 per cent since a month ago.

SUGAR: Sugar prices hit their lowest point this year before rebounding.

London was lower on the back of fund and speculative selling, still remaining near seven-month lows, Davies said.

In London on Tuesday the price of white sugar hit a new low for 2006, reaching 373 dollars per ton.

New York prices slid again below 12.0 cents, close to a nine-month low of 11.96 cents reached the previous week.

The market is still oversold technically and could be due a bounce higher, but it remains under pressure from expectations of plentiful supplies, Davies said.

GRAINS AND SOYA: Grain prices advanced this week owing to keen buying, while soya stabilized amid rainy weather which boosts harvests but limits prices.

Weather was the factor preventing the market from becoming excited about the prospect of high prices going forward, noted Allendale analyst Joe Victor, who singled out soya as being particularly susceptible to changing weather.

COTTON: Prices firmed on forecasts of rising Chinese demand, and following a heatwave in the cotton-producing US states of Alabama, Georgia and Mississippi.

On the New York Cotton Exchange (NYCE), the December contract stood at 55.60 US cents per pound on Friday, from 54.80 US cents a week earlier.

The Cotton Outlook Index of physical cotton rose to 60.35 US cents on Thursday, from 59.85 US cents a week earlier.

WOOL: Wool prices steadied in major producer Australia.

Buyers for China, Italy and India and the topmakers (clothing manufacturers) were dominant, the Australian Wool Industries Secretariat said.—AFP