Gold hit a record peak close to US$1,400 an ounce and oil struck the highest level since late 2008 this week after the US Federal Reserve agreed to pump the world’s biggest economy with fresh stimulus.
Sugar prices reached levels not seen for nearly 30 years on supply concerns.
PRECIOUS METALS: Gold hit a record high of US$1,398.25 an ounce on Friday and in its wake, sister metal silver nailed a 30-year peak of US$26.90 an ounce.
“Currency wars, quantitative easing and global economic uncertainty all pose risks to investors. To protect themselves, many have sought the safety of gold,” said Anthony Grech, an analyst at trading firm IG Index. “Silver has the potential to continue outperforming gold, with the metal likely to be driven by increasing industrial use and investment demand.”
By late Friday on the London Bullion Market, gold surged to US$1,395.50 an ounce at the late fixing, from US$1,346.77 a week earlier.
Silver advanced to US$26.14 an ounce from US$23.96.
On the London Platinum and Palladium Market, platinum rallied to US$1,764 an ounce from US$1,700.
Palladium increased to US$687 an ounce from US$640.
OIL: Oil prices rocketed, reaching two-year highs on Friday in New York. Ahead of positive US jobs data, New York crude struck US$87.22 a barrel — the highest point since October 2008. In London, Brent crude oil reached a six-month high of US$88.80.
Oil was rallying “thanks to increased investor risk appetite and the weaker US dollar,” the Commonwealth Bank of Australia said in a report.
“The US Federal Reserve’s announcement ... boosted commodity market sentiment and supported prices across the board,” it added.
By late Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in December soared to US$88.10 a barrel from US$82.10 a week earlier.
On the New York Mercantile Exchange, Texas light sweet crude for December surged to US$86.77 a barrel from US$83.31.
BASE METALS: Copper reached the highest levels in more than two years, at US$8,769 a tonne.
“The Fed’s decision to buy more US treasuries ... has been interpreted in the case of metals to mean that economic growth in the US will be supported in every possible way and thus also the demand for commodities,” analysts at Commerzbank said.
By late Friday on the London Metal Exchange, copper for delivery in three months jumped to US$8,730 a tonne from US$8,198 a week earlier.
Three-month aluminum grew to US$2,466 a tonne from US$2,340.
SUGAR: Sugar futures hit the highest point in almost three decades in New York trade on Friday.
The price of unrefined sugar for delivery in March jumped to US$0.3230 a pound (0.45kg) — the best level since January 1981.
A tonne of white sugar reached a 23 year peak of £788 a tonne in London.
Sugar, which has shot up by 140 percent since May, is used mainly in the food and drinks sector, but is also used for the production of ethanol — a cheaper version of gasoline, or motor fuel.
In recent weeks and months, sugar has also rocketed higher as floods and droughts hamper production of the widely used raw material.
By Friday on the New York Board of Trade (NYBOT), the price of unrefined sugar for delivery in March jumped to US$0.3181 a pound from US$0.2909 a week earlier.
On LIFFE — London’s futures exchange — the price of a tonne of white sugar for December rallied to £776 from £723.20.
COFFEE: Coffee prices reached multi-year peaks owing to tight supplies.
“Low stock levels and delays in harvesting in a number of countries due to extended rains will continue to intensify concerns about short-term market supply,” the International Coffee Organization said this week.
By Friday on NYBOT, Arabica for delivery in December stood at US$2.0420 a pound compared with US$2.0260 the previous week.
On LIFFE, Robusta for January gained to US$1,981 a tonne from US$1,959.
COCOA: Cocoa futures dropped amid abundant supplies of the commodity.
By Friday On NYBOT, cocoa for delivery in December fell to US$2,720 a tonne from US$2,801 a week earlier. On LIFFE, cocoa for December weakened to £1,795 a tonne from £1,858.
GRAINS AND SOYA: Soya prices struck fresh two-year highs.
By Friday on the Chicago Board of Trade, January-dated soyabean meal stood at US$12.79 a bushel from US$12.36.
Maize for delivery in December climbed to US$5.88 a bushel from US$5.82 the previous week.
Wheat for December was flat at US$7.17.
PATENTS: MediaTek Inc said it would not comment on ongoing legal cases, but does not expect the legal action by Huawei to affect its business operations Smartphone integrated chips designer MediaTek Inc (聯發科) on Friday said that a lawsuit filed by Chinese smartphone brand Huawei Technologies Co (華為) over alleged patent infringements would have little impact on its operations. In an announcement posted on the Taiwan Stock Exchange, MediaTek said that it would not comment on an ongoing legal case. However, the company said that Huawei’s legal action would have little impact on its operations. MediaTek’s statement came after China-based PRIP Research said on Thursday that Huawei filed a lawsuit with a Chinese district court claiming that MediaTek infringed on its patents. The infringement mentioned in the lawsuit likely involved
Taipei is today suspending work, classes and its US$2.4 trillion stock market as Typhoon Gaemi approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed income trading, statements from its stock and currency exchanges said. Authorities had yesterday issued a warning that the storm could affect people on land and canceled some ship crossings and domestic flights. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) expects its local chipmaking fabs to maintain normal production, the company said in an e-mailed statement. The main chipmaker for Apple Inc and Nvidia Corp said it has activated routine typhoon alert
GROWTH: TSMC increased its projected revenue growth for this year to more than 25 percent, citing stronger-than-expected demand for AI devices and smartphones The Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) yesterday raised its forecast for Taiwan’s GDP growth this year from 3.29 percent to 3.85 percent, as exports and private investment recovered faster than it predicted three months ago. The Taipei-based think tank also expects that Taiwan would see a 8.19 percent increase in exports this year, better than the 7.55 percent it projected in April, as US technology giants spent more money on artificial intelligence (AI) infrastructure and development. “There will be more AI servers going forward, but it remains to be seen if the momentum would extend to personal computers, smartphones and
Catastrophic computer outages caused by a software update from one company have once again exposed the dangers of global technological dependence on a handful of players, experts said on Friday. A flawed update sent out by the little-known security firm CrowdStrike Holdings Inc brought airlines, TV stations and myriad other aspects of daily life to a standstill. The outages affected companies or individuals that use CrowdStrike on the Microsoft Inc’s Windows platform. When they applied the update, the incompatible software crashed computers into a frozen state known as the “blue screen of death.” “Today CrowdStrike has become a household name, but not in