Gold strikes record high; oil, coffee futures surge
Sunday, 20 June 2010
LONDON, June 19 (AFP): The price of gold surged to an all-time high point above 1,262 dollars, oil futures rebounded and coffee struck multi-month peaks in a positive week for commodities.
PRECIOUS METALS: The price of gold hit a record high point of 1,262.50 dollars an ounce Friday, on the back of the weaker US currency and downbeat US economic data, traders said.
"This could open the door to further appreciation towards the 1,300-dollar level in the coming weeks," said Rajesh Patel, head trader at financial betting firm Spread Co.
"The dollar has been due a fall, what with its strength versus the euro and sterling lately, and a falling dollar pushes gold higher as it makes it cheaper for investors outside the US to buy gold, increasing demand.
Silver, platinum and palladium prices meanwhile hit one- month highs this week.
Gold, whose two main drivers are jewellery and investment buyers, is viewed as a safe-haven investment in times of economic trouble.
By late Friday on the London Bullion Market, gold prices were at 1,256 dollars an ounce from 1,220 dollars the previous week.
Silver climbed to 18.77 dollars an ounce from 18.31 dollars.
On the London Platinum and Palladium Market, platinum gained to 1,578 dollars an ounce from 1,539 dollars.
Palladium advanced to 484 dollars an ounce from 449 dollars.
OIL: Prices surged this week on the back of global economic recovery hopes, the weak dollar and a surprise drop in US gasoline inventories that suggested strengthening energy demand.
The euro rose against the dollar on hopes that positive data means the eurozone debt crisis will not derail the global economic recovery.
The oil market also climbed Tuesday, along with stock markets and the euro, as investors grew more confident about economic recovery.
By late Friday on the New York Mercantile Exchange, Texas light sweet crude for delivery in July leapt to 77.26 dollars a barrel from 71.78 dollars a week earlier.
On London's Intercontinental Exchange, Brent North Sea crude for August delivery soared to 78.49 dollars from 72.58 dollars for the July contract one week earlier.
COCOA: Cocoa futures diverged. By Friday on LIFFE, the price of cocoa for delivery in September fell to 2,326 pounds a tonne from 2,455 pounds the previous week.
On the NYBOT, the September cocoa contract gained to 2,956 dollars a tonne from 2,944 dollars.
SUGAR: Sugar prices retreated. By Friday on the NYBOT, the price of unrefined sugar for delivery in July dropped to 15.36 US cents a pound from 15.57 cents the previous week.
On LIFFE, the price of a tonne of white sugar for August fell to 501 pounds from 512.80 pounds.
GRAINS AND SOYA: Maize, soya and wheat prices rose. "There has been more attention given to the floodings occurring in Canada, that has a sizable positive impact on the price of wheat and soybeans," said Bill Nelson, analyst at Doane Advisory Services.
By Friday on the Chicago Board of Trade, maize for delivery in December climbed to 3.84 dollars a bushel from 3.71 dollars the previous week.
November-dated soyabean meal-used in animal feed-gained to 9.33 dollars from 9.09 dollars.
Wheat for September advanced to 4.81 dollars a bushel from 4.57 dollars.
RUBBER: Malaysian rubber prices gained this week. The Malaysian Rubber Board's benchmark SMR20 rose to 288.20 US cents a kilo from 284.75 cents a week earlier.
PRECIOUS METALS: The price of gold hit a record high point of 1,262.50 dollars an ounce Friday, on the back of the weaker US currency and downbeat US economic data, traders said.
"This could open the door to further appreciation towards the 1,300-dollar level in the coming weeks," said Rajesh Patel, head trader at financial betting firm Spread Co.
"The dollar has been due a fall, what with its strength versus the euro and sterling lately, and a falling dollar pushes gold higher as it makes it cheaper for investors outside the US to buy gold, increasing demand.
Silver, platinum and palladium prices meanwhile hit one- month highs this week.
Gold, whose two main drivers are jewellery and investment buyers, is viewed as a safe-haven investment in times of economic trouble.
By late Friday on the London Bullion Market, gold prices were at 1,256 dollars an ounce from 1,220 dollars the previous week.
Silver climbed to 18.77 dollars an ounce from 18.31 dollars.
On the London Platinum and Palladium Market, platinum gained to 1,578 dollars an ounce from 1,539 dollars.
Palladium advanced to 484 dollars an ounce from 449 dollars.
OIL: Prices surged this week on the back of global economic recovery hopes, the weak dollar and a surprise drop in US gasoline inventories that suggested strengthening energy demand.
The euro rose against the dollar on hopes that positive data means the eurozone debt crisis will not derail the global economic recovery.
The oil market also climbed Tuesday, along with stock markets and the euro, as investors grew more confident about economic recovery.
By late Friday on the New York Mercantile Exchange, Texas light sweet crude for delivery in July leapt to 77.26 dollars a barrel from 71.78 dollars a week earlier.
On London's Intercontinental Exchange, Brent North Sea crude for August delivery soared to 78.49 dollars from 72.58 dollars for the July contract one week earlier.
COCOA: Cocoa futures diverged. By Friday on LIFFE, the price of cocoa for delivery in September fell to 2,326 pounds a tonne from 2,455 pounds the previous week.
On the NYBOT, the September cocoa contract gained to 2,956 dollars a tonne from 2,944 dollars.
SUGAR: Sugar prices retreated. By Friday on the NYBOT, the price of unrefined sugar for delivery in July dropped to 15.36 US cents a pound from 15.57 cents the previous week.
On LIFFE, the price of a tonne of white sugar for August fell to 501 pounds from 512.80 pounds.
GRAINS AND SOYA: Maize, soya and wheat prices rose. "There has been more attention given to the floodings occurring in Canada, that has a sizable positive impact on the price of wheat and soybeans," said Bill Nelson, analyst at Doane Advisory Services.
By Friday on the Chicago Board of Trade, maize for delivery in December climbed to 3.84 dollars a bushel from 3.71 dollars the previous week.
November-dated soyabean meal-used in animal feed-gained to 9.33 dollars from 9.09 dollars.
Wheat for September advanced to 4.81 dollars a bushel from 4.57 dollars.
RUBBER: Malaysian rubber prices gained this week. The Malaysian Rubber Board's benchmark SMR20 rose to 288.20 US cents a kilo from 284.75 cents a week earlier.