Gold and tin hit record highs this week as the US dollar slid on worries over the US economic recovery, with the weaker currency boosting demand, analysts said.
Investors are betting that the US authorities will have to take more stimulus measures to keep an unsteady recovery on track.
A weaker US currency tends to boost demand and prices for dollar-priced commodities as they become cheaper for buyers using stronger currencies. Supply concerns added to the price pressures on several commodities.
PRECIOUS METALS: Gold struck a series of record highs, with the top at US$1,364.77 an ounce on Thursday.
Silver reached its best level in 30 years, at US$23.48 an ounce and palladium hit a nine-year peak of US$604 an ounce.
By late on Friday on the London Bullion Market, gold had risen to US$1,341.50 an ounce, up from US$1,316 a week earlier.
Silver advanced to US$22.37 an ounce from US$21.95.
On the London Platinum and Palladium Market, platinum gained to US$1,683 an ounce from US$1,679.
Palladium edged up to US$572 an ounce from US$571.
OIL: Crude oil prices were carried higher this week on the back of the struggling US dollar and ahead of next week’s meeting of the OPEC oil cartel.
“The release of US payrolls data ... did nothing to quell the uncertainty in the markets, coming out much worse than expected, dropping by 95,000 against an -expectation of no change,” CMC Markets analyst Michael Hewson said.
The oil market was also looking ahead to an OPEC meeting on Thursday. The organization pumps 40 percent of the world’s crude oil.
Analysts expect no change in output as the cartel’s 12 members appear satisfied with current prices. OPEC meets periodically to set output levels with a view to supporting revenues and investment levels.
By late on Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in November jumped to US$84.30 a barrel from 82.92 a week earlier.
On the New York Mercantile Exchange, Texas light sweet crude for November rallied to US$82.83 a barrel from US$80.67.
BASE METALS: Base metals mostly advanced, with tin hitting a record high of US$26,790 a tonne on Wednesday, in part due to tight supplies.
By late on Friday on the London Metal Exchange, copper for delivery in three months rose to US$8,270 a tonne from US$8,159 a week earlier.
Three-month aluminum climbed to US$2,400 a tonne from US$2,371.
GRAINS AND SOYA: Grains and soya advanced after the US government lowered its harvest estimates, putting soya output at 92.76 million tonnes for 2010-2011, down from an earlier prediction of 94.79 million tonnes.
The data “was extremely bullish [supportive]” for prices, said Dax Wedemeyer, an analyst for brokers US Commodities.
By Friday on the Chicago Board of Trade, maize for delivery in December jumped to US$5.28 a bushel from US$4.65 the previous week.
November-dated soyabean meal — used in animal feed — rose to US$11.35 a bushel from US$10.57.
Wheat for December was up to US$7.19 a bushel from US$6.55.
COFFEE: Coffee futures dropped on expectations of high crop yields in major producers Brazil and Vietnam.
By Friday on the New York Board of Trade (NYBOT), Arabica for delivery in December slid to US$1.7910 a pound (0.45kg) from US$1.8295 the previous week.
On LIFFE — London’s futures exchange — Robusta for January fell to US$1,668 a tonne from US$1,751 for the November contract last Friday.
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