Sun, Oct 03, 2010 - Page 10 News List

Asian stocks rise for fifth week on US, China data

EASING FEARS:Asian markets mostly ended the week higher after reports showed that Chinese manufacturing increased last month as capital investment rose in the US


Gold rocketed to record peaks this week, boosted by the weak US dollar, while crude oil raced higher as supportive economic data sparked hopes of improving worldwide energy demand.

Many dollar-priced raw materials won support from the struggling greenback, which makes them cheaper for buyers using stronger currencies and so tends to stimulate demand.

PRECIOUS METALS: Gold prices hit a fresh record above US$1,320 per ounce on London on Friday, ending a record-breaking week as the US dollar stumbled on a disappointing US manufacturing survey.

Gold surged to an all-time pinnacle at US$1,320.70 per ounce, dragging sister metal silver to US$22.15, which was last seen in September 1980.

By late on Friday on the London Bullion Market, gold rallied to US$1,316 an ounce from US$1,297 a week earlier.

Silver advanced to US$21.95 an ounce from US$21.35.

On the London Platinum and Palladium Market, platinum jumped to US$1,679 an ounce from US$1,645.

Palladium rose to US$571 an ounce from US$562.

OIL: The global oil market rallied this week as mostly upbeat economic reports painted a picture of healthy future demand for energy. On Friday, London Brent oil climbed to US$83.64 per barrel — which was last seen on May 5. And New York crude rallied as high as 81.47 — a level last witnessed on Aug. 10.

By late on Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in November gained to US$82.92 a barrel from 79.38 a week earlier.

On the New York Mercantile Exchange, Texas light sweet crude for November rallied to US$80.67 a barrel from US$76.56.

BASE METALS: Base metals mainly soared higher, with star performer copper striking a two-year high at US$8,178 on the back of the positive Chinese manufacturing data.

By late on Friday on the London Metal Exchange, copper for delivery in three months jumped to US$8,159 a tonne from US$7,966.

GRAINS AND SOYA: Maize struck a new two-year peak and soya forged a one-year high, as the pair won support from stretched supplies, before pulling lower on profit-taking.

Maize hit US$5.2875 a bushel on Monday, reaching a level last seen in September 2008. On the same day, soya jumped as high as US$11.34, touching a level last seen in June last year.

By Friday on the Chicago Board of Trade, maize for delivery in December stood at US$4.83 a bushel from US$5.21 the previous week.

COFFEE: Coffee futures gained ground. By Friday on the New York Board of Trade, Arabica for delivery in December rose to US$1.8295 a pound (0.45kg) from US$1.7915 the previous week.

On London’s futures exchange, Robusta for January rose to US$1,751 a tonne, compared with US$1,702 for the November contract the previous Friday.

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