Prices of industrial metals slid this week as the ongoing eurozone debt crisis dented demand for copper and tin, but oil futures rose thanks to geopolitical tensions over Iran.
BASE METALS: Major industrial metals prices declined, except for aluminum.
“Base metal price action is all about the politics at present,” Barclays Capital analyst Gayle Berry said. “The continued rise in Italian bond yields and growing concerns over a Europe-wide collapse pulled metals prices lower ... Even in spite of some supportive supply side news and positive Chinese import data, copper prices have continued to slide to the lowest since the end of October.”
By late Friday on the London Metal Exchange, copper for delivery in three months fell to US$7,623 a tonne from US$7,832 the previous week.
Three-month aluminum rose to US$2,169 a tonne from US$2,143.
Three-month lead dropped to US$1,996 a tonne from US$2,031.
Three-month tin decreased to US$21,700 a tonne from US$22,100.
Three-month nickel retreated to US$18,350 a tonne from US$18,550.
PRECIOUS METALS: Gold prices won a small lift as the precious metal benefited from its status as a safe haven in times of economic unrest and geopolitical tensions.
“Given the ongoing high uncertainties and the current risk aversion, gold should remain well supported,” Commerzbank analyst Carsten Fritsch said. By late Friday on the London Bullion Market, gold nudged upward to US$1,773 an ounce from US$1,749 the previous week.
Silver fell to US$33.77 an ounce from US$33.95.
On the London Platinum and Palladium Market, platinum edged up to US$1,628 an ounce from US$1,623.50.
Palladium dropped to US$651 an ounce from US$682.
OIL: Crude oil prices advanced as concerns over Iran’s nuclear plans offset eurozone worries.
By late Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in December jumped to US$114.22 a barrel from US$111.40 a week earlier.
On the New York Mercantile Exchange, West Texas Intermediate, or light sweet crude, for December, rallied to US$98.82 a barrel from US$93.92.
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