Oil price surges, gold sparkles
Sunday, 9 September 2007
LONDON, Sept 8 (AFP): The New York oil price soared this week close to a record high on weak US energy stocks, while gold struck the highest level since May 2006.
But many commodities were hit after an unexpectedly weak jobs report in the United States Friday sent American and European stock markets sliding on concerns about the world's biggest economy, analysts said.
Gold hit its highest level since May 2006, lifted by factors including solid demand, geopolitical and economic jitters, and a weak US currency which makes dollar-denominated goods cheaper for buyers holding stronger currencies.
OIL: New York crude hit 77.43 dollars a barrel Thursday, close to its record high of 78.77 dollars struck on August 1.
Brent's record high stands at 78.40 dollars, which was reached in 2006.
By Friday, New York's main oil futures contract, light sweet crude for delivery in October, surged to 76.19 dollars a barrel, from 74.14 dollars a week earlier.
In London, Brent North Sea crude for October delivery soared to 74.47 dollars a barrel Friday, compared with 72.95 dollars a week earlier.
PRECIOUS METALS: Precious metals leapt higher, led by star performer gold.
Gold prices touched 706.80 dollars per ounce, which was last seen on May 17, 2006, as the metal was also lifted by rebounding demand and ongoing concern about world financial markets.
Geopolitical concerns in the Middle East have also attracted buyers to the precious metal, which is regarded as a safe-haven investment in times of uncertainty.
On the London Bullion Market, gold soared to 701 dollars an ounce at Friday's late fixing, from 672 dollars a week earlier.
Silver jumped to 12.57 dollars an ounce at Friday's late fixing, from 11.95 dollars a week earlier.
On the London Platinum and Palladium Market, platinum rose to 1,289 dollars an ounce at the late fixing Friday, from 1,268 dollars a week earlier.
Palladium firmed to 334 dollars an ounce, from 330 dollars.
BASE METALS: Base metals prices plummeted in line with global stock markets, as investors took flight on fears of lower global demand.
On Friday, the price of copper for delivery in three months tumbled to 7,204 dollars a tonne on the London Metal Exchange, from 7,530 dollars a week earlier.
Three-month aluminium prices sank to 2,451 dollars a tonne, from 2,560 dollars.
Three-month nickel prices reversed to 27,649 dollars a tonne, from 30,000 dollars.
Three-month lead prices recoiled to 2,920 dollars a tonne, from 3,195 dollars.
Three-month zinc prices decreased to 2,800 dollars a tonne, from 3,120 dollars.
Three-month tin prices fell to 14,799 dollars a tonne, from 15,637 dollars.
COCOA: Cocoa prices climbed in New York, supported by fears of crop disease in leading producer Ivory Coast.
Traders are tracking reports that the Ivory Coast cocoa crop has been hit by the Black Pod fungal disease. Some analysts said the outbreak could cut the 2007/08 crop by as much as 20,000 tonnes.
By Friday on the LIFFE, London's futures exchange, the price of cocoa for December delivery slid to 963 pounds a tonne, from 966 pounds a week earlier.
On the New York Board of Trade (NYBOT), the December contract rose to 1,835 dollars a tonne, from 1,824 dollars the previous Friday.
COFFEE: Coffee prices advanced in London and New York as speculators ploughed back into the market.
The previous week, US prices had fallen heavily amid the prospect of a large harvest in producer nation Vietnam.
By Friday on the LIFFE, Robusta quality for November delivery rose to 1,828 dollars a tonne, from 1,721 dollars one week earlier.
On the NYBOT, Arabica for December delivery gained to 116.65 US cents a pound, from 116.40 cents.
SUGAR: Sugar prices were depressed by expectations of a supply surplus alongside high stockpiles in key producer India.
Global sugar production was forecast to outpace demand by 10.8 million tonnes in the crop year ending September 2008, the International Sugar Organisation (ISO) has said.
India remains on course to overtake Brazil as the world's biggest sugar producer, according to the ISO.
By Friday on the LIFFE, the price per tonne of white sugar for October delivery nudged down to 275.40 pounds, from 277.40 pounds a week earlier.
On the NYBOT, the price of unrefined sugar for October delivery dipped to 9.43 US cents a pound, from 9.50 cents a week earlier.
GRAINS AND SOYA: Wheat hit an all-time closing high of 8.355 dollars a bushel on both Tuesday and Wednesday.
In recent weeks, wheat has struck fresh highs on fears that crops from key exporters Australia and Argentina have been badly affected by drought.
By Friday on the Chicago Board of Trade, the price of maize for December delivery rose to 3.44 dollars a bushel, from 3.40 dollars a week earlier.
Wheat for December delivery rocketed to 8.22 dollars a bushel, from 7.75 dollars the previous week.
November-dated soyabean meal-used in animal feed-advanced to 8.98 dollars, from 8.82 dollars.
On the LIFFE, the price per tonne of wheat for May delivery eased to 176.50 pounds, from 180.00 pounds a week earlier.
RUBBER: The price of rubber rose for a fifth week in a row owing to heavy rain in key producers Malaysia and Thailand.
On Friday, the Malaysian Rubber Board's benchmark SMR20 increased to 210.30 US cents per kilo, from 206.55.
But many commodities were hit after an unexpectedly weak jobs report in the United States Friday sent American and European stock markets sliding on concerns about the world's biggest economy, analysts said.
Gold hit its highest level since May 2006, lifted by factors including solid demand, geopolitical and economic jitters, and a weak US currency which makes dollar-denominated goods cheaper for buyers holding stronger currencies.
OIL: New York crude hit 77.43 dollars a barrel Thursday, close to its record high of 78.77 dollars struck on August 1.
Brent's record high stands at 78.40 dollars, which was reached in 2006.
By Friday, New York's main oil futures contract, light sweet crude for delivery in October, surged to 76.19 dollars a barrel, from 74.14 dollars a week earlier.
In London, Brent North Sea crude for October delivery soared to 74.47 dollars a barrel Friday, compared with 72.95 dollars a week earlier.
PRECIOUS METALS: Precious metals leapt higher, led by star performer gold.
Gold prices touched 706.80 dollars per ounce, which was last seen on May 17, 2006, as the metal was also lifted by rebounding demand and ongoing concern about world financial markets.
Geopolitical concerns in the Middle East have also attracted buyers to the precious metal, which is regarded as a safe-haven investment in times of uncertainty.
On the London Bullion Market, gold soared to 701 dollars an ounce at Friday's late fixing, from 672 dollars a week earlier.
Silver jumped to 12.57 dollars an ounce at Friday's late fixing, from 11.95 dollars a week earlier.
On the London Platinum and Palladium Market, platinum rose to 1,289 dollars an ounce at the late fixing Friday, from 1,268 dollars a week earlier.
Palladium firmed to 334 dollars an ounce, from 330 dollars.
BASE METALS: Base metals prices plummeted in line with global stock markets, as investors took flight on fears of lower global demand.
On Friday, the price of copper for delivery in three months tumbled to 7,204 dollars a tonne on the London Metal Exchange, from 7,530 dollars a week earlier.
Three-month aluminium prices sank to 2,451 dollars a tonne, from 2,560 dollars.
Three-month nickel prices reversed to 27,649 dollars a tonne, from 30,000 dollars.
Three-month lead prices recoiled to 2,920 dollars a tonne, from 3,195 dollars.
Three-month zinc prices decreased to 2,800 dollars a tonne, from 3,120 dollars.
Three-month tin prices fell to 14,799 dollars a tonne, from 15,637 dollars.
COCOA: Cocoa prices climbed in New York, supported by fears of crop disease in leading producer Ivory Coast.
Traders are tracking reports that the Ivory Coast cocoa crop has been hit by the Black Pod fungal disease. Some analysts said the outbreak could cut the 2007/08 crop by as much as 20,000 tonnes.
By Friday on the LIFFE, London's futures exchange, the price of cocoa for December delivery slid to 963 pounds a tonne, from 966 pounds a week earlier.
On the New York Board of Trade (NYBOT), the December contract rose to 1,835 dollars a tonne, from 1,824 dollars the previous Friday.
COFFEE: Coffee prices advanced in London and New York as speculators ploughed back into the market.
The previous week, US prices had fallen heavily amid the prospect of a large harvest in producer nation Vietnam.
By Friday on the LIFFE, Robusta quality for November delivery rose to 1,828 dollars a tonne, from 1,721 dollars one week earlier.
On the NYBOT, Arabica for December delivery gained to 116.65 US cents a pound, from 116.40 cents.
SUGAR: Sugar prices were depressed by expectations of a supply surplus alongside high stockpiles in key producer India.
Global sugar production was forecast to outpace demand by 10.8 million tonnes in the crop year ending September 2008, the International Sugar Organisation (ISO) has said.
India remains on course to overtake Brazil as the world's biggest sugar producer, according to the ISO.
By Friday on the LIFFE, the price per tonne of white sugar for October delivery nudged down to 275.40 pounds, from 277.40 pounds a week earlier.
On the NYBOT, the price of unrefined sugar for October delivery dipped to 9.43 US cents a pound, from 9.50 cents a week earlier.
GRAINS AND SOYA: Wheat hit an all-time closing high of 8.355 dollars a bushel on both Tuesday and Wednesday.
In recent weeks, wheat has struck fresh highs on fears that crops from key exporters Australia and Argentina have been badly affected by drought.
By Friday on the Chicago Board of Trade, the price of maize for December delivery rose to 3.44 dollars a bushel, from 3.40 dollars a week earlier.
Wheat for December delivery rocketed to 8.22 dollars a bushel, from 7.75 dollars the previous week.
November-dated soyabean meal-used in animal feed-advanced to 8.98 dollars, from 8.82 dollars.
On the LIFFE, the price per tonne of wheat for May delivery eased to 176.50 pounds, from 180.00 pounds a week earlier.
RUBBER: The price of rubber rose for a fifth week in a row owing to heavy rain in key producers Malaysia and Thailand.
On Friday, the Malaysian Rubber Board's benchmark SMR20 increased to 210.30 US cents per kilo, from 206.55.