The price of oil raced to a 10-month peak in London this week and metals futures rallied strongly as the US dollar retreated on positive economic data, traders said.
Sugar meanwhile struck an all-time high in London, aided by a weaker dollar amid more positive signs of economic recovery and the commodity’s weak supply situation.
OIL: Brent North Sea crude for delivery in September hit US$76 a barrel on Thursday — the highest level since October. New York crude reached a five-week high of US$72.42 the same day.
On Friday official data showed the US unemployment rate fell unexpectedly to 9.4 percent last month as job losses in the month narrowed to 247,000.
By Friday on London’s InterContinental Exchange (ICE), Brent North Sea crude for delivery in September jumped to US$74.33 a barrel from US$69.52 a week earlier.
On the New York Mercantile Exchange (NYMEX), light sweet crude for September rallied to US$71.43 a barrel from US$66.83 one week earlier.
PRECIOUS METALS: Prices rose across the board, reaching multi-month peaks.
On Friday, a group of 19 European central banks announced they would cap gold sales at 2,000 tonnes over the next five years and stressed the importance of gold to the international monetary system.
By late Friday on the London Bullion Market, gold rose to US$956 an ounce from US$939 a week earlier.
Silver gained to US$14.65 an ounce from US$13.63.
On the London Platinum and Palladium Market, platinum grew to US$1,260 an ounce at the late fixing on Friday from US$1,189.
Palladium advanced to US$271 an ounce from US$256.
SUGAR: The price of sugar reached a record high in London trading after jumping 25 percent in three weeks.
White sugar for delivery in October reached £537.30 a tonne — the highest level since the commodity was first traded under its current form in 1983.
In New York, unrefined sugar for October hit a 28-year high of US$0.2068 a pound.
By Friday on LIFFE, London’s futures exchange, the price of a tonne of white sugar for delivery in October grew to £493 from £475.70 a week earlier.
On the New York Board of Trade, the price of unrefined sugar for October climbed to US$0.1876 a pound from US$0.1834.
‘HERO OF THE ERA’: President Tsai Ing-wen expressed deep sadness at Lee’s passing, and told the government to assist his family with all their needs Former president Lee Teng-hui (李登輝) passed away at 7:24pm yesterday at Taipei Veterans General Hospital. He was 97 years old. The hospital stated the cause of death as septic shock and multiple organ failure. Lee had been hospitalized there since February, when he choked on a mouthful of milk at home. He was later diagnosed with pulmonary infiltrates and aspiration pneumonia. The hospital said that Lee had been treated with antibiotics, but that his health had not improved, as his advanced age and diabetes had inhibited his immune system and led to recurring infections. During his hospitalization, Lee underwent daily kidney dialysis, which removed
‘WEAK POSITIVE’: The man arrived in Taiwan in May and was quarantined for two weeks, Chen Shih-chung said, adding that he might be infected a long time ago The government is considering tightening mask-wearing rules again in light of a potential domestic COVID-19 infection, Minister of Health and Welfare Chen Shih-chung (陳時中) said yesterday. The Central Epidemic Command Center (CECC) confirmed seven new COVID-19 cases, six of which are imported. The other case involves a Belgian engineer who entered Taiwan on May 3 and remained in quarantine until May 17, said Chen, who heads the CECC. Although the source of infection has yet to be identified, the case could end the nation’s record of not having any domestic cases in the previous 110 days. The Belgian, in his 20s, is a technician
RECEIVING TREATMENT: President Tsai Ing-wen, Vice President William Lai and Premier Su Tseng-chang visited former president Lee Teng-hui yesterday morning Taipei Veterans General Hospital yesterday rebutted speculation that former president Lee Teng-hui (李登輝) had died a day earlier, saying that he was weak, but receiving treatment. The hospital said the 97-year-old Lee was not in good condition and needed ongoing care, adding that if there are any changes in his condition, it would make those public. The comments came after rumors emerged online on Tuesday that Lee had died after being hospitalized since early February. Soon after the unsubstantiated rumors emerged, reporters started flocking to the hospital seeking confirmation. Lee was admitted to Taipei Veterans General Hospital on Feb. 8 after choking while drinking
THAI CASE UPDATE: Twenty-nine close contacts of the worker have been tested with two types of tests, including 18 dorm mates, with 28 negative results so far Five imported cases of COVID-19, four from the Philippines and one from Hong Kong, were reported yesterday, bringing the total confirmed cases in Taiwan to 467, the Central Epidemic Command Center (CECC) said yesterday. The four returning from the Philippines were on the same flight, and the local health department has identified 15 people who had direct contact with them — including 10 passengers in the two rows in front or behind them, who have been put under 14-day home isolation, and five crew members, who will practice 14-day self-health management, said Centers for Disease Control (CDC) Deputy Director-General Chuang Jen-hsiang