World oil prices rebounded this week, but metals were mixed as traders reacted to progress in the Greek debt crisis and disappointing global manufacturing data.
OIL: Prices rallied after a vote in the Greek parliament eased worries about a potential eurozone default and tempted more traders into riskier investments.
The market recovered from heavy losses suffered the previous week when the International Energy Agency decided to tap strategic oil stocks in a bid to rein in high-flying energy prices.
The market was also pushed higher by supportive inventories data in the US. US crude inventories tumbled 4.4 million barrels last week, exceeding expectations for a smaller drop of 1.6 million barrels.
By Friday, prices trimmed their gains following news of a sharp slowdown for manufacturing in China.
By late Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery next month jumped to US$110.42 a barrel from US$105.95 a week earlier.
On the New York Mercantile Exchange, West Texas Intermediate or light sweet crude for next month gained to US$94.29 a barrel from US$90.92.
PRECIOUS METALS: Precious metals were mixed.
“Gold’s safe haven role has lessened as confidence has grown that Greece would be able to avoid debt default,” Credit Agricole analyst Robin Bahr said.
By late Friday on the London Bullion Market, gold fell to US$1,483 an ounce from US$1,514.75 the previous week.
Silver dipped to US$33.85 an ounce from US$34.73.
On the London Platinum and Palladium Market, platinum rose to US$1,708 an ounce from US$1,696.
Palladium increased to US$750 an ounce from US$739.
BASE METALS: Base metals rallied as the dollar weakened against the euro as Greece’s fortunes improved.
“Metal prices ... have been boosted by the outcome in Athens, with market players’ appetite for bigger risks increased,” Commerzbank analysts wrote. “Copper still has the best fundamentals of all metals and we see the price remaining well supported.”
By late Friday on the London Metal Exchange, copper for delivery in three months rose to US$9,423 a tonne from US$9,110 the previous week.
Three-month aluminum advanced to US$2,514 a tonne from US$2,507.
Three-month lead climbed to US$2,667 a tonne from US$2,564.
GRAINS AND SOYA: Grains and soya futures dropped.
By Friday on the Chicago Board of Trade, maize for delivery in September fell to US$6.03 a bushel from US$6.55 a week earlier.
November-dated soyabean meal — used in animal feed — slipped to US$13.02 a bushel from US$13.10.
Wheat for September declined to US$6.15 from US$6.61.
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