Oil, gold prices hit multi-month highs

LONDON, Feb 15 (AFP) : Oil and gold prices hit multi-month peaks this week on improved demand prospects in the world's two biggest economies, the United States and China, and owing to a weaker dollar.

OIL: Global crude prices rallied on improving US demand prospects.

On Wednesday, US crude struck the highest level for four months at $100.37 a barrel, while Brent achieved the steepest peak since the start of year at around the $110 a barrel mark.

On the New York Mercantile Exchange, West Texas Intermediate or light sweet crude for March gained to $99.98 a barrel from $98.13.

PRECIOUS METALS: Gold hit a three-month peak at $1,321.52 an ounce-the highest point since November 7.

Sister metal silver also reached a three-month high at $21.30 an ounce.

"Precious metals are continuing to make up ground lost during last year's slump," said Fawad Razaqzada, analyst at traders Forex.com.

Silver jumped to $21.09 an ounce from $19.87.

On the London Platinum and Palladium Market, platinum grew to $1,426 an ounce from $1,379.

Palladium gained to $740 an ounce from $711.

BASE METALS: Base or industrial metals prices mostly climbed in the wake of robust Chinese import data.

China imports jumped 10.0 per cent to $175.27 billion in January but its trade surplus still surged as exports strengthened markedly.

By Friday on the London Metal Exchange, copper for delivery in three months rose to $7,158.50 a tonne from $7,143 week earlier.

COCOA: Prices struck fresh 2.5-year highs with supplies of the commodity in deficit.

Cocoa peaked at £1,871 a tonne in London and $2,977 a tonne in New York.

COFFEE: The price of coffee stayed around multi-month highs on dry weather in Brazil that threatens to reduce output in the country, which is the world's biggest producer and exporter of the commodity.

SUGAR: Prices advanced in London and New York, winning continued support from drought conditions in Brazil.

By Friday on LIFFE, the price of a tonne of white sugar for delivery in May stood at $441 compared with $432.50 for the March contract a week earlier.

RUBBER: Prices rebounded on higher demand after recent losses caused by robust supplies.

The Malaysian Rubber Board's benchmark SMR20 jumped to 194.45 US cents a kilo from 186.15 cents last week.