World oil prices rocket to record highs
Monday, 24 September 2007
LONDON, Sept 23 (AFP): Crude oil prices surged to all- time highs this week, striking a record peak of 84.10 dollars a barrel in New York owing to heightened concerns over tight supplies in the United States.
Brent crude reached an historic 79.94 dollars in London.
Oil also won strong support from a weak dollar, which made the dollar- denominated commodity cheaper for buyers using stronger currencies.
Other commodities priced in dollars, such as gold and silver, also benefited from the slumping US currency this week.
PRECIOUS METALS: Gold struck its highest price for 27 years as it surged to 738.60 dollars an ounce on Thursday.
On the London Bullion Market, gold gained to 737 dollars an ounce at Friday's late fixing, from 716.35 dollars a week earlier.
Silver jumped to 13.47 dollars an ounce at Friday's late fixing, from 12.50 dollars a week earlier.
On the London Platinum and Palladium Market, platinum rose to 1,332 dollars an ounce at the late fixing Friday, from 1,294 dollars a week earlier.
Palladium climbed to 340 dollars an ounce, from 330 dollars.
BASE METALS: Base metal prices mostly rallied, owing to the weak dollar.
"There is a good chance base metals will firm further as demand picks up into the seasonally strong fourth quarter," said BaseMetals.com analyst William Adams.
On Friday, the price of copper for delivery in three months jumped to 8,009.50 dollars a tonne on the London Metal Exchange, from 7,550 dollars a week earlier.
COCOA: Cocoa prices jumped owing to concerns over tight supplies in leading producer Ivory Coast. "Speculators were again active in the markets on concerns about output from West Africa," Sucden analysts said.
By Friday on the LIFFE, London's futures exchange, the price of cocoa for December delivery rose to 990 pounds a tonne, from 967 pounds a week earlier.
COFFEE: Coffee prices struck nine-month highs in London before sliding on profit-taking.
On Monday, Robusta quality coffee reached 2,026 dollars a tonne-the highest level since 1998 as speculators dived into the market amid supply worries in Brazil.
By Friday on the LIFFE, Robusta quality for November delivery fell to 1,874 dollars a tonne, from 1,940 dollars one week earlier.
On the NYBOT, Arabica for December delivery increased to 131.60 US cents a pound, from 119.90 cents.
SUGAR: Sugar prices rebounded as the weak dollar offset expectations of large supplies.
By Friday on the LIFFE, the price per tonne of white sugar for December delivery climbed to 281 pounds, from 269.10 pounds a week earlier.
GRAINS AND SOYA: The prices of grains and soya advanced in Chicago as the dollar slid and also because of supply concerns.
Analysts this week said that Australia's long-running drought is expected to slash wheat production in the coming year by a third, lowering export levels and increasing price pressures.
By Friday on the Chicago Board of Trade, the price of maise for December delivery rose to 3.71 dollars a bushel, from 3.49 dollars a week earlier.
RUBBER: The price of rubber rose for the seventh week in a row owing to lower production because of adverse weather conditions and the surge in global oil prices, which is used in the production of synthetic rubber.
By Friday, the Malaysian Rubber Board's benchmark SMR20 rose to 216.60 US cents per kilo, from 211.85 the previous week.
WOOL: Prices finished higher in major producer Australia, with buyers for China, Italy and the rest of Europe showing a strong presence at sales around the country.
The Australian wool market finished the week 1.9 per cent higher on average, with the Eastern Index adding 17 Australian cents to close at 9.33 Australian dollars a kilo.
Brent crude reached an historic 79.94 dollars in London.
Oil also won strong support from a weak dollar, which made the dollar- denominated commodity cheaper for buyers using stronger currencies.
Other commodities priced in dollars, such as gold and silver, also benefited from the slumping US currency this week.
PRECIOUS METALS: Gold struck its highest price for 27 years as it surged to 738.60 dollars an ounce on Thursday.
On the London Bullion Market, gold gained to 737 dollars an ounce at Friday's late fixing, from 716.35 dollars a week earlier.
Silver jumped to 13.47 dollars an ounce at Friday's late fixing, from 12.50 dollars a week earlier.
On the London Platinum and Palladium Market, platinum rose to 1,332 dollars an ounce at the late fixing Friday, from 1,294 dollars a week earlier.
Palladium climbed to 340 dollars an ounce, from 330 dollars.
BASE METALS: Base metal prices mostly rallied, owing to the weak dollar.
"There is a good chance base metals will firm further as demand picks up into the seasonally strong fourth quarter," said BaseMetals.com analyst William Adams.
On Friday, the price of copper for delivery in three months jumped to 8,009.50 dollars a tonne on the London Metal Exchange, from 7,550 dollars a week earlier.
COCOA: Cocoa prices jumped owing to concerns over tight supplies in leading producer Ivory Coast. "Speculators were again active in the markets on concerns about output from West Africa," Sucden analysts said.
By Friday on the LIFFE, London's futures exchange, the price of cocoa for December delivery rose to 990 pounds a tonne, from 967 pounds a week earlier.
COFFEE: Coffee prices struck nine-month highs in London before sliding on profit-taking.
On Monday, Robusta quality coffee reached 2,026 dollars a tonne-the highest level since 1998 as speculators dived into the market amid supply worries in Brazil.
By Friday on the LIFFE, Robusta quality for November delivery fell to 1,874 dollars a tonne, from 1,940 dollars one week earlier.
On the NYBOT, Arabica for December delivery increased to 131.60 US cents a pound, from 119.90 cents.
SUGAR: Sugar prices rebounded as the weak dollar offset expectations of large supplies.
By Friday on the LIFFE, the price per tonne of white sugar for December delivery climbed to 281 pounds, from 269.10 pounds a week earlier.
GRAINS AND SOYA: The prices of grains and soya advanced in Chicago as the dollar slid and also because of supply concerns.
Analysts this week said that Australia's long-running drought is expected to slash wheat production in the coming year by a third, lowering export levels and increasing price pressures.
By Friday on the Chicago Board of Trade, the price of maise for December delivery rose to 3.71 dollars a bushel, from 3.49 dollars a week earlier.
RUBBER: The price of rubber rose for the seventh week in a row owing to lower production because of adverse weather conditions and the surge in global oil prices, which is used in the production of synthetic rubber.
By Friday, the Malaysian Rubber Board's benchmark SMR20 rose to 216.60 US cents per kilo, from 211.85 the previous week.
WOOL: Prices finished higher in major producer Australia, with buyers for China, Italy and the rest of Europe showing a strong presence at sales around the country.
The Australian wool market finished the week 1.9 per cent higher on average, with the Eastern Index adding 17 Australian cents to close at 9.33 Australian dollars a kilo.