Oil surges, as platinum strikes record high
Sunday, 17 February 2008
LONDON, Feb 16 (AFP): Oil prices rose sharply this week back towards 100 dollars as the market focused on supply disruptions rather than forecasts of weaker energy demand resulting from a US economic slowdown.
Elsewhere, platinum struck a fresh record high above 2,000 dollars an ounce as power shortages continued to hamper production in South Africa.
OIL: The price of crude oil rose as global supply concerns were stoked by persistent fears over problems in Nigeria and Venezuela.
New York crude broke through 96 dollars per barrel Friday for the first time since January 9.
The Organisation of Petroleum Exporting Countries said in its February report that demand would likely grow by 1.43 per cent this year rather than its previously estimated 1.52 per cent.
On Friday, New York's main oil futures contract, light sweet crude for delivery in March, was at 96.38 dollars per barrel, up from 89.24 dollars a week earlier.
Brent North Sea crude for March hit 95.64 dollars from 89.66 dollars.
PLATINUM AND PALLADIUM: The price of platinum soared past 2,000 dollars an ounce to an all-time high as power shortages affected mining production in South Africa, the biggest supplier of the white precious metal.
On the London Platinum and Palladium Market, platinum struck a record 2,068.50 dollars per ounce Friday.
Large parts of South Africa have intermittently been plunged into darkness since late last year as generator Eskom imposes planned blackouts to conserve dwindling electricity supplies.
Platinum, used in the production of expensive jewellery and catalytic converters in vehicles, has seen its price almost double in one year.
Platinum's sister metal palladium, which has also been affected by the South African energy crisis, hit a six-year high of 448.50 dollars an ounce. On the London Platinum and Palladium Market, platinum rose to 2,057 dollars an ounce at the late fixing Friday from 1,876 dollars a week earlier.
Palladium climbed to 439.25 dollars an ounce from 438.25 dollars.
GOLD AND SILVER: Gold prices fell below 900 dollars an ounce, two weeks after reaching an all-time high of 936.92 dollars.
The weak US currency makes dollar-priced gold cheaper for buyers using stronger currencies. Gold is also viewed as a safe haven in times of geopolitical unrest.
Gold's sister metal silver reached 17.64 dollars an ounce this week-the highest level for 27 years.
On the London Bullion Market, gold fell to 912.50 dollars at Friday's late fixing from 916.25 dollars a week earlier.
Silver rose to 17.38 dollars an ounce at the late fixing from 16.95 dollars.
BASE METALS: Base metals prices had a mixed week as aluminium, copper and lead struck multi-month highs, while nickel, tin and zinc ended lower.
On Friday, copper for delivery in three months rose to 7,815 dollars a tonne on the London Metal Exchange from 7,770 dollars a week earlier.
Three-month aluminium prices climbed to 2,850 dollars a tonne from 2,714 dollars.
Three-month nickel fell to 27,700 dollars a tonne from 27,795 dollars.
Three-month lead gained to 3,030 dollars a tonne from 2,920 dollars.
Three-month zinc slid to 2,350 dollars a tonne from 2,410 dollars.
Three-month tin decreased to 16,897 dollars a tonne from 17,050 dollars.
GRAINS AND SOYA: The price of wheat hit a fresh record high in Chicago before ending lower.
Wheat struck 11.53 dollars a bushel Monday on dwindling US stockpiles and surging demand for exports.
Allendale analyst Joe Victor said prices later retreated "because of profit-taking."
By Friday on the Chicago Board of Trade, wheat for March delivery dropped to 10.19 dollars a bushel from 10.93 dollars the previous week.
March-dated soyabean meal-used in animal feed-rose to 13.66 dollars from 13.39 dollars.
The price of maize for March delivery advanced to 5.11 dollars a bushel from 5.08 dollars a week earlier.
On LIFFE, the price per tonne of wheat for November delivery stood at 153.80 pounds compared with 192 pounds for the May contract a week earlier.
COCOA: Cocoa prices hit fresh five-year highs as speculators dived into the market on supply disruptions in Ivory Coast, the world's top exporter.
By Friday on LIFFE, London's futures exchange, the price of cocoa for March delivery rallied to 1,311 pounds a tonne from 1,228 pounds a week earlier.
On the New York Board of Trade (NYBOT), the May cocoa contract spiked to 2,530 dollars a tonne from 2,376 dollars a week earlier.
COFFEE: Coffee prices in London hit 10-year highs on falling output in Vietnam, which is the biggest producer of Robusta.
High-caffeine Robusta, a bitter variety used in instant coffee, and the more expensive Arabica are the two most widely traded types of the commodity.
By Friday on LIFFE, Robusta for March delivery rose to 2,362 dollars a tonne from 2,195 dollars a week earlier.
On the NYBOT, Arabica for March delivery increased to 154.65 US cents a pound from 142.45 cents.
SUGAR: Sugar prices made strong gains.
By Friday on LIFFE, the price per tonne of white sugar for May delivery jumped to to 372.10 pounds from 345.30 pounds a week earlier.
On NYBOT, the price of unrefined sugar for May delivery stood at 13.68 US cents a pound compared with 12.07 cents for the March contract the previous week.
RUBBER: Rubber prices soared as cold weather affected supplies and were expected to remain strong as buyers return to the market after Asia's Lunar New Year holiday.
On Friday, the Malaysian Rubber Board's benchmark SMR20 was at 268.30 US cents per kilogramme from 246.69 US cents last week
Elsewhere, platinum struck a fresh record high above 2,000 dollars an ounce as power shortages continued to hamper production in South Africa.
OIL: The price of crude oil rose as global supply concerns were stoked by persistent fears over problems in Nigeria and Venezuela.
New York crude broke through 96 dollars per barrel Friday for the first time since January 9.
The Organisation of Petroleum Exporting Countries said in its February report that demand would likely grow by 1.43 per cent this year rather than its previously estimated 1.52 per cent.
On Friday, New York's main oil futures contract, light sweet crude for delivery in March, was at 96.38 dollars per barrel, up from 89.24 dollars a week earlier.
Brent North Sea crude for March hit 95.64 dollars from 89.66 dollars.
PLATINUM AND PALLADIUM: The price of platinum soared past 2,000 dollars an ounce to an all-time high as power shortages affected mining production in South Africa, the biggest supplier of the white precious metal.
On the London Platinum and Palladium Market, platinum struck a record 2,068.50 dollars per ounce Friday.
Large parts of South Africa have intermittently been plunged into darkness since late last year as generator Eskom imposes planned blackouts to conserve dwindling electricity supplies.
Platinum, used in the production of expensive jewellery and catalytic converters in vehicles, has seen its price almost double in one year.
Platinum's sister metal palladium, which has also been affected by the South African energy crisis, hit a six-year high of 448.50 dollars an ounce. On the London Platinum and Palladium Market, platinum rose to 2,057 dollars an ounce at the late fixing Friday from 1,876 dollars a week earlier.
Palladium climbed to 439.25 dollars an ounce from 438.25 dollars.
GOLD AND SILVER: Gold prices fell below 900 dollars an ounce, two weeks after reaching an all-time high of 936.92 dollars.
The weak US currency makes dollar-priced gold cheaper for buyers using stronger currencies. Gold is also viewed as a safe haven in times of geopolitical unrest.
Gold's sister metal silver reached 17.64 dollars an ounce this week-the highest level for 27 years.
On the London Bullion Market, gold fell to 912.50 dollars at Friday's late fixing from 916.25 dollars a week earlier.
Silver rose to 17.38 dollars an ounce at the late fixing from 16.95 dollars.
BASE METALS: Base metals prices had a mixed week as aluminium, copper and lead struck multi-month highs, while nickel, tin and zinc ended lower.
On Friday, copper for delivery in three months rose to 7,815 dollars a tonne on the London Metal Exchange from 7,770 dollars a week earlier.
Three-month aluminium prices climbed to 2,850 dollars a tonne from 2,714 dollars.
Three-month nickel fell to 27,700 dollars a tonne from 27,795 dollars.
Three-month lead gained to 3,030 dollars a tonne from 2,920 dollars.
Three-month zinc slid to 2,350 dollars a tonne from 2,410 dollars.
Three-month tin decreased to 16,897 dollars a tonne from 17,050 dollars.
GRAINS AND SOYA: The price of wheat hit a fresh record high in Chicago before ending lower.
Wheat struck 11.53 dollars a bushel Monday on dwindling US stockpiles and surging demand for exports.
Allendale analyst Joe Victor said prices later retreated "because of profit-taking."
By Friday on the Chicago Board of Trade, wheat for March delivery dropped to 10.19 dollars a bushel from 10.93 dollars the previous week.
March-dated soyabean meal-used in animal feed-rose to 13.66 dollars from 13.39 dollars.
The price of maize for March delivery advanced to 5.11 dollars a bushel from 5.08 dollars a week earlier.
On LIFFE, the price per tonne of wheat for November delivery stood at 153.80 pounds compared with 192 pounds for the May contract a week earlier.
COCOA: Cocoa prices hit fresh five-year highs as speculators dived into the market on supply disruptions in Ivory Coast, the world's top exporter.
By Friday on LIFFE, London's futures exchange, the price of cocoa for March delivery rallied to 1,311 pounds a tonne from 1,228 pounds a week earlier.
On the New York Board of Trade (NYBOT), the May cocoa contract spiked to 2,530 dollars a tonne from 2,376 dollars a week earlier.
COFFEE: Coffee prices in London hit 10-year highs on falling output in Vietnam, which is the biggest producer of Robusta.
High-caffeine Robusta, a bitter variety used in instant coffee, and the more expensive Arabica are the two most widely traded types of the commodity.
By Friday on LIFFE, Robusta for March delivery rose to 2,362 dollars a tonne from 2,195 dollars a week earlier.
On the NYBOT, Arabica for March delivery increased to 154.65 US cents a pound from 142.45 cents.
SUGAR: Sugar prices made strong gains.
By Friday on LIFFE, the price per tonne of white sugar for May delivery jumped to to 372.10 pounds from 345.30 pounds a week earlier.
On NYBOT, the price of unrefined sugar for May delivery stood at 13.68 US cents a pound compared with 12.07 cents for the March contract the previous week.
RUBBER: Rubber prices soared as cold weather affected supplies and were expected to remain strong as buyers return to the market after Asia's Lunar New Year holiday.
On Friday, the Malaysian Rubber Board's benchmark SMR20 was at 268.30 US cents per kilogramme from 246.69 US cents last week