Oil hovers near $94, Chile quake boosts copper
Friday, 16 November 2007
SINGAPORE, Nov 15 (Reuters): Oil prices hovered near $94 today bolstered by US supply concerns ahead of winter, while copper prices in Asian markets rose more than 1 per cent after an earthquake struck the world's top copper producer Chile.
Asian share markets fell around 1 per cent, a day after a regional share index posted its best one-day gain in nearly two months, as investors turned slightly cautious ahead of US and euro zone inflation data due later in the day.
Those worries kept a lid on the dollar, which recovered from overnight losses against a basket of major currencies but was struggling to make further headway.
Financial bookmakers in London expect the FTSE 100 index to open 20-26 points lower, Frankfurt's DAX to open between 36 points lower and 29 points higher, and Paris' CAC-40 to open down 18-30 points.
Investors betting on falling US crude inventories pushed oil up more than 3 per cent to about $94 a barrel Wednesday, supporting some energy related stocks. NYMEX December crude was off 21 cents at $93.88 a barrel.
Strong oil prices helped drive gold above $810 an ounce from around $800. Gold has risen more than 20 per cent this year as record-high oil prices elevate its role as a hedge against inflation and a struggling dollar lifts its appeal as an alternative investment.
Shanghai copper jumped more than 1 per cent after an earthquake rocked Chile, while tin eased from a contract high reached Wednesday. Mineral-rich Chile provides more than a third of the world's annual copper supplies. Output at some of the world's largest copper mines was halted.
Copper for delivery in three months on the London Metal Exchange rose $35 to $7,170 a tonne, while Shanghai's January copper contract edged 0.4 per cent higher.
Tokyo's Nikkei average ended 0.7 per cent down after Wednesday's 2.5 per cent bounce, pulled down by TDK Corp, which tumbled on a UBS downgrade, and other recent risers.
Asian share markets fell around 1 per cent, a day after a regional share index posted its best one-day gain in nearly two months, as investors turned slightly cautious ahead of US and euro zone inflation data due later in the day.
Those worries kept a lid on the dollar, which recovered from overnight losses against a basket of major currencies but was struggling to make further headway.
Financial bookmakers in London expect the FTSE 100 index to open 20-26 points lower, Frankfurt's DAX to open between 36 points lower and 29 points higher, and Paris' CAC-40 to open down 18-30 points.
Investors betting on falling US crude inventories pushed oil up more than 3 per cent to about $94 a barrel Wednesday, supporting some energy related stocks. NYMEX December crude was off 21 cents at $93.88 a barrel.
Strong oil prices helped drive gold above $810 an ounce from around $800. Gold has risen more than 20 per cent this year as record-high oil prices elevate its role as a hedge against inflation and a struggling dollar lifts its appeal as an alternative investment.
Shanghai copper jumped more than 1 per cent after an earthquake rocked Chile, while tin eased from a contract high reached Wednesday. Mineral-rich Chile provides more than a third of the world's annual copper supplies. Output at some of the world's largest copper mines was halted.
Copper for delivery in three months on the London Metal Exchange rose $35 to $7,170 a tonne, while Shanghai's January copper contract edged 0.4 per cent higher.
Tokyo's Nikkei average ended 0.7 per cent down after Wednesday's 2.5 per cent bounce, pulled down by TDK Corp, which tumbled on a UBS downgrade, and other recent risers.