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LONDON, Sept 24 (AFP): Oil prices climbed this week as Hurricane Rita barrelled through the warm waters of the United States (US) Gulf of Mexico, threatening potentially serious damage to platforms and refineries in its path.
With Rita churning towards the Texas and Louisiana coastline, most other commodities were lifted by the rising cost of oil, making them cheaper to investors.
Copper struck a historic record while gold notched up a multi-year high.
The US was bracing for its second devastating storm in less than four weeks in a region struggling still to recover from the damage of Hurricane Katrina.
The Commodities Research Bureau's index of 17 commodities climbed to 326.28 points Friday from 317.93 points the previous week. It had hit 337.18 points on September 2, its highest level since November 1980.
GOLD: Gold prices hit their highest level for 18 years on the back of high oil prices and hurricane concerns.
On the London Bullion Market, the price of gold rose to 472.75 dollars an ounce Thursday morning, its highest since January 1988. Gold prices have jumped around 10 per cent since the end of August.
On the London Bullion Market, gold prices climbed to 462.65 dollars per ounce at the late fixing Friday from 458.10 dollars the previous week.
SILVER: Silver prices hit a three-and-a-half-month high, in line with gold and copper gains.
Silver hit 7.4225 per ounce Thursday, a level last seen on June 7.
PLATINUM and PALLADIUM: Platinum and palladium prices moved higher thanks to rising investor interest.
Platinum reached its highest level since April 2004 Thursday, at 930 dollars per ounce.
BASE METALS: Base metals prices rebounded in the wake of a record-breaking surge in copper prices.
Three-month copper prices on the London Metal Exchange (LME) hit Friday a 3,795.50 dollars per tonne -- the highest price for the metal since it was first quoted in its current form in 1870.
Three-month aluminium prices rose to 1,874 dollars per tonne from 1,827 dollars.
Three-month nickel prices increased to 13,705 dollars per tonne from 13,375 dollars.
Three-month lead prices surged to 931.93 dollars per tonne Friday from 855 dollars.
Three-month zinc prices climbed to 1,427.50 dollars per tonne from 1,368 dollars.
Three-month tin prices gained to 6,875 dollars per tonne from 6,425 dollars.
OIL: World oil prices took off as Hurricane Rita -- following a similar path to Katrina through the US Gulf of Mexico -- rattled an already-tight global oil market.
Prices eased slightly Rita was downgraded to a category four storm late Thursday and appeared set to spare major Texas refineries, but remained a serious threat to US energy infrastructures.
Some 92 per cent of US oil production in the Gulf of Mexico had been shut down as of Thursday because of the threat posed by the storm and the aftermath of Katrina, US authorities said.
RUBBER: Rubber prices gained ground following rains in major producing countries, and amid fears over Hurricane Rita.
On TOCOM, Tokyo's commodity exchange, natural rubber for December delivery climbed to 187.10 yen Friday, from 181.90 yen a week earlier.
COCOA: Cocoa prices declined in the face of a bumper new crop.
COFFEE: The price of coffee firmed as Rita progressed towards the southern United States.
Rita "renewed fears of damage just as officials began to tabulate damage tolls from Hurricane Katrina", said Prendergast.
Warehouses in Houston, in the path of Katrina, hold some 410,000 bags of coffee.
SUGAR: Sugar prices eased after reaching a four-and-a-half-year high point the previous week in New York.
Coffee futures suffered from a "funds exodus" at the start of the week, following the move higher, Prendergast said.
By Friday on LIFFE, the price of a tonne of white sugar for December delivery stood at 291 dollars, from 298 dollars a week earlier.
GRAINS and SOYA: Maize and soya prices mainly strengthened on weekly export data from major producer United States.
On the LIFFE, the price of a tonne of wheat for November delivery stood at 68.05 pounds late Friday, from 67.10 pounds a week earlier.
On the Chicago Board of Trade, the price of wheat for December delivery settled at 334 US cents per bushel Friday, from 324.75 cents.
Maize for December delivery increased to 208 cents per bushel Friday from 206 cents.
Soyabeans for November delivery rose to 577 cents per bushel Friday from 572 cents
October-dated soyabean meal -- used in animal feed -- fell to 172.50 dollars per tonne from 173.90 dollars.
COTTON: Cotton prices climbed because of fears that Rita might damage harvests in Texas and Louisiana.
The Cotton Outlook Index of physical cotton fell to 55.45 cents Thursday from 53.95 cents last week.
WOOL: Wool prices steadied in Australia, remaining close to a five and a half year low.
The Australian Eastern index edged down to 6.79 Australian dollars per kilo Thursday from 6.81 AUD last week.
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