weekly commodity roundup
Copper breaks all-time record
LONDON, Oct 15 (AFP): Copper breached a fresh historic record this week while gold, silver and platinum forged multi-year high points, and cotton sprang to the highest level for more than one year on supportive data.
World oil prices held steady as traders absorbed stronger-than-expected demand forecasts for 2006.
The Commodities Research Bureau's index of 17 commodities eased to 324.31 points on Friday from 324.34 points the previous week.
GOLD: Gold prices hit a near 18-year high point, but slid later in the week as fears over high US inflation levels dissipated.
Gold struck 480.49 dollars during Wednesday's trade-its highest point since January 1988.
On the London Bullion Market, gold prices fell to 469.50 dollars per ounce at the late fixing on Friday from 472.70 dollars the previous week.
SILVER: The metal touched 7.845 dollars per ounce on Wednesday, the highest level since December 7, 2004, before profit-taking set in.
PLATINUM AND PALLADIUM: Platinum rallied close to a 25-year high point, before falling back. Platinum reached 944.50 dollars per ounce at Wednesday's early fixing-the highest level since April 2004 -- which in turn was the highest point since March 1980.
Palladium climbed to 205 dollars per ounce, from 196 dollars.
BASE METALS: On Monday, three-month copper prices on the London Metal Exchange (LME) hit 3,953.30 dollars per tonne-the highest price for the metal since it was first quoted in its current form in 1870 -- before selling set in.
Three-month aluminium prices rose to 1,933 dollars per tonne from 1,906 dollars.
Three-month nickel prices sank to 12,295 dollars per tonne from 13,125 dollars.
Three-month lead prices climbed to 966 dollars per tonne from 964 dollars.
Three-month zinc prices advanced to 1,490 dollars per tonne from 1,470.50 dollars.
Three-month tin prices dipped to 6,525 dollars per tonne from 6,575 dollars.
OIL: The price of oil ended the week on a steady note, after a volatile seven days, with the market anticipating a rebound in global energy demand in 2006.
Over the past four weeks, US demand for gasoline fell by 2.4 percent compared with the same period in 2004, while demand for distillates dropped 4.0 percent, the DoE data showed.
The barrel of Brent North Sea crude for delivery in November increased to 59.05 dollars late Friday, compared to 58.77 dollars the previous week.
In New York, the barrel of crude for delivery in November firmed to 61.92 dollars from 61.81 dollars.
RUBBER: On TOCOM, Tokyo's commodity exchange, natural rubber for December delivery climbed to 198.90 yen on Friday, from 193.50 yen a week earlier.
Singapore's RSS 3 December contract gained to 171.00 US cents on Friday, from 170.25 US cents the previous week.
COCOA: On the LIFFE, London's futures exchange, the price of cocoa for December delivery rose to 843 pounds on Friday, from 823 pounds a week earlier.
COFFEE: Coffee prices jumped as tropical storm Stan unleashed damage to crops in central America and Mexico.
On the LIFFE, Robusta quality for November delivery jumped to 930 dollars per tonne on Friday from 873 dollars a week earlier.
SUGAR: In New York, the price of unrefined sugar for March delivery reached 11.91 cents on October 4, a level last seen in January 1998.
By Friday on LIFFE, the price of a tonne of white sugar for December delivery gained to 299 dollars, from 297.50 dollars a week earlier.
On the NYBot, the price of unrefined sugar for March delivery rose to 11.68 US cents on Friday from 11.38 cents a week before.
GRAINS AND SOYA: Maize prices steadied on subdued demand, while soya climbed on weather forecasts deemed favourable to crops.
On the LIFFE, the price of a tonne of wheat for November delivery stood at 69.70 pounds late Friday, up from 68.40 pounds a week earlier.
On the Chicago Board of Trade, the price of wheat for December delivery eased to 341.25 US cents per bushel on Friday, from 342 cents.
Maize for December delivery decreased to 202.25 cents per bushel Friday from 204 cents.
Soyabeans for November delivery climbed to 590 cents per bushel on Friday from 567 cents.
December-dated soyabean meal-used in animal feed-jumped to 177.60 dollars per tonne from 168.60 dollars.
COTTON: Cotton futures rose to the highest level for more than a year in New York on strong data.
Cotton prices reached 57.80 cents on Thursday, the highest level since June 2004.
On the New York Cotton Exchange (NYCE), the December contract advanced to 55.45 US cents per pound on Friday, from 53.85 cents a week earlier.
The Cotton Outlook Index of physical cotton stood at 59.40 cents on Thursday from 54.75 cents last week.
WOOL: Wool prices rebounded slightly in major producer Australia after slumping to the lowest level for more than five years the previous week.
The Australian Eastern index edged up to 6.71 Australian dollars per kilo on Thursday from 6.70 last week, which was the lowest level since March 2000.