Sun, Dec 19, 2010 - Page 10 News List

Copper hits record, Ivory Coast unrest boosts cocoa

AFP, LONDON

Copper prices struck fresh record highs this week, helped by tight supplies of the industrial metal, while cocoa futures rallied on violent unrest in major producer Ivory Coast.

BASE METALS: Copper prices extended their recent record-breaking run by reaching an all-time high of US$9,267.50 a tonne.

By late Friday on the London Metal Exchange, copper for delivery in three months rose to US$9,081 a tonne from US$9,030.50 a week earlier.

COCOA: Cocoa futures advanced on growing political instability in top producer Ivory Coast in the wake of disputed presidential elections in the west African nation.

By Friday on LIFFE, London’s futures exchange, cocoa for March rose to £1,975 a tonne from £1,924 a week earlier.

On the New York Board of Trade (NYBOT), cocoa for delivery in March climbed to US$2,965 a tonne from US$2,924.

PRECIOUS METALS: Gold prices retreated, one week after striking a record high.

“Bullion prices, as do markets as a whole, remain in a mixed and choppy mood as traders and investors continue to readjust their expectations and positions ahead of the Christmas and New Year period,” analyst James Moore at thebulliondesk.com said.

By late Friday on the London Bullion Market, gold fell to US$1,368.50 an ounce at the late fixing from US$1,375.25 a week earlier.

Silver dipped to US$28.78 an ounce from US$28.79.

On the London Platinum and Palladium Market, platinum rose to US$1,696 an ounce from US$1,673.

Palladium edged up to US$738 an ounce from US$737.

OIL: Crude prices were mixed as the market reacted to OPEC’s decision to maintain output levels, movements in the US dollar and an alarming drop in US crude inventories.

By late Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in February stood at US$91.78 a barrel compared with US$91.40 for the January contract a week earlier.

On the New York Mercantile Exchange, Texas light sweet crude for January fell to US$88.01 a barrel from US$88.88.

COFFEE: Coffee prices rallied, hitting a 13-year high in New York, on tight supply fears.

By Friday on NYBOT, Arabica for delivery March increased to a 13-year high of US$2.2545 a pound (0.45kg) from US$2.0375 the previous week.

On LIFFE, Robusta for March grew to a five-week high of US$2,013 a tonne from US$1,895.

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