World oil prices in roller coaster ride
Sunday, 2 August 2009
LONDON, Aug 1 (AFP): The oil market faced a roller coaster week as traders tracked buoyant global equities, soaring US crude stockpiles and the global economic outlook, analysts said.
Crude prices almost hit one-month peaks on Monday, drawing strength from global economic recovery hopes, before diving under 65 dollars per barrel on Friday after poor growth data in top oil consumer the United States.
OIL: Crude oil began the week in positive territory as a brighter world economic outlook sparked hopes for revival of energy demand.
London Brent oil had struck 71.36 dollars and New York crude hit 68.99 dollars per barrel-both levels last seen almost one month ago.
Data showed that new US home sales leapt 11 per cent in June, in a sign of recovery for the sector at the epicentre of the global financial crisis.
Most analysts had expected a decline of 1.2 million barrels and the huge increase highlighted surprisingly weak energy demand.
Oil was also dampened by a stock market rout in China, which is the world's second-biggest energy-consuming country.
PRECIOUS METALS: Prices mostly fell on falling investment demand.
"Investment buying continues to wane," added Barclays Capital analysts.
Silver sank to 13.63 dollars an ounce from 13.78 dollars.
On the London Platinum and Palladium Market, platinum firmed to 1,189 dollars an ounce at the late fixing on Friday from 1,186 dollars. Palladium decreased to 256 dollars an ounce from 258 dollars.
BASE METALS: Base metals prices mainly rose in value. By Friday on the London Metal Exchange, copper for delivery in three months jumped to 5,685 dollars a tonne from 5,567 dollars a week earlier.
Three-month aluminium climbed to 1,876 dollars a tonne from 1,801 dollars.
Three-month lead rose to 1,851 dollars a tonne from 1,770 dollars. Three-month tin eased to 14,600 dollars a tonne from 14,760 dollars.
COCOA: Cocoa prices also advanced. By Friday on LIFFE, London's futures exchange, the price of cocoa for delivery in September rose to 1,837 pounds a tonne from 1,815 pounds a week earlier.
On the New York Board of Trade (NYBOT), the September cocoa contract jumped to 2,886 dollars a tonne from 2,845 dollars.
COFFEE: Coffee prices held steady. By Friday on LIFFE, Robusta for delivery in September eased to 1,485 dollars a tonne from 1,493 dollars a week earlier.
On the NYBOT, Arabica for September rose to 125.10 US cents a pound from 124.30 cents.
GRAINS AND SOYA: Maize and soya prices rose across the board.
"Prices closed higher... amid broad-based strength across commodity markets supported by a weaker dollar, buoyant equity markets and positive macro-economic data," said Barclays Capital analysts.
Wheat for September rose to 5.18 dollars a bushel from 5.16 dollars.
SUGAR: Sugar prices edged higher. On LIFFE, the price of a tonne of white sugar for delivery in October grew to 493 pounds from 475.70 pounds a week earlier.
On NYBOT, the price of unrefined sugar for October climbed to 18.76 US cents a pound from 18.34 cents.
RUBBER: Malaysian rubber prices gained ground due to tight supply amid rainy weather in most parts of the country, dealers said.
On Friday, the Malaysian Rubber Board's benchmark SMR20 rose to 178.50 US cents per kilo, from 171.95 cents last week.
Crude prices almost hit one-month peaks on Monday, drawing strength from global economic recovery hopes, before diving under 65 dollars per barrel on Friday after poor growth data in top oil consumer the United States.
OIL: Crude oil began the week in positive territory as a brighter world economic outlook sparked hopes for revival of energy demand.
London Brent oil had struck 71.36 dollars and New York crude hit 68.99 dollars per barrel-both levels last seen almost one month ago.
Data showed that new US home sales leapt 11 per cent in June, in a sign of recovery for the sector at the epicentre of the global financial crisis.
Most analysts had expected a decline of 1.2 million barrels and the huge increase highlighted surprisingly weak energy demand.
Oil was also dampened by a stock market rout in China, which is the world's second-biggest energy-consuming country.
PRECIOUS METALS: Prices mostly fell on falling investment demand.
"Investment buying continues to wane," added Barclays Capital analysts.
Silver sank to 13.63 dollars an ounce from 13.78 dollars.
On the London Platinum and Palladium Market, platinum firmed to 1,189 dollars an ounce at the late fixing on Friday from 1,186 dollars. Palladium decreased to 256 dollars an ounce from 258 dollars.
BASE METALS: Base metals prices mainly rose in value. By Friday on the London Metal Exchange, copper for delivery in three months jumped to 5,685 dollars a tonne from 5,567 dollars a week earlier.
Three-month aluminium climbed to 1,876 dollars a tonne from 1,801 dollars.
Three-month lead rose to 1,851 dollars a tonne from 1,770 dollars. Three-month tin eased to 14,600 dollars a tonne from 14,760 dollars.
COCOA: Cocoa prices also advanced. By Friday on LIFFE, London's futures exchange, the price of cocoa for delivery in September rose to 1,837 pounds a tonne from 1,815 pounds a week earlier.
On the New York Board of Trade (NYBOT), the September cocoa contract jumped to 2,886 dollars a tonne from 2,845 dollars.
COFFEE: Coffee prices held steady. By Friday on LIFFE, Robusta for delivery in September eased to 1,485 dollars a tonne from 1,493 dollars a week earlier.
On the NYBOT, Arabica for September rose to 125.10 US cents a pound from 124.30 cents.
GRAINS AND SOYA: Maize and soya prices rose across the board.
"Prices closed higher... amid broad-based strength across commodity markets supported by a weaker dollar, buoyant equity markets and positive macro-economic data," said Barclays Capital analysts.
Wheat for September rose to 5.18 dollars a bushel from 5.16 dollars.
SUGAR: Sugar prices edged higher. On LIFFE, the price of a tonne of white sugar for delivery in October grew to 493 pounds from 475.70 pounds a week earlier.
On NYBOT, the price of unrefined sugar for October climbed to 18.76 US cents a pound from 18.34 cents.
RUBBER: Malaysian rubber prices gained ground due to tight supply amid rainy weather in most parts of the country, dealers said.
On Friday, the Malaysian Rubber Board's benchmark SMR20 rose to 178.50 US cents per kilo, from 171.95 cents last week.