New York oil price climbs, gold breaches $900
Sunday, 26 April 2009
LONDON, Apr 25 (AFP): New York crude oil prices charged higher this week, winning support from resurgent equity markets and the flagging US currency, while gold burst back above 900 dollars per ounce.
The weak greenback stimulated demand for dollar-priced commodities because it makes them cheaper for buyers using stronger currencies.
OIL: New York prices advanced despite news that US crude stockpiles were at the highest level for 18 years, while London Brent oil eased lower.
The US Department of Energy (DoE) said Wednesday that American crude oil stockpiles had surged 3.9 million barrels in the week ending April 17 -- marking the sixth weekly gain in a row.
Crude inventories in the United States are about 17 per cent above their level at the same stage last year, and remain at the highest level since September 1990.
Oil prices have slumped since striking record peaks above 147 dollars per barrel in July 2008, as demand melted in the face of a vicious global economic slowdown.
PRECIOUS METALS: Gold prices raced higher on concerns about the US economy and strong Chinese demand. Meanwhile, platinum's surplus tripled last year as the global carmaking sector hit the skids, respected metals consultancy GFMS said.
GFMS added in its latest annual Platinum & Palladium Survey that a drop in mine supply caused palladium's gross deficit to almost double to around 650,000 ounces in 2008. Platinum and palladium are both used in the manufacture of catalytic converters that help to reduce pollutants released by vehicles' exhausts.
The consultancy forecast that platinum prices would trade between 900 and 1,375 dollars an ounce during the rest of 2009, while palladium would range from 170 dollars to 325 dollars an ounce.
By late Friday on the London Bullion Market, gold had jumped to 909 dollars an ounce from 870.50 dollars the previous week. Silver rose to 12.78 dollars an ounce from 11.98 dollars. On the London Platinum and Palladium Market, platinum fell to 1,175 dollars an ounce at the late fixing Friday from 1,215 dollars.
BASE METALS: Base metals prices mostly fell as traders eyed high stockpiles and weak demand. By Friday on the London Metal Exchange, copper for delivery in three months fell to 4,374 dollars a tonne from 4,720 dollars the previous week. Three-month aluminium eased to 1,445 dollars a tonne from 1,485 dollars.
COCOA: Cocoa prices were mixed amid ongoing fears about leading producer Ivory Coast. By Friday on LIFFE, London's futures exchange, the price of cocoa for delivery in May had risen to 1,837 pounds a tonne from 1,712 pounds the previous week.
On the New York Board of Trade (NYBOT), the July cocoa contract rallied to 2,453 dollars a tonne from 2,354 dollars.
COFFEE: Coffee prices were mixed. By Friday on LIFFE, Robusta for delivery in May dipped to 1,491 dollars a tonne from 1,494 dollars the previous week. On the NYBOT, Arabica for July rose to 118.55 US cents a pound from 114.25 cents.
GRAINS AND SOYA: Prices diverged as traders kept a keen eye on prevailing weather conditions in major producer the United States.
"The market is very volatile (due) to the change in weather forecast," said analyst Bill Nelson at Doane Advisory Services. By Friday on the Chicago Board of Trade, maize for delivery in July rose to 3.93 dollars a bushel from 3.85 dollars the previous week.
SUGAR: Sugar prices diverged in muted trade. By Friday on LIFFE, the price of a tonne of white sugar for delivery in August firmed to 413.10 pounds from 396.20 pounds the previous week. On NYBOT, the price of unrefined sugar for July increased to 13.83 US cents a pound from 13.48 cents.
RUBBER: Malaysian rubber prices dropped this week due to lack of fresh buying interest amid the global economic downturn, dealers said. On Friday, the Malaysian Rubber Board's benchmark SMR20 fell to 155.45 US cents per kilogram, from 160.05 cents last week.
The weak greenback stimulated demand for dollar-priced commodities because it makes them cheaper for buyers using stronger currencies.
OIL: New York prices advanced despite news that US crude stockpiles were at the highest level for 18 years, while London Brent oil eased lower.
The US Department of Energy (DoE) said Wednesday that American crude oil stockpiles had surged 3.9 million barrels in the week ending April 17 -- marking the sixth weekly gain in a row.
Crude inventories in the United States are about 17 per cent above their level at the same stage last year, and remain at the highest level since September 1990.
Oil prices have slumped since striking record peaks above 147 dollars per barrel in July 2008, as demand melted in the face of a vicious global economic slowdown.
PRECIOUS METALS: Gold prices raced higher on concerns about the US economy and strong Chinese demand. Meanwhile, platinum's surplus tripled last year as the global carmaking sector hit the skids, respected metals consultancy GFMS said.
GFMS added in its latest annual Platinum & Palladium Survey that a drop in mine supply caused palladium's gross deficit to almost double to around 650,000 ounces in 2008. Platinum and palladium are both used in the manufacture of catalytic converters that help to reduce pollutants released by vehicles' exhausts.
The consultancy forecast that platinum prices would trade between 900 and 1,375 dollars an ounce during the rest of 2009, while palladium would range from 170 dollars to 325 dollars an ounce.
By late Friday on the London Bullion Market, gold had jumped to 909 dollars an ounce from 870.50 dollars the previous week. Silver rose to 12.78 dollars an ounce from 11.98 dollars. On the London Platinum and Palladium Market, platinum fell to 1,175 dollars an ounce at the late fixing Friday from 1,215 dollars.
BASE METALS: Base metals prices mostly fell as traders eyed high stockpiles and weak demand. By Friday on the London Metal Exchange, copper for delivery in three months fell to 4,374 dollars a tonne from 4,720 dollars the previous week. Three-month aluminium eased to 1,445 dollars a tonne from 1,485 dollars.
COCOA: Cocoa prices were mixed amid ongoing fears about leading producer Ivory Coast. By Friday on LIFFE, London's futures exchange, the price of cocoa for delivery in May had risen to 1,837 pounds a tonne from 1,712 pounds the previous week.
On the New York Board of Trade (NYBOT), the July cocoa contract rallied to 2,453 dollars a tonne from 2,354 dollars.
COFFEE: Coffee prices were mixed. By Friday on LIFFE, Robusta for delivery in May dipped to 1,491 dollars a tonne from 1,494 dollars the previous week. On the NYBOT, Arabica for July rose to 118.55 US cents a pound from 114.25 cents.
GRAINS AND SOYA: Prices diverged as traders kept a keen eye on prevailing weather conditions in major producer the United States.
"The market is very volatile (due) to the change in weather forecast," said analyst Bill Nelson at Doane Advisory Services. By Friday on the Chicago Board of Trade, maize for delivery in July rose to 3.93 dollars a bushel from 3.85 dollars the previous week.
SUGAR: Sugar prices diverged in muted trade. By Friday on LIFFE, the price of a tonne of white sugar for delivery in August firmed to 413.10 pounds from 396.20 pounds the previous week. On NYBOT, the price of unrefined sugar for July increased to 13.83 US cents a pound from 13.48 cents.
RUBBER: Malaysian rubber prices dropped this week due to lack of fresh buying interest amid the global economic downturn, dealers said. On Friday, the Malaysian Rubber Board's benchmark SMR20 fell to 155.45 US cents per kilogram, from 160.05 cents last week.