Platinum, wheat prices strike record peaks
Sunday, 10 February 2008
LONDON, Feb 9 (AFP): This week, precious metal platinum forged yet another record high on the back of flagging output from leading producer South Africa.
Wheat also rocketed to an historic peak in Chicago, thanks to tumbling inventories and keen global demand, traders said.
PLATINUM AND PALLADIUM: Platinum enjoyed a record high of 1,882 dollars per ounce Friday, with sister metal palladium enjoying a six-year peak.
Palladium hit 438.50 dollars-which was the highest level since January 2002.
In recent weeks, power shortages in South Africa-a key producer of gold and platinum-have paralyzed mining activity and pressured prices.
On the London Platinum and Palladium Market, platinum soared to 1,876 dollars an ounce at the late fixing Friday from 1,755 dollars a week earlier.
Palladium climbed to 438.25 dollars an ounce from 410.50 dollars.
GOLD AND SILVER: Gold prices edged higher but failed to improve on the all-time pinnacle of 936.92 dollars per ounce struck the previous week.
On the London Bullion Market, gold firmed to 916.25 dollars at Friday's late fixing from 914.75 dollars a week earlier.
Silver fell to 16.95 dollars an ounce from 17.19 dollars.
GRAINS AND SOYA: Wheat hit a record high in Chicago at 10.93 dollars a bushel Friday, amid dwindling US stockpiles and surging demand for exports, traders said.
By Friday on the Chicago Board of Trade, March-dated soyabean meal-used in animal feed-soared to 13.72 dollars, up from 12.89 dollars.
The price of maize for March delivery rose to 5.12 dollars a bushel from 5.06 dollars a week earlier.
Wheat for March delivery jumped to 10.93 dollars a bushel from 9.46 dollars.
On LIFFE, the price per tonne of wheat for May delivery climbed to 192 pounds from 188.40 pounds a week earlier.
OIL: Oil prices slinked lower after a topsy-turvey week.
Prices staged a late rally on supply disruptions in Nigeria, Africa's biggest exporter, and expectations of colder US weather.
Shell is Nigeria's largest oil operator, accounting for around half of the country's daily output of 2.6 million barrels at peak production, but unrest in the Niger Delta has slashed production by a quarter since January 2006.
On Friday, New York's main oil futures contract, light sweet crude for delivery in March, drifted downwards to 89.24 dollars per barrel from 89.86 dollars a week earlier.
Brent North Sea crude for March eased to 89.66 dollars from 90.51 dollars a week earlier.
BASE METALS: Base metals prices diverged, but copper chalked up gains amid fears that slowing US economic growth could crimp demand, analysts said.
Prices were mixed "amid thin trading due to the absence of market participants in China owing to the Chinese New Year holidays," said Barclays Capital analysts.
On Friday, copper for delivery in three months rallied to 7,770 dollars a tonne on the London Metal Exchange from 7,305 dollars a week earlier.
Three-month aluminium prices firmed to 2,714 dollars a tonne from 2,710 dollars.
Three-month nickel eased to 27,795 dollars a tonne from 28,000 dollars.
Three-month lead gained to 2,920 dollars a tonne from 2,850 dollars.
Three-month zinc slid to 2,410 dollars a tonne from 2,515 dollars.
Three-month tin decreased to 17,050 dollars a tonne from 17,100 dollars.
COCOA: Cocoa prices hit five-year peaks on the back of strong speculative buying and supply problems in Ivory Coast, which is the world's top exporter.
By Friday on the LIFFE, London's futures exchange, the price of cocoa for March delivery marched upwards to 1,228 pounds a tonne from 1,201 pounds a week earlier.
On the New York Board of Trade (NYBOT), the May cocoa contract rose to 2,376 dollars a tonne, compared with 2,330 dollars a week earlier.
COFFEE: Coffee prices in London leapt to a ten-year high of 2,130 dollars per tonne on news of 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 the LIFFE, Robusta quality for March delivery rose to 2,195 dollars a tonne from 2,117 dollars a week earlier.
On the NYBOT, Arabica for March delivery increased to 142.45 US cents a pound from 137.80 cents.
SUGAR: Sugar prices turned sour, falling after the previous week's gains.
By Friday on the LIFFE, the price per tonne of white sugar for May delivery declined to 345.30 pounds from 350.40 pounds a week earlier.
On the NYBOT, the price of unrefined sugar for March delivery slid to 12.07 US cents a pound from 12.45 cents.
RUBBER: Rubber prices were mixed as buyers remained sidelined in shortened trading ahead of the Chinese New Year holidays.
Markets in Malaysia were closed Thursday and Friday for public holidays.
By Wednesday, the Malaysian Rubber Board's benchmark SMR20 fell to 246.69 US cents per kilogramme from 247.302 US cents last week.
Wheat also rocketed to an historic peak in Chicago, thanks to tumbling inventories and keen global demand, traders said.
PLATINUM AND PALLADIUM: Platinum enjoyed a record high of 1,882 dollars per ounce Friday, with sister metal palladium enjoying a six-year peak.
Palladium hit 438.50 dollars-which was the highest level since January 2002.
In recent weeks, power shortages in South Africa-a key producer of gold and platinum-have paralyzed mining activity and pressured prices.
On the London Platinum and Palladium Market, platinum soared to 1,876 dollars an ounce at the late fixing Friday from 1,755 dollars a week earlier.
Palladium climbed to 438.25 dollars an ounce from 410.50 dollars.
GOLD AND SILVER: Gold prices edged higher but failed to improve on the all-time pinnacle of 936.92 dollars per ounce struck the previous week.
On the London Bullion Market, gold firmed to 916.25 dollars at Friday's late fixing from 914.75 dollars a week earlier.
Silver fell to 16.95 dollars an ounce from 17.19 dollars.
GRAINS AND SOYA: Wheat hit a record high in Chicago at 10.93 dollars a bushel Friday, amid dwindling US stockpiles and surging demand for exports, traders said.
By Friday on the Chicago Board of Trade, March-dated soyabean meal-used in animal feed-soared to 13.72 dollars, up from 12.89 dollars.
The price of maize for March delivery rose to 5.12 dollars a bushel from 5.06 dollars a week earlier.
Wheat for March delivery jumped to 10.93 dollars a bushel from 9.46 dollars.
On LIFFE, the price per tonne of wheat for May delivery climbed to 192 pounds from 188.40 pounds a week earlier.
OIL: Oil prices slinked lower after a topsy-turvey week.
Prices staged a late rally on supply disruptions in Nigeria, Africa's biggest exporter, and expectations of colder US weather.
Shell is Nigeria's largest oil operator, accounting for around half of the country's daily output of 2.6 million barrels at peak production, but unrest in the Niger Delta has slashed production by a quarter since January 2006.
On Friday, New York's main oil futures contract, light sweet crude for delivery in March, drifted downwards to 89.24 dollars per barrel from 89.86 dollars a week earlier.
Brent North Sea crude for March eased to 89.66 dollars from 90.51 dollars a week earlier.
BASE METALS: Base metals prices diverged, but copper chalked up gains amid fears that slowing US economic growth could crimp demand, analysts said.
Prices were mixed "amid thin trading due to the absence of market participants in China owing to the Chinese New Year holidays," said Barclays Capital analysts.
On Friday, copper for delivery in three months rallied to 7,770 dollars a tonne on the London Metal Exchange from 7,305 dollars a week earlier.
Three-month aluminium prices firmed to 2,714 dollars a tonne from 2,710 dollars.
Three-month nickel eased to 27,795 dollars a tonne from 28,000 dollars.
Three-month lead gained to 2,920 dollars a tonne from 2,850 dollars.
Three-month zinc slid to 2,410 dollars a tonne from 2,515 dollars.
Three-month tin decreased to 17,050 dollars a tonne from 17,100 dollars.
COCOA: Cocoa prices hit five-year peaks on the back of strong speculative buying and supply problems in Ivory Coast, which is the world's top exporter.
By Friday on the LIFFE, London's futures exchange, the price of cocoa for March delivery marched upwards to 1,228 pounds a tonne from 1,201 pounds a week earlier.
On the New York Board of Trade (NYBOT), the May cocoa contract rose to 2,376 dollars a tonne, compared with 2,330 dollars a week earlier.
COFFEE: Coffee prices in London leapt to a ten-year high of 2,130 dollars per tonne on news of 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 the LIFFE, Robusta quality for March delivery rose to 2,195 dollars a tonne from 2,117 dollars a week earlier.
On the NYBOT, Arabica for March delivery increased to 142.45 US cents a pound from 137.80 cents.
SUGAR: Sugar prices turned sour, falling after the previous week's gains.
By Friday on the LIFFE, the price per tonne of white sugar for May delivery declined to 345.30 pounds from 350.40 pounds a week earlier.
On the NYBOT, the price of unrefined sugar for March delivery slid to 12.07 US cents a pound from 12.45 cents.
RUBBER: Rubber prices were mixed as buyers remained sidelined in shortened trading ahead of the Chinese New Year holidays.
Markets in Malaysia were closed Thursday and Friday for public holidays.
By Wednesday, the Malaysian Rubber Board's benchmark SMR20 fell to 246.69 US cents per kilogramme from 247.302 US cents last week.