Gold gains from Greek crisis, cocoa hits record high
Monday, 3 May 2010
LONDON, April 30 (AFP): Commodity prices diverged this week as investors reacted to the Greek debt crisis that has affected major financial markets, traders said.
There was meanwhile a record high for cocoa prices owing to strong demand and tight supplies.
OIL: Oil prices rose over the week after a topsy-turvy week amid uncertainty over a Greek bailout.
Prices sunk at the start of the week on heightened concerns about a Greek financial crisis after its debt was slashed to junk status, fanning fears of a default.
By late Friday on the New York Mercantile Exchange, Texas light sweet crude for delivery in June jumped to 85.62 dollars from 83.96 dollars a week earlier.
On London's IntercontinentalExchange, Brent North Sea crude for June delivery climbed to 87.03 dollars compared with 86.22 dollars.
PRECIOUS METALS: Gold prices reached the highest level this year at 1,181.75 dollars an ounce.
By late Friday on the London Bullion Market, gold climbed to 1,179.25 dollars an ounce from 1,139.50 dollars the previous week.
Silver gained to 18.62 dollars dollars an ounce from 17.89 dollars.
On the London Platinum and Palladium Market, platinum rose to 1,738 dollars an ounce from 1,725 dollars.
Palladium dipped to 552 dollars an ounce from 555 dollars.
BASE METALS: Base metals prices fell across the board. By Friday on the London Metal Exchange, copper for delivery in three months fell to 7,399 dollars a tonne from 7,740 dollars a week earlier.
Three-month aluminium dropped to 2,207 dollars a tonne from 2,312 dollars.
Three-month lead slid to 2,205 dollars a tonne from 2,300 dollars.
Three-month tin eased to 18,125 dollars a tonne from 18,990 dollars.
Three-month zinc retreated to 2,282 dollars a tonne from 2,407 dollars.
Three-month nickel declined to 25,700 dollars a tonne from 26,930 dollars.
GRAINS AND SOYA: Maize prices rose while soya and wheat retreated.
By Friday on the Chicago Board of Trade, maize for delivery in July climbed to 3.71 dollars a bushel from 3.61 dollars the previous week.
July-dated soyabean meal-used in animal feed-fell to 9.98 dollars from 10.10 dollars.
Wheat for July dropped to 4.97 dollars a bushel from 5.05 dollars.
COCOA: Cocoa prices struck a record high 2,404 dollars a tonne.
Additionally, "the main producing country, Ivory Coast, has reported a decline in the main crop of 2.8 per cent, year-on-year, though this has already been foreseeable for weeks".
By Friday on LIFFE, the price of cocoa for delivery in July jumped to 2,401 pounds a tonne from 2,336 pounds the previous week.
On the NYBOT, the July cocoa contract increased to 3,231 dollars a tonne from 3,186 dollars.
COFFEE: Coffee prices diverged.
By Friday on LIFFE, Robusta for delivery in July dropped to 1,319 dollars a tonne from 1,325 dollars the previous week.
On the NYBOT, Arabica for July climbed to 135.30 US cents a pound from 131.60 cents.
SUGAR: Sugar prices slid to a one-year low of 14.81 cents a pound.
By Friday on the New York Board of Trade (NYBOT), the price of unrefined sugar for delivery in July fell to 15.12 US cents a pound from 16.17 cents the previous week.
RUBBER: Malaysian rubber prices slid owing to a stronger local currency and weak demand from China ahead of a national holiday, according to dealers.
The Malaysian Rubber Board's benchmark SMR20 dropped to 320.25 US cents a kilo from 334.45 cents the previous week.
There was meanwhile a record high for cocoa prices owing to strong demand and tight supplies.
OIL: Oil prices rose over the week after a topsy-turvy week amid uncertainty over a Greek bailout.
Prices sunk at the start of the week on heightened concerns about a Greek financial crisis after its debt was slashed to junk status, fanning fears of a default.
By late Friday on the New York Mercantile Exchange, Texas light sweet crude for delivery in June jumped to 85.62 dollars from 83.96 dollars a week earlier.
On London's IntercontinentalExchange, Brent North Sea crude for June delivery climbed to 87.03 dollars compared with 86.22 dollars.
PRECIOUS METALS: Gold prices reached the highest level this year at 1,181.75 dollars an ounce.
By late Friday on the London Bullion Market, gold climbed to 1,179.25 dollars an ounce from 1,139.50 dollars the previous week.
Silver gained to 18.62 dollars dollars an ounce from 17.89 dollars.
On the London Platinum and Palladium Market, platinum rose to 1,738 dollars an ounce from 1,725 dollars.
Palladium dipped to 552 dollars an ounce from 555 dollars.
BASE METALS: Base metals prices fell across the board. By Friday on the London Metal Exchange, copper for delivery in three months fell to 7,399 dollars a tonne from 7,740 dollars a week earlier.
Three-month aluminium dropped to 2,207 dollars a tonne from 2,312 dollars.
Three-month lead slid to 2,205 dollars a tonne from 2,300 dollars.
Three-month tin eased to 18,125 dollars a tonne from 18,990 dollars.
Three-month zinc retreated to 2,282 dollars a tonne from 2,407 dollars.
Three-month nickel declined to 25,700 dollars a tonne from 26,930 dollars.
GRAINS AND SOYA: Maize prices rose while soya and wheat retreated.
By Friday on the Chicago Board of Trade, maize for delivery in July climbed to 3.71 dollars a bushel from 3.61 dollars the previous week.
July-dated soyabean meal-used in animal feed-fell to 9.98 dollars from 10.10 dollars.
Wheat for July dropped to 4.97 dollars a bushel from 5.05 dollars.
COCOA: Cocoa prices struck a record high 2,404 dollars a tonne.
Additionally, "the main producing country, Ivory Coast, has reported a decline in the main crop of 2.8 per cent, year-on-year, though this has already been foreseeable for weeks".
By Friday on LIFFE, the price of cocoa for delivery in July jumped to 2,401 pounds a tonne from 2,336 pounds the previous week.
On the NYBOT, the July cocoa contract increased to 3,231 dollars a tonne from 3,186 dollars.
COFFEE: Coffee prices diverged.
By Friday on LIFFE, Robusta for delivery in July dropped to 1,319 dollars a tonne from 1,325 dollars the previous week.
On the NYBOT, Arabica for July climbed to 135.30 US cents a pound from 131.60 cents.
SUGAR: Sugar prices slid to a one-year low of 14.81 cents a pound.
By Friday on the New York Board of Trade (NYBOT), the price of unrefined sugar for delivery in July fell to 15.12 US cents a pound from 16.17 cents the previous week.
RUBBER: Malaysian rubber prices slid owing to a stronger local currency and weak demand from China ahead of a national holiday, according to dealers.
The Malaysian Rubber Board's benchmark SMR20 dropped to 320.25 US cents a kilo from 334.45 cents the previous week.