Gold, oil prices forge historic heights
Sunday, 16 March 2008
LONDON, March 15 (AFP): Gold prices topped 1,000 dollars for the first time and oil futures rocketed to a record high 111 dollars this week as the dollar plunged to all-time lows against the euro.
Investors dived into commodities as they sought a haven amid fears of a US recession and global economic slowdown. Investment in gold and oil is also seen as a hedge against future rises in inflation.
OIL: Oil prices enjoyed another record-breaking run this week as traders sought refuge from turbulent stock markets and the dollar's downwards plunge.
New York's light sweet crude jumped to a record high 111 dollars per barrel Thursday. London's Brent oil hit an historic 108.02 dollars Friday.
By Friday, New York's main oil futures contract, light sweet crude for delivery in April, was at 109.30 dollars, up from 105.42 dollars a week earlier.
Brent North Sea crude for April jumped to 106.59 dollars from 105.42 dollars.
GOLD: Gold prices soared to a record high 1,007.40 dollars per ounce Friday as the dollar slumped to record lows versus the euro.
On the London Bullion Market, gold stood at 1,003.50 dollars per ounce at Friday's late fixing, up from 972.50 dollars a week earlier.
Silver jumped to 21.07 dollars per ounce from 20.22 dollars.
PLATINUM: On the London Platinum and Palladium Market, platinum climbed to 2,107 dollars per ounce at the late fixing Friday from 2,082 dollars a week earlier.
Palladium gained to 512 dollars per ounce from 506 dollars.
BASE METALS: Tin reached a fresh historic high of 20,700 dollars per tonne on supply disruptions and strong demand as the dollar weakened.
By Friday, copper for delivery in three months eased to 8,490 dollars per tonne on the London Metal Exchange from 8,495 dollars a week earlier.
Three-month aluminium fell to 3,156 dollars per tonne from 3,198 dollars.
Three-month nickel dropped to 32,850 dollars per tonne from 33,175 dollars.
Three-month lead rose to 3,101 dollars per tonne from 3,090 dollars.
Three-month zinc slid to 2,608 dollars per tonne from 2,630 dollars.
Three-month tin jumped to 20,700 dollars per tonne from 19,299 dollars.
GRAINS AND SOYA: Wheat prices reached a record closing high of 12.82 dollars per bushel Wednesday in Chicago on tight supplies and strong demand.
By Friday on the Chicago Board of Trade, wheat for May delivery had risen to 11.73 dollars per bushel from 11.05 dollars the previous week.
May-dated soyabean meal-used in animal feed-fell to 13.55 dollars from 14.08 dollars.
The price of maize for May delivery gained to 5.55 dollars per bushel from 5.47 dollars a week earlier.
On LIFFE, London's futures exchange, the price per tonne of wheat for November delivery rose to 160.50 pounds from 158.75 pounds a week earlier.
COCOA: Cocoa prices hit the highest point for 28 years in London at 1,525 pounds per tonne.
By Friday on LIFFE the price of cocoa for May delivery advanced to 1,473 pounds per tonne from 1,394 pounds a week earlier.
On the New York Board of Trade (NYBOT), the May cocoa contract jumped to 2,879 dollars per tonne from 2,507 dollars a week earlier.
COFFEE: Coffee prices advanced in London and New York.
By Friday on LIFFE, Robusta for May delivery had risen to 2,673 dollars per tonne from 2,507 dollars a week earlier.
On the NYBOT, Arabica for May delivery rose to 151.45 US cents per pound from 149.90 cents.
SUGAR: Sugar prices gained. By Friday on LIFFE, the price per tonne of white sugar for May delivery advanced to 355 pounds from 349 pounds a week earlier.
RUBBER: On Friday, the Malaysian Rubber Board's benchmark SMR20 gained to 268.45 US cents per kilo from 267.40 a week earlier.
Investors dived into commodities as they sought a haven amid fears of a US recession and global economic slowdown. Investment in gold and oil is also seen as a hedge against future rises in inflation.
OIL: Oil prices enjoyed another record-breaking run this week as traders sought refuge from turbulent stock markets and the dollar's downwards plunge.
New York's light sweet crude jumped to a record high 111 dollars per barrel Thursday. London's Brent oil hit an historic 108.02 dollars Friday.
By Friday, New York's main oil futures contract, light sweet crude for delivery in April, was at 109.30 dollars, up from 105.42 dollars a week earlier.
Brent North Sea crude for April jumped to 106.59 dollars from 105.42 dollars.
GOLD: Gold prices soared to a record high 1,007.40 dollars per ounce Friday as the dollar slumped to record lows versus the euro.
On the London Bullion Market, gold stood at 1,003.50 dollars per ounce at Friday's late fixing, up from 972.50 dollars a week earlier.
Silver jumped to 21.07 dollars per ounce from 20.22 dollars.
PLATINUM: On the London Platinum and Palladium Market, platinum climbed to 2,107 dollars per ounce at the late fixing Friday from 2,082 dollars a week earlier.
Palladium gained to 512 dollars per ounce from 506 dollars.
BASE METALS: Tin reached a fresh historic high of 20,700 dollars per tonne on supply disruptions and strong demand as the dollar weakened.
By Friday, copper for delivery in three months eased to 8,490 dollars per tonne on the London Metal Exchange from 8,495 dollars a week earlier.
Three-month aluminium fell to 3,156 dollars per tonne from 3,198 dollars.
Three-month nickel dropped to 32,850 dollars per tonne from 33,175 dollars.
Three-month lead rose to 3,101 dollars per tonne from 3,090 dollars.
Three-month zinc slid to 2,608 dollars per tonne from 2,630 dollars.
Three-month tin jumped to 20,700 dollars per tonne from 19,299 dollars.
GRAINS AND SOYA: Wheat prices reached a record closing high of 12.82 dollars per bushel Wednesday in Chicago on tight supplies and strong demand.
By Friday on the Chicago Board of Trade, wheat for May delivery had risen to 11.73 dollars per bushel from 11.05 dollars the previous week.
May-dated soyabean meal-used in animal feed-fell to 13.55 dollars from 14.08 dollars.
The price of maize for May delivery gained to 5.55 dollars per bushel from 5.47 dollars a week earlier.
On LIFFE, London's futures exchange, the price per tonne of wheat for November delivery rose to 160.50 pounds from 158.75 pounds a week earlier.
COCOA: Cocoa prices hit the highest point for 28 years in London at 1,525 pounds per tonne.
By Friday on LIFFE the price of cocoa for May delivery advanced to 1,473 pounds per tonne from 1,394 pounds a week earlier.
On the New York Board of Trade (NYBOT), the May cocoa contract jumped to 2,879 dollars per tonne from 2,507 dollars a week earlier.
COFFEE: Coffee prices advanced in London and New York.
By Friday on LIFFE, Robusta for May delivery had risen to 2,673 dollars per tonne from 2,507 dollars a week earlier.
On the NYBOT, Arabica for May delivery rose to 151.45 US cents per pound from 149.90 cents.
SUGAR: Sugar prices gained. By Friday on LIFFE, the price per tonne of white sugar for May delivery advanced to 355 pounds from 349 pounds a week earlier.
RUBBER: On Friday, the Malaysian Rubber Board's benchmark SMR20 gained to 268.45 US cents per kilo from 267.40 a week earlier.