Commodities mostly rallied this week on investor relief as US lawmakers clinched a last-gasp deal to avoid the “fiscal cliff” of tax hikes and spending cuts in the US, stoking optimism about demand.
“The commodities markets have started the new year with a bang,” Commerzbank analyst Eugen Weinberg said.
The fiscal deal was seen as a step toward correcting US public finances, which are suffering from a huge annual deficit and accumulated mountain of debt.
Traders also digested last month’s US non-farm payrolls report, which showed modest job growth, while the US economy’s huge services sector showed a surprising expansion.
OIL: Prices jumped following news that the US — the world’s biggest consumer of crude oil — has avoided the fiscal cliff.
However, another debilitating stand-off is almost certain at the end of next month.
On Wednesday, the first trading day of the year, Brent hit US$112.90 per barrel — its highest level since mid-October. New York crude touched US$93.87, which was a mid-September pinnacle.
By Friday on the New York Mercantile Exchange, West Texas Intermediate, or light sweet crude, for delivery next month climbed to US$92.65 a barrel from US$90.97 a week earlier.
On London’s Intercontinental Exchange, Brent North Sea crude for next month gained to US$111.22 a barrel from US$110.72 the previous week.
PRECIOUS METALS: Gold faced a rollercoaster ride, soaring to US$1,694.81 on Wednesday to the highest level since Dec. 18.
However, gold plunged on Friday to US$1,625.85 — a low point last seen on Aug. 21.
Sister metal silver faced a similar fate, soaring as high as US$31.48 on Wednesday before diving to US$29.23 on Friday.
By late Friday on the London Bullion Market, gold dipped to US$1,648 an ounce from US$1,657.50 a week earlier.
Silver slid to US$29.32 an ounce from US$30.15.
On the London Platinum and Palladium Market, platinum rose to US$1,557 an ounce from US$1,527 and palladium fell to US$689 an ounce from US$675.
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Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
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