Raw material prices mainly rose this week as traders tracked upbeat US company results and economic data, but some gains tapered off before publication of European banks?stress-test results.
OIL: World oil prices shot higher, nearing US$80 per barrel on a range of supportive factors, as traders fretted about the potential impact of a tropical storm on energy installations in the Gulf of Mexico.
New York crude spiked to US$79.60 per barrel in early deals on Friday, hitting a level last seen on May 5, before pulling back.
The market was boosted by positive data and corporate 苟arnings, alongside the weak dollar and the overnight formation of Tropical Storm Bonnie in the Gulf of Mexico.
?rices surged as an array of strong economic data, robust corporate earnings results and continuing concerns over a tropical storm potentially hitting oil operations in the Gulf of Mexico area contributed to the strength of the energy market,?Sucden analyst Myrto Sokou said.
Tropical depression Bonnie, which is disrupting efforts to clean up the massive Gulf of Mexico oil spill, made landfall in Florida on Friday, US weather officials said.
By late on Friday on the New York Mercantile Exchange, Texas light, sweet crude for delivery in September soared to US$78.72 a barrel, from US$75.60 for the August contract the previous week.
On London? Intercontinental Exchange, Brent North Sea crude for September delivery jumped to US$77.30 compared with US$74.96 the previous week.
PRECIOUS METALS: Gold prices climbed toward US$1,200 per ounce.
?old continues to consolidate around the 1,200-dollar level, effectively trading in about a 30-dollar range since the start of the month,?said Raj Patel, head trader at Spread Co in London.
?he weaker dollar of late has offset some of the fall in physical demand for gold, so the market is waiting for direction it seems,?Patel said.
Gold had struck an all-time peak of US$1,265.30 an ounce on June 21.
By late on Friday on the London Bullion Market, gold rose to US$1,190.50 an ounce from US$1,189.25 the previous week.
Silver eased to US$18.17 an ounce from US$18.25.
On the London Platinum and Palladium Market, platinum climbed to US$1,541 an ounce from US$1,505.
Palladium increased to US$460 an ounce from US$456.
BASE METALS: Prices soared on the back of solid economic data and buoyant equities.
?ase metals [are] still trading off equities and broader market sentiment,?VTB Capital analyst Andrey Kryuchenkov said.
Over the course of the week, lead soared by 10 percent, tin gained 6.7 percent, nickel surged 7.5 percent and zinc also won 7.5 percent in value.
By Friday on the London Metal Exchange, copper for delivery in three months had jumped to US$7,030 a tonne from US$6,483 a week earlier.
Three-month aluminum leapt to US$2,038 a tonne from US$1,978.
Three-month lead rocketed to US$1,950 a tonne from US$1,770.
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