Commodity prices traded mixed this week as investors digested news of a sharp slowdown in economic growth in the US, which is a major consumer of raw materials.
Coffee was the star performer, striking a 12-year pinnacle in New York as speculative buyers dived into the market.
OIL: Crude oil prices fell this week after a steady start as Tropical Storm Bonnie departed the Gulf of Mexico, which is home to many energy installations.
The market plunged on Tuesday after a key survey showed US consumer confidence slumped to the worst level in five months.
Losses were extended mid-week after a huge unexpected jump in US crude stockpiles added to nerves over the economic outlook.
The US Department of Energy said crude oil inventories jumped 7.3 million barrels last week in the US, suggesting weaker demand.
By late on Friday on the New York Mercantile Exchange, Texas light sweet crude for delivery in September dipped to US$77.67 a barrel, from US$78.72 the previous week.
On London’s Intercontinental Exchange, Brent North Sea crude for September delivery slipped to US$77.04 compared with US$77.30 the previous week.
PRECIOUS METALS: Prices diverged, with gold falling as the glamorous metal lost its safe-haven appeal amid easing inflation concerns.
“The recent weakness in gold prices ... mainly reflects lower demand for the precious metal as a safe haven or inflation hedge,” Capital Economics analyst Julian Jessop said.
By late on Friday on the London Bullion Market, gold fell to US$1,169 an ounce from US$1,190.50 the previous week.
Silver slid to US$17.66 an ounce from US$18.17.
On the London Platinum and Palladium Market, platinum climbed to US$1,555 an ounce from US$1,541.
Palladium increased to US$487 an ounce from US$460.
BASE METALS: Prices advanced across the board.
“Base metals continue to benefit from the persistently high risk appetite of market participants,” Commerzbank analyst Eugen Weinberg said.
By Friday on the London Metal Exchange, copper for delivery in three months had jumped to US$7,225 a tonne from US$7,030 a week earlier.
Three-month aluminum leapt to US$2,134 a tonne from US$2,038.
COFFEE: Coffee futures soared, striking a 12-year peak in London on keen demand from speculative buyers.
“New York led the way under speculative demand,” analyst Ralph Hawes at Sucden said.
New York Arabica coffee jumped as high as US$1.7875 on Friday, reaching the best level since February 1998.
London Robusta, meanwhile, touched US$1,810, which was the highest level since October 2008.
By Friday on LIFFE, Robusta for delivery in September stood at US$1,786 a tonne, up from US$1,724 the previous week.
On NYBOT, Arabica for September increased to US$1.7525 a pound from US$1.6670.
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