Oil prices soared above US$82 this week as traders took their cue from better-than-expected US jobs data, firmer stock markets and the latest newsflow on the Greek debt crisis.
The devastating earthquake in Chile, meanwhile, sent tremors through the copper market because the South American country is the world’s biggest producing nation, traders said.
OIL: The price of oil rallied on Friday, with New York’s light sweet crude spiking to US$82.07 per barrel.
PHOTO: BLOOMBERG
The market shot higher earlier in the week after data showing a sharper-than-expected decline in US stockpiles of distillates — including diesel and heating fuel.
Distillates inventories dropped 800,000 barrels last week, the US Department of Energy said on Wednesday.
In addition, the market benefited from a weaker US dollar, which typically boosts demand for dollar-priced crude oil, pushing up prices.
By late Friday on the New York Mercantile Exchange (NYMEX), Texas light sweet crude for delivery in April was up at US$81.86 from US$79.64 a week earlier.
Brent North Sea crude for April jumped to US$80.33 from US$76.53 on London’s IntercontinentalExchange (ICE).
BASE METALS: Prices rose following last Saturday’s magnitude 8.8 quake in Chile, the world’s largest copper producing country, which left about 800 people dead.
Copper rocketed as high as US$7,634 per tonne on Wednesday, reaching a level last seen on January 11, as traders fretted over production of the key industrial metal.
Star performer nickel, meanwhile, soared to US$23,040 per tonne, the highest level since June 2008.
By Friday on the London Metal Exchange, copper for delivery in three months was sharply higher at US$7,600 a tonne from US$7,100 the previous week.
PRECIOUS METALS: Gold benefited from its status as a safe-haven investment amid stubborn jitters about a possible sovereign debt default in Europe.
“Owing to concerns over the fiscal deficit of several European countries, gold is likely to remain in high demand as a safe haven,” Commmerzbank analysts said.
By Friday on the London Bullion Market, gold rose to US$1,135 an ounce from US$1,108.25 the previous week.
Silver climbed to US$17.25 an ounce from US$16.12.
On the London Platinum and Palladium Market, platinum advanced to US$1,578 an ounce from US$1,533.
Palladium rose to US$466 an ounce from US$430.
SUGAR: Prices drifted lower, extending recent losses after hitting a 30-year high at the start of the month.
By Friday on the New York Board of Trade (NYBOT), the price of unrefined sugar for delivery in May slid to US$0.2179 a pound (0.45kg) compared with US$0.2346 the previous week.
On LIFFE, London’s futures exchange, the price of a tonne of white sugar for May sank to £600 from £662.60.
DEFENDING DEMOCRACY: Taiwan shares the same values as those that fought in WWII, and nations must unite to halt the expansion of a new authoritarian bloc, Lai said The government yesterday held a commemoration ceremony for Victory in Europe (V-E) Day, joining the rest of the world for the first time to mark the anniversary of the end of World War II in Europe. Taiwan honoring V-E Day signifies “our growing connections with the international community,” President William Lai (賴清德) said at a reception in Taipei on the 80th anniversary of V-E Day. One of the major lessons of World War II is that “authoritarianism and aggression lead only to slaughter, tragedy and greater inequality,” Lai said. Even more importantly, the war also taught people that “those who cherish peace cannot
STEADFAST FRIEND: The bills encourage increased Taiwan-US engagement and address China’s distortion of UN Resolution 2758 to isolate Taiwan internationally The Presidential Office yesterday thanked the US House of Representatives for unanimously passing two Taiwan-related bills highlighting its solid support for Taiwan’s democracy and global participation, and for deepening bilateral relations. One of the bills, the Taiwan Assurance Implementation Act, requires the US Department of State to periodically review its guidelines for engagement with Taiwan, and report to the US Congress on the guidelines and plans to lift self-imposed limitations on US-Taiwan engagement. The other bill is the Taiwan International Solidarity Act, which clarifies that UN Resolution 2758 does not address the issue of the representation of Taiwan or its people in
The Philippines yesterday criticized a “high-risk” maneuver by a Chinese vessel near the disputed Scarborough Shoal (Huangyan Island, 黃岩島) in a rare incident involving warships from the two navies. The Scarborough Shoal — a triangular chain of reefs and rocks in the contested South China Sea — has been a flash point between the countries since China seized it from the Philippines in 2012. Taiwan also claims the shoal. Monday’s encounter took place approximately 11.8 nautical miles (22km) southeast” of the Scarborough Shoal, the Philippine military said, during ongoing US-Philippine military exercises that Beijing has criticized as destabilizing. “The Chinese frigate BN 554 was
The number of births in Taiwan fell to an all-time monthly low last month, while the population declined for the 16th consecutive month, Ministry of the Interior data released on Friday showed. The number of newborns totaled 8,684, which is 704 births fewer than in March and the lowest monthly figure on record, the ministry said. That is equivalent to roughly one baby born every five minutes and an annual crude birthrate of 4.52 per 1,000 people, the ministry added. Meanwhile, 17,205 deaths were recorded, resulting in a natural population decrease of 8,521, the data showed. More people are also leaving Taiwan, with net
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