Commodity prices diverged this week amid weak Chinese growth data, renewed eurozone debt worries, strong supplies of major raw materials and following poor US jobs figures.
Prices took a hit at the start of the week on delayed reaction to US jobs data published on Friday last week when London and US markets were closed for Easter.
They won some support mid-week on rising political tensions over Iran and North Korea, before retreating once more on Friday following weak Chinese growth data.
Photo: Reuters
OIL: Prices fell as weaker Chinese growth, high US crude supplies and renewed worries surrounding the eurozone debt crisis helped to offset tensions over Iran, traders said.
“Oil looks set to fall to around [US]$115 a barrel over the next few weeks as a drop in demand and indications of an economic slowdown in China finally drive prices below [US]$120 a barrel for a sustained period,” said Tom Pering, an analyst at energy consultants Inenco. “Pointers include the continued building of US stockpiles and an indication that the Chinese economic machine may have started a slowdown.”
By late Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in May dropped to US$121.28 a barrel from US$122.17 on Thursday of the previous week.
On the New York Mercantile Exchange, West Texas Intermediate, or light sweet crude, for May fell to US$103.01 from US$103.33.
PRECIOUS METALS: Gold prices rebounded after striking a three-month low point the previous week, helped by its status of a safe haven investment in times of economic turbulence.
By late Friday on the London Bullion Market, gold climbed to US$1,666.50 an ounce from US$1,631 on Thursday of the previous week.
Silver gained to US$32.36 an ounce from US$31.27.
On the London Platinum and Palladium Market, platinum rose to US$1,600 an ounce from US$1,592.
Palladium advanced to US$643 an ounce from US$635.
BASE METALS: Prices diverged, with copper and aluminum falling and lead rising.
By late Friday on the London Metal Exchange, copper for delivery in three months slumped to US$8,040 a tonne from US$8,405 on Thursday of the previous week.
Three-month aluminum slipped to US$2,078 a tonne from US$2,094.
Three-month lead rose to US$2,062 a tonne from US$2,020.
Three-month tin fell to US$22,525 a tonne from US$22,750.
Three-month nickel grew to US$18,400 a tonne from US$18,219.
Three-month zinc climbed to US$2,008 a tonne from US$1,988.
purpose: Tesla’s CEO sought to meet senior Chinese officials to discuss the rollout of its ‘full self-driving’ software in China and approval to transfer data they had collected Tesla Inc CEO Elon Musk arrived in Beijing yesterday on an unannounced visit, where he is expected to meet senior officials to discuss the rollout of "full self-driving" (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter. Chinese state media reported that he met Premier Li Qiang (李強) in Beijing, during which Li told Musk that Tesla's development in China could be regarded as a successful example of US-China economic and trade cooperation. Musk confirmed his meeting with the premier yesterday with a post on social media platform X. "Honored to meet with Premier Li
Dutch brewing company Heineken NV on Friday announced an investment of NT$13.5 billion (US$414.62 million) over the next five years in Taiwan. The first multinational brewing company to operate in Taiwan, Heineken made the statement at a ceremony held at its brewery in Pingtung County. It also outlined its efforts to make the brewery “net zero” by 2030. Heineken has been in the Taiwanese market for 20 years, Heineken Taiwan managing director Jeff Wu (吳建甫) said. With strong support from local consumers, the Dutch brewery decided to transition from sales to manufacturing in the country, Wu said. Heineken assumed majority ownership and management rights
ARTIFICIAL INTELLIGENCE: The chipmaker last month raised its capital spending by 28 percent for this year to NT$32 billion from a previous estimate of NT$25 billion Contract chipmaker Powerchip Semiconductor Manufacturing Corp (力積電子) yesterday launched a new 12-inch fab, tapping into advanced chip-on-wafer-on-substrate (CoWoS) packaging technology to support rising demand for artificial intelligence (AI) devices. Powerchip is to offer interposers, one of three parts in CoWoS packaging technology, with shipments scheduled for the second half of this year, Powerchip chairman Frank Huang (黃崇仁) told reporters on the sidelines of a fab inauguration ceremony in the Tongluo Science Park (銅鑼科學園區) in Miaoli County yesterday. “We are working with customers to supply CoWoS-related business, utilizing part of this new fab’s capacity,” Huang said, adding that Powerchip intended to bridge
Microsoft Corp yesterday said that it would create Thailand’s first data center region to boost cloud and artificial intelligence (AI) infrastructure, promising AI training to more than 100,000 people to develop tech. Bangkok is a key economic player in Southeast Asia, but it has lagged behind Indonesia and Singapore when it comes to the tech industry. Thailand has an “incredible opportunity to build a digital-first, AI-powered future,” Microsoft chairman and chief executive officer Satya Nadella said at an event in Bangkok. Data center regions are physical locations that store computing infrastructure, allowing secure and reliable access to cloud platforms. The global embrace of AI