London oil price eyes record high
Sunday, 8 July 2007
LONDON, July 7 (AFP): World oil prices surged to ten- month highs this week on global supply concerns, while lead hit a new all-time peak and cocoa struck the highest point for four years owing to unrest in Ivory Coast.
OIL: The price of Brent North Sea crude oil climbed beyond 76 dollars for the first time in almost a year as traders fretted over violence in Nigeria.
Brent North Sea crude for August delivery touched 76.01 dollars per barrel, a level last reached on August 11, 2006.
New York's main oil futures contract, light sweet crude for delivery in August, hit 72.94 dollars-the highest level since August 25.
In southern Nigeria, gunmen who kidnapped a three-year-old British girl have threatened to kill her-unless her father takes her place, her mother said Friday, as unrest continued to blight Africa's biggest crude producer. The Brent oil price is just a few dollars off its record high of 78.64 dollars, struck at the start of August 2006, after a pipeline spill forced Britain's BP to close production from Prudhoe Bay, the biggest oil field in the United States.
GOLD: The price of gold dipped. On the London Bullion Market, gold dropped to 648.75 dollars an ounce at Friday's late fixing, from 650.50 dollars a week earlier.
SILVER: Silver prices steadied after shedding almost 5.0 per cent in value the previous week.
Silver is both a precious and an industrial metal, used in the production of jewellery, and in the photographic and dentistry sectors.
On the London Bullion Market, silver dipped to 12.40 dollars an ounce at Friday's late fixing, from 12.54 dollars a week earlier.
PALLADIUM AND PLATINUM: The sister metals had a mixed week amid the threat of strike action in key producer South Africa.
On the London Platinum and Palladium Market, platinum jumped to 1,287 dollars an ounce at the late fixing Friday, from 1,273 dollars a week earlier.
Palladium fell to 363 dollars an ounce, from 365 dollars.
BASE METALS: Lead prices struck a new record high and there were large gains for copper.
Lead hit an all-time high of 2,887 dollars a tonne in London.
On Friday, the price of copper for delivery in three months soared to 7,816 dollars a tonne on the London Metal Exchange, from 7,520 dollars a week earlier.
Three-month aluminium prices rose to 2,791 dollars a tonne, from 2,736 dollars. Three-month nickel prices eased to 35,510 dollars a tonne, from 35,810 dollars. Three-month lead prices rocketed to 2,835 dollars a tonne, from 2,645 dollars. Three-month zinc prices jumped to 3,385.50 dollars a tonne, from 3,326 dollars. Three-month tin prices advanced to 14,100 dollars a tonne, from 13,900 dollars.
COCOA: Cocoa prices struck four-year highs in London and New York owing to unrest in major producer Ivory Coast. London cocoa prices surged on Friday to 1,146 pounds a tonne last seen in late 2003. New York-traded cocoa hit 2,141 dollars a tonne-last reached in February 2003.
Ivory Coast Prime Minister Guillaume Soro last week survived rocket attacks on his twin-engine Fokker jet fired by unidentified men as it landed in Bouake, the headquarters of his New Forces erstwhile rebel movement.
Four of his aides died and 10 others were injured in the attack-the latest twist in the Ivorian saga which began with a failed September 2002 uprising against President Laurent Gbagbo and sliced the nation in half.
COFFEE: Coffee prices climbed, reaching close to nine-year highs in London.
London coffee prices had surged to nine-year highs a fortnight ago amid market worries over lower exports from Vietnam, which is the world's second- biggest coffee producer after Brazil.
By Friday on the LIFFE, Robusta quality for September delivery advanced to 1,890 dollars a tonne, from 1,868 dollars a tonne one week earlier. On the NYBOT, Arabica for September delivery fell to 109.70 US cents a pound, from 112.60 cents.
GRAINS AND SOYA: Maize, wheat and soya prices all advanced in Chicago.
By Friday on the Chicago Board of Trade, the price of maize for September delivery climbed to 3.405 dollars a bushel, from 3.40 dollars a week earlier.
Wheat for September delivery rose to 6.04 dollars a bushel, from 5.97 dollars.
August-dated soyabean meal-used in animal feed-increased to 8.69 dollars, from 8.55 dollars.
SUGAR: Sugar prices rose. By Friday on the LIFFE, the price a tonne of white sugar for August delivery advanced to 322.10 dollars, from 320.50 dollars a week earlier.
On the NYBOT, the price of unrefined sugar for October delivery gained to 9.70 US cents a pound, from 9.17 cents for the July contract.
RUBBER: The price of rubber fell as demand slowed amid ample supply.
On Friday, the Malaysian Rubber Board's benchmark SMR20 fell to 200.65 US cents a kilogramme, compared with 207.35 US cents last week.
WOOL: The price of wool fell slightly in major producer Australia, as the US exchange rate increased by 1.9 per cent.
"Although prices have come back from their peak of five weeks ago when the EMI (Eastern Index) was 10.16 Australian dollars," the Australian Wool Industry Secretariat said.
It added that all indicators were higher by about 25 per cent since the start of the market's upward movement in October.
The Australian wool market finished the week 0.8-per cent lower on average, with the Eastern Index closing at 9.29 dollars a kilogramme.
OIL: The price of Brent North Sea crude oil climbed beyond 76 dollars for the first time in almost a year as traders fretted over violence in Nigeria.
Brent North Sea crude for August delivery touched 76.01 dollars per barrel, a level last reached on August 11, 2006.
New York's main oil futures contract, light sweet crude for delivery in August, hit 72.94 dollars-the highest level since August 25.
In southern Nigeria, gunmen who kidnapped a three-year-old British girl have threatened to kill her-unless her father takes her place, her mother said Friday, as unrest continued to blight Africa's biggest crude producer. The Brent oil price is just a few dollars off its record high of 78.64 dollars, struck at the start of August 2006, after a pipeline spill forced Britain's BP to close production from Prudhoe Bay, the biggest oil field in the United States.
GOLD: The price of gold dipped. On the London Bullion Market, gold dropped to 648.75 dollars an ounce at Friday's late fixing, from 650.50 dollars a week earlier.
SILVER: Silver prices steadied after shedding almost 5.0 per cent in value the previous week.
Silver is both a precious and an industrial metal, used in the production of jewellery, and in the photographic and dentistry sectors.
On the London Bullion Market, silver dipped to 12.40 dollars an ounce at Friday's late fixing, from 12.54 dollars a week earlier.
PALLADIUM AND PLATINUM: The sister metals had a mixed week amid the threat of strike action in key producer South Africa.
On the London Platinum and Palladium Market, platinum jumped to 1,287 dollars an ounce at the late fixing Friday, from 1,273 dollars a week earlier.
Palladium fell to 363 dollars an ounce, from 365 dollars.
BASE METALS: Lead prices struck a new record high and there were large gains for copper.
Lead hit an all-time high of 2,887 dollars a tonne in London.
On Friday, the price of copper for delivery in three months soared to 7,816 dollars a tonne on the London Metal Exchange, from 7,520 dollars a week earlier.
Three-month aluminium prices rose to 2,791 dollars a tonne, from 2,736 dollars. Three-month nickel prices eased to 35,510 dollars a tonne, from 35,810 dollars. Three-month lead prices rocketed to 2,835 dollars a tonne, from 2,645 dollars. Three-month zinc prices jumped to 3,385.50 dollars a tonne, from 3,326 dollars. Three-month tin prices advanced to 14,100 dollars a tonne, from 13,900 dollars.
COCOA: Cocoa prices struck four-year highs in London and New York owing to unrest in major producer Ivory Coast. London cocoa prices surged on Friday to 1,146 pounds a tonne last seen in late 2003. New York-traded cocoa hit 2,141 dollars a tonne-last reached in February 2003.
Ivory Coast Prime Minister Guillaume Soro last week survived rocket attacks on his twin-engine Fokker jet fired by unidentified men as it landed in Bouake, the headquarters of his New Forces erstwhile rebel movement.
Four of his aides died and 10 others were injured in the attack-the latest twist in the Ivorian saga which began with a failed September 2002 uprising against President Laurent Gbagbo and sliced the nation in half.
COFFEE: Coffee prices climbed, reaching close to nine-year highs in London.
London coffee prices had surged to nine-year highs a fortnight ago amid market worries over lower exports from Vietnam, which is the world's second- biggest coffee producer after Brazil.
By Friday on the LIFFE, Robusta quality for September delivery advanced to 1,890 dollars a tonne, from 1,868 dollars a tonne one week earlier. On the NYBOT, Arabica for September delivery fell to 109.70 US cents a pound, from 112.60 cents.
GRAINS AND SOYA: Maize, wheat and soya prices all advanced in Chicago.
By Friday on the Chicago Board of Trade, the price of maize for September delivery climbed to 3.405 dollars a bushel, from 3.40 dollars a week earlier.
Wheat for September delivery rose to 6.04 dollars a bushel, from 5.97 dollars.
August-dated soyabean meal-used in animal feed-increased to 8.69 dollars, from 8.55 dollars.
SUGAR: Sugar prices rose. By Friday on the LIFFE, the price a tonne of white sugar for August delivery advanced to 322.10 dollars, from 320.50 dollars a week earlier.
On the NYBOT, the price of unrefined sugar for October delivery gained to 9.70 US cents a pound, from 9.17 cents for the July contract.
RUBBER: The price of rubber fell as demand slowed amid ample supply.
On Friday, the Malaysian Rubber Board's benchmark SMR20 fell to 200.65 US cents a kilogramme, compared with 207.35 US cents last week.
WOOL: The price of wool fell slightly in major producer Australia, as the US exchange rate increased by 1.9 per cent.
"Although prices have come back from their peak of five weeks ago when the EMI (Eastern Index) was 10.16 Australian dollars," the Australian Wool Industry Secretariat said.
It added that all indicators were higher by about 25 per cent since the start of the market's upward movement in October.
The Australian wool market finished the week 0.8-per cent lower on average, with the Eastern Index closing at 9.29 dollars a kilogramme.