LONDON, May 17 (AFP): Commodity prices mostly rose this week with oil and gold higher on Ukraine tensions, while nickel stormed to another two-year peak on Indonesia's export ban.
Palladium and platinum also rallied to key highs on intensifying worries about the impact of industrial action in top producer South Africa.
The euro tumbled Thursday to $1.3648, the lowest level since February 27, as investors priced in a June interest rate cut from the European Central Bank.
Commodity gains were capped after it emerged that the 18-nation eurozone economy grew by just 0.2 per cent in the first quarter.
OIL: Global oil prices barrelled higher on the back of supply worries linked to the Ukraine crisis.
Russia declared that Ukraine was on the brink of civil war, making it difficult to hold free and fair elections later this month on May 25.
Any escalation of the conflict could severely disrupt energy supplies and send prices soaring, analysts say, because Ukraine is a vital conduit for Russian oil and gas exports to Europe.
This week's oil gains were meanwhile limited by abundant US crude stockpiles.
The Department of Energy said Wednesday that oil stockpiles rose 900,000 barrels in the week ending May 9, indicating an oversupply of crude stocks.
Traders also shrugged off a modest upgrade to 2014 oil demand growth from the International Energy Agency.
BASE METALS: Nickel struck $21,625 on Tuesday, the highest level since February 2012, and tin also rose as both metals won support from Indonesia's export ban.
Nickel however tumbled sharply during the course of the week as many traders cashed in their gains.
Indonesia in January imposed a ban on exports of mineral ore also including copper and bauxite.
The move is one of a series of industrial policies pushed by nationalist politicians who argue that foreign firms reap an inordinate share of the profits from exploiting resources and business opportunities in the fast-growing Indonesian economy.
Other base or industrial metals finished the week in positive territory, boosted by fresh speculative funds.
By Friday on the London Metal Exchange, copper for delivery in three months advanced to $6,891 per tonne from $6,736 a week earlier.
Three-month aluminium rose to $1,777.75 a tonne from $1,765.50.
Three-month lead gained to $2,118.25 a tonne from $2,102.50.
Three-month tin increased to $23,300 a tonne from $23,120.
Three-month nickel tumbled to $19,125 a tonne from $20,100.
Three-month zinc gained to $2,062.25 a tonne from $2,040.
PRECIOUS METALS: Haven investment gold held firm as many investors sought shelter from the Ukraine crisis.
Supply worries in South Africa sent palladium surging on Wednesday to $829.35 per ounce, the highest level since August 2011, while sister metal platinum hit a two-month peak at $1,486.88 per ounce.
By Friday on the London Bullion Market, the price of gold rose to $1,291.50 an ounce from $1,291.25 on Friday of the previous week.
Silver increased to $19.33 an ounce from $19.25.
On the London Platinum and Palladium Market, platinum rose to $1,464 an ounce from $1,429.
Palladium advanced to $816 an ounce from $804.
SUGAR: Prices rallied on expectations of falling harvests from drought-hit Brazil, which is the top global producer.
By Friday on LIFFE, London's futures exchange, the price of a tonne of white sugar for delivery in August gained to $492.70 from $467.80 a week earlier.
COFFEE: The coffee market diverged, with sentiment boosted partly by forecasts of lower output in Brazil and a looming supply deficit.
By Friday on the ICE Futures US exchange, Arabica for delivery in July rose to 194.10 US cents per pound from 192.45 cents a week earlier.
COCOA: Prices rebounded as investors fished for bargains after recent losses, and eyed the prospects of another deficit amid weather-related supply risks in Africa.
RUBBER: Prices in Kuala Lumpur advanced on news of rising Chinese rubber consumption in the second quarter of the year.
The Malaysian Rubber Board's benchmark SMR20 rose to 170.35 US cents a kilo from 166.75 cents a week earlier.
