Oil falls at end of record-breaking week
Sunday, 16 September 2007
NEW YORK, Sept 15 (AFP): New York oil prices fell yesterday on profit taking after striking a fresh record peak above 80 dollars a barrel, with supply fears still strong, analysts said.
Many raw materials were boosted by the weak US currency, which makes dollar-denominated commodities cheaper for foreign buyers using stronger currencies.
OIL: New York's main futures contract, light sweet crude for delivery in October dropped 99 cents to close at 79.10 dollars per barrel after moving briefly to a new high at 80.36 dollars.
On Thursday it reached a record high 80.20 dollars.
In London Friday, the price of Brent North Sea crude for November delivery fell 90 cents to settle at 76.22 dollars per barrel. The October contract expired Thursday at 77.40 dollars.
PRECIOUS METALS: Precious metals mostly rose.
Gold prices hit 717.15 dollars per ounce, which was last seen in May 2006, as the metal was boosted by a raft of supportive factors including buoyant Asian demand for jewellery, analysts said.
On the London Bullion Market, gold soared to 716.35 dollars an ounce at Friday's late fixing, from 701 dollars a week earlier.
Silver jumped to 12.79 dollars an ounce at Friday's late fixing, from 12.57 dollars a week earlier.
On the London Platinum and Palladium Market, platinum rose to 1,294 dollars an ounce at the late fixing Friday, from 1,289 dollars a week earlier.
Palladium eased to 330 dollars an ounce, from 334 dollars.
BASE METALS: Base metal prices mainly rose, pushed higher by star performers copper and lead.
On Friday, the price of copper for delivery in three months leapt to 7,550 dollars a tonne on the London Metal Exchange, from 7,204 dollars a week earlier.
Three-month aluminium prices sank to 2,440 dollars a tonne, from 2,451 dollars.
Three-month nickel prices rose to 28,598 dollars a tonne, from 27,649 dollars.
Three-month lead prices rocketed to 3,209.85 dollars a tonne, from 2,920 dollars.
Three-month zinc prices increased to 2,849 dollars a tonne, from 2,800 dollars.
Three-month tin prices gained to 14,875 dollars a tonne, from 14,799 dollars.
COCOA: Cocoa prices edged up amid concerns that crop disease could hamper output in leading producer Ivory Coast.
By Friday on the LIFFE, London's futures exchange, the price of cocoa for December delivery rose to 967 pounds a tonne, from 963 pounds a week earlier.
On the New York Board of Trade (NYBOT), the December contract rose to 1,840 dollars a tonne, from 1,835 dollars the previous Friday.
COFFEE: Coffee prices rose on buoyant global demand.
By Friday on the LIFFE, Robusta quality for November delivery surged to 1,940 dollars a tonne, from 1,828 dollars one week earlier.
On the NYBOT, Arabica for December delivery soared to 119.90 US cents a pound, from 116.65 cents.
SUGAR: Sugar prices fell as traders anticipated a large world surplus in the current crop year ending September 2008.
By Friday on the LIFFE, the price per tonne of white sugar for December delivery fell to 269.10 pounds, from 275.40 pounds a week earlier.
GRAINS AND SOYA: Wheat drifted lower on profit-taking following its recent record-breaking run, while soya rose on forecasts of falling harvests.
In recent weeks, wheat has struck fresh highs on fears that crops from drought-hit key exporters Australia and Argentina.
By Friday on the Chicago Board of Trade, the price of maize for December delivery rose to 3.49 dollars a bushel, from 3.47 dollars a week earlier.
Wheat for December delivery eased to 8.39 dollars a bushel, from 8.43 dollars the previous week.
November-dated soyabean meal-used in animal feed-advanced to 9.47 dollars, from 9.05 dollars.
On the LIFFE, the price per tonne of wheat for May delivery rose to 179.00 pounds, from 176.50 pounds a week earlier.
RUBBER: The price of rubber rose for the sixth week in a row due to falling stocks and flagging production in key producing nations.
On Friday, the Malaysian Rubber Board's benchmark SMR20 increased to 211.85 US cents per kilo, from 209.70 the previous week.
Many raw materials were boosted by the weak US currency, which makes dollar-denominated commodities cheaper for foreign buyers using stronger currencies.
OIL: New York's main futures contract, light sweet crude for delivery in October dropped 99 cents to close at 79.10 dollars per barrel after moving briefly to a new high at 80.36 dollars.
On Thursday it reached a record high 80.20 dollars.
In London Friday, the price of Brent North Sea crude for November delivery fell 90 cents to settle at 76.22 dollars per barrel. The October contract expired Thursday at 77.40 dollars.
PRECIOUS METALS: Precious metals mostly rose.
Gold prices hit 717.15 dollars per ounce, which was last seen in May 2006, as the metal was boosted by a raft of supportive factors including buoyant Asian demand for jewellery, analysts said.
On the London Bullion Market, gold soared to 716.35 dollars an ounce at Friday's late fixing, from 701 dollars a week earlier.
Silver jumped to 12.79 dollars an ounce at Friday's late fixing, from 12.57 dollars a week earlier.
On the London Platinum and Palladium Market, platinum rose to 1,294 dollars an ounce at the late fixing Friday, from 1,289 dollars a week earlier.
Palladium eased to 330 dollars an ounce, from 334 dollars.
BASE METALS: Base metal prices mainly rose, pushed higher by star performers copper and lead.
On Friday, the price of copper for delivery in three months leapt to 7,550 dollars a tonne on the London Metal Exchange, from 7,204 dollars a week earlier.
Three-month aluminium prices sank to 2,440 dollars a tonne, from 2,451 dollars.
Three-month nickel prices rose to 28,598 dollars a tonne, from 27,649 dollars.
Three-month lead prices rocketed to 3,209.85 dollars a tonne, from 2,920 dollars.
Three-month zinc prices increased to 2,849 dollars a tonne, from 2,800 dollars.
Three-month tin prices gained to 14,875 dollars a tonne, from 14,799 dollars.
COCOA: Cocoa prices edged up amid concerns that crop disease could hamper output in leading producer Ivory Coast.
By Friday on the LIFFE, London's futures exchange, the price of cocoa for December delivery rose to 967 pounds a tonne, from 963 pounds a week earlier.
On the New York Board of Trade (NYBOT), the December contract rose to 1,840 dollars a tonne, from 1,835 dollars the previous Friday.
COFFEE: Coffee prices rose on buoyant global demand.
By Friday on the LIFFE, Robusta quality for November delivery surged to 1,940 dollars a tonne, from 1,828 dollars one week earlier.
On the NYBOT, Arabica for December delivery soared to 119.90 US cents a pound, from 116.65 cents.
SUGAR: Sugar prices fell as traders anticipated a large world surplus in the current crop year ending September 2008.
By Friday on the LIFFE, the price per tonne of white sugar for December delivery fell to 269.10 pounds, from 275.40 pounds a week earlier.
GRAINS AND SOYA: Wheat drifted lower on profit-taking following its recent record-breaking run, while soya rose on forecasts of falling harvests.
In recent weeks, wheat has struck fresh highs on fears that crops from drought-hit key exporters Australia and Argentina.
By Friday on the Chicago Board of Trade, the price of maize for December delivery rose to 3.49 dollars a bushel, from 3.47 dollars a week earlier.
Wheat for December delivery eased to 8.39 dollars a bushel, from 8.43 dollars the previous week.
November-dated soyabean meal-used in animal feed-advanced to 9.47 dollars, from 9.05 dollars.
On the LIFFE, the price per tonne of wheat for May delivery rose to 179.00 pounds, from 176.50 pounds a week earlier.
RUBBER: The price of rubber rose for the sixth week in a row due to falling stocks and flagging production in key producing nations.
On Friday, the Malaysian Rubber Board's benchmark SMR20 increased to 211.85 US cents per kilo, from 209.70 the previous week.