Commodities tumbled this week on disappointing US payrolls data and intensifying concerns over the eurozone debt crisis, but cocoa bucked the trend, hitting a near 33-year peak on tight supplies and keen chocolate demand.
“Commodity prices have remained under pressure as a hostile external environment and nervous financial markets refuse to relent their stranglehold on prices,” Barclays Capital analyst Sudakshina Unnikrishnan said.
Many US dollar-priced commodities also took a hit from the stronger dolllar, which soared against the euro, as contagion fears grew over the eurozone crisis.
OIL: World oil prices plunged by almost US$3 on Friday after a much weaker-than-expected US nonfarm payrolls report sparked concern about the strength of economic recovery in top energy consumer the US.
By late on Friday on the New York Mercantile Exchange, Texas light sweet crude for delivery in July slumped to US$71.78 a barrel from US$74.58 a week earlier.
On London’s Intercontinental Exchange, Brent North Sea crude for July delivery tumbled to US$72.58 from US$74.63.
PRECIOUS METALS: Prices fell in line with most other commodities.
By late on Friday on the London Bullion Market, gold prices eased to US$1,203.50 an ounce from US$1,207.50 the previous week.
Silver fell to US$17.76 an ounce from US$18.53.
On the London Platinum and Palladium Market, platinum sank to US$1,527 an ounce from US$1,555. Palladium tumbled to US$440 an ounce from US$471.
BASE METALS: Base metals were hit by the poor manufacturing data from key consumer China.
By Friday on the London Metal Exchange, copper for delivery in three months slumped to US$6,292 a tonne from US$6,991 a week earlier.
COCOA: Cocoa soared to the highest level for nearly 33 years, hitting £2,606 per tonne in London.
“Strength [in prices] was linked to the tight supply situation and expectations for a pick up in consumer demand for chocolate,” the Public Ledger commodities review said.
By Friday on LIFFE — London’s futures exchange — the price of cocoa for delivery in July jumped to £2,581 a tonne from £2,437 the previous week.
On the NYBOT, the September cocoa contract eased to US$2,982 a tonne from US$2,985.
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