Crude oil prices edge closer to record highs
Sunday, 22 July 2007
LONDON, July 21 (AFP): World oil prices soared close to record heights this week, energised by concerns over tight global supplies and keen demand led by the United States and China.
Base metals tin and lead hammered record high points, while gold struck a two-month peak.
Many commodities won support from the falling US currency, which increases demand for dollar-denominated commodities because they become cheaper for buyers holding stronger-performing currencies.
Prices were underscored by impressive economic growth data from China, which is one of the world's biggest markets for raw materials.
China said its economy expanded by a blistering 11.9 per cent in the second quarter and 11.5 per cent for the first six months of 2007. But that prompted China's central bank to raise interest rates for the third time this year.
OIL: The price of New York crude struck a fresh 11-month high point above 76 dollars a barrel, owing to tight US supplies, while London's Brent oil traded close to its historic high.
Brent North Sea crude for August struck 78.40 dollars a barrel Monday, close to Brent's all-time high of 78.64.
New York's main oil futures contract, light sweet crude for delivery in August, surged to 76.13 dollars per barrel Friday -- the highest level since August 2006. New York's all-time high stands at 78.40 dollars.
Analysts said prices are expected to remain supported by tight supplies.
Prices had rallied Thursday also after French energy giant Total said a problem with a generator at its 220,000 barrel-per- day Dalia oilfield in Angola had shut in around 50 per cent of output at the field.
By Friday, Brent North Sea crude for September delivery gained to 77.63 dollars a barrel Friday, compared with 77.57 dollars a barrel for the August contract a week earlier.
New York's main oil futures contract, light sweet crude for delivery in August, jumped to 75.79 dollars a barrel, from 73.93 dollars a barrel.
GOLD: The price of gold jumped Thursday to the highest level since May owing to a sliding US dollar and surging oil prices, analysts said.
On Friday, gold prices rose to 683.90 dollars per ounce, which was the highest point for more than two months.
On Friday, the euro hit an all-time high above 1.384 dollars as the US currency was weighed down by the prospect of higher interest rates in Europe. On the London Bullion Market, gold jumped to 681.60 dollars an ounce at Friday's late fixing, from 666.50 dollars a week earlier.
SILVER: Silver prices rose in the wake of sister metal gold. On the London Bullion Market, silver increased to 13.29 dollars an ounce at Friday's late fixing, from 13.13 dollars a week earlier.
PALLADIUM AND PLATINUM: Platinum hit a two-month high of 1.337 dollars, lifted by the threat of a strike in producer South Africa and boosted by the weak US dollar. Palladium prices also firmed.
On the London Platinum and Palladium Market, platinum rose to 1,332 dollars an ounce at the late fixing Friday, from 1,313 dollars a week earlier.
Palladium stood at 370.50 dollars an ounce, from 368 dollars.
BASE METALS: The prices of lead and tin hit historic peaks, and other base metals also jumped higher as the complex was boosted by tight global supplies, soaring Chinese economic growth and fierce demand, analysts said.
Meanwhile, the price of tin hit 15,700 dollars a tonne-which was the highest point since 1989 when the metal was re- introduced on the London market.
Global tin supplies remain tight, as Indonesia, the world's second largest producer after China, continues its crackdown on illegal tin mining and smelting that has cut output in the country for much of this year.
COCOA: Cocoa prices won ground in London and New York. By Friday on the LIFFE, London's futures exchange, the price of cocoa for September delivery firmed to 1,109 pounds a tonne, from 1,102 pounds a week earlier.
On the New York Board of Trade (NYBOT), the September contract rose to 2,103 dollars a tonne, from 2,075 dollars the previous Friday.
COFFEE: Coffee prices rebounded from losses the previous week.
London coffee prices are approaching nine-year highs, lifted by worries over low exports from Vietnam, which is the second- biggest global producer after Brazil.
By Friday on the LIFFE, Robusta quality for September delivery advanced to 1,879 dollars a tonne, from 1,805 dollars a tonne one week earlier.
On the NYBOT, Arabica for September delivery rose to 114.50 US cents a pound, from 109.85 cents.
GRAINS AND SOYA: Maize and soya prices fell as favourable growing conditions boosted supplies, while wheat prices advanced on strong demand.
By Friday on the Chicago Board of Trade, the price of maize for September delivery fell to 3.235 dollars a bushel, from 3.547 dollars a week earlier.
Wheat for September delivery firmed to 6.24 dollars a bushel, from 6.20 dollars.
August-dated soyabean meal-used in animal feed-decreased to 8.61 dollars, from 9.21 dollars.
SUGAR: Sugar prices rose on keen buying interest. By Friday on the LIFFE, the price a tonne of white sugar for October delivery rose to 312.80 dollars, from 309.40 dollars a week earlier.
On the NYBOT, the price of unrefined sugar for October delivery firmed to 10.31 US cents a pound, from 9.99 cents a week earlier.
RUBBER: The price of rubber was firmer Friday amid beneficial growing conditions in key producer Malaysia.
The weather in Malaysia was expected to be "favourable with rubber supply being good," said an official at a rubber producing firm.
On Friday, the Malaysian Rubber Board's benchmark SMR20 rose to 205.80 US cents per kilogram, compared with 200.45 US cents last week.
Base metals tin and lead hammered record high points, while gold struck a two-month peak.
Many commodities won support from the falling US currency, which increases demand for dollar-denominated commodities because they become cheaper for buyers holding stronger-performing currencies.
Prices were underscored by impressive economic growth data from China, which is one of the world's biggest markets for raw materials.
China said its economy expanded by a blistering 11.9 per cent in the second quarter and 11.5 per cent for the first six months of 2007. But that prompted China's central bank to raise interest rates for the third time this year.
OIL: The price of New York crude struck a fresh 11-month high point above 76 dollars a barrel, owing to tight US supplies, while London's Brent oil traded close to its historic high.
Brent North Sea crude for August struck 78.40 dollars a barrel Monday, close to Brent's all-time high of 78.64.
New York's main oil futures contract, light sweet crude for delivery in August, surged to 76.13 dollars per barrel Friday -- the highest level since August 2006. New York's all-time high stands at 78.40 dollars.
Analysts said prices are expected to remain supported by tight supplies.
Prices had rallied Thursday also after French energy giant Total said a problem with a generator at its 220,000 barrel-per- day Dalia oilfield in Angola had shut in around 50 per cent of output at the field.
By Friday, Brent North Sea crude for September delivery gained to 77.63 dollars a barrel Friday, compared with 77.57 dollars a barrel for the August contract a week earlier.
New York's main oil futures contract, light sweet crude for delivery in August, jumped to 75.79 dollars a barrel, from 73.93 dollars a barrel.
GOLD: The price of gold jumped Thursday to the highest level since May owing to a sliding US dollar and surging oil prices, analysts said.
On Friday, gold prices rose to 683.90 dollars per ounce, which was the highest point for more than two months.
On Friday, the euro hit an all-time high above 1.384 dollars as the US currency was weighed down by the prospect of higher interest rates in Europe. On the London Bullion Market, gold jumped to 681.60 dollars an ounce at Friday's late fixing, from 666.50 dollars a week earlier.
SILVER: Silver prices rose in the wake of sister metal gold. On the London Bullion Market, silver increased to 13.29 dollars an ounce at Friday's late fixing, from 13.13 dollars a week earlier.
PALLADIUM AND PLATINUM: Platinum hit a two-month high of 1.337 dollars, lifted by the threat of a strike in producer South Africa and boosted by the weak US dollar. Palladium prices also firmed.
On the London Platinum and Palladium Market, platinum rose to 1,332 dollars an ounce at the late fixing Friday, from 1,313 dollars a week earlier.
Palladium stood at 370.50 dollars an ounce, from 368 dollars.
BASE METALS: The prices of lead and tin hit historic peaks, and other base metals also jumped higher as the complex was boosted by tight global supplies, soaring Chinese economic growth and fierce demand, analysts said.
Meanwhile, the price of tin hit 15,700 dollars a tonne-which was the highest point since 1989 when the metal was re- introduced on the London market.
Global tin supplies remain tight, as Indonesia, the world's second largest producer after China, continues its crackdown on illegal tin mining and smelting that has cut output in the country for much of this year.
COCOA: Cocoa prices won ground in London and New York. By Friday on the LIFFE, London's futures exchange, the price of cocoa for September delivery firmed to 1,109 pounds a tonne, from 1,102 pounds a week earlier.
On the New York Board of Trade (NYBOT), the September contract rose to 2,103 dollars a tonne, from 2,075 dollars the previous Friday.
COFFEE: Coffee prices rebounded from losses the previous week.
London coffee prices are approaching nine-year highs, lifted by worries over low exports from Vietnam, which is the second- biggest global producer after Brazil.
By Friday on the LIFFE, Robusta quality for September delivery advanced to 1,879 dollars a tonne, from 1,805 dollars a tonne one week earlier.
On the NYBOT, Arabica for September delivery rose to 114.50 US cents a pound, from 109.85 cents.
GRAINS AND SOYA: Maize and soya prices fell as favourable growing conditions boosted supplies, while wheat prices advanced on strong demand.
By Friday on the Chicago Board of Trade, the price of maize for September delivery fell to 3.235 dollars a bushel, from 3.547 dollars a week earlier.
Wheat for September delivery firmed to 6.24 dollars a bushel, from 6.20 dollars.
August-dated soyabean meal-used in animal feed-decreased to 8.61 dollars, from 9.21 dollars.
SUGAR: Sugar prices rose on keen buying interest. By Friday on the LIFFE, the price a tonne of white sugar for October delivery rose to 312.80 dollars, from 309.40 dollars a week earlier.
On the NYBOT, the price of unrefined sugar for October delivery firmed to 10.31 US cents a pound, from 9.99 cents a week earlier.
RUBBER: The price of rubber was firmer Friday amid beneficial growing conditions in key producer Malaysia.
The weather in Malaysia was expected to be "favourable with rubber supply being good," said an official at a rubber producing firm.
On Friday, the Malaysian Rubber Board's benchmark SMR20 rose to 205.80 US cents per kilogram, compared with 200.45 US cents last week.