Commodity prices faced choppy trade this week, hit by spreading concern that the US economy has run into serious trouble after publication of a dismal payrolls report.
“It has been a very volatile week with choppy trading conditions across the markets,” Sucden commodities analyst Myrto Sokou said. “Fairly disappointing figures from the US regarding poor manufacturing, construction and employment data weighed heavily on the market sentiment and confirmed a slowdown in the economy.”
“However, on the other hand, the weak US dollar provides strong support to oil and base metals prices, holding prices at fairly high levels,” Sokou said.
OIL: Oil prices fell on Friday as traders absorbed a much weaker-than-expected non-farm payrolls report in top crude consumer the US.
Prices took a hit after Wednesday’s news that US crude reserves jumped 2.9 million barrels in the week ending May 27, confounding market expectations of a drop.
By late Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in July rose to US$115.12 a barrel from US$114.67 the previous week.
On the New York Mercantile Exchange, West Texas Intermediate, or light sweet crude, for July eased to US$99.75 a barrel from US$100.35.
PRECIOUS METALS: Gold enjoyed solid gains, garnering support from its status as a safe haven in uncertain economic times.
“Amid these tentative economic conditions, gold continues to remain the highlight of the week, posting fresh gains, as uncertain economic conditions in the eurozone, Yemen and the United States prompt investors to more safe choices,” Sokou said.
By late Friday on the London Bullion Market, gold rose to US$1,540 an ounce from US$1,533 the previous week.
Silver sank to US$35.19 an ounce from US$37.69.
On the London Platinum and Palladium Market, platinum climbed to US$1,807 an ounce from US$1,779.
Palladium gained to US$770 an ounce from US$757.
BASE METALS: Industrial metals prices mostly fell against a backdrop of downbeat global economic data.
By late Friday on the London Metal Exchange, copper for delivery in three months fell to US$9,006.25 a tonne from US$9,184 the previous week.
Three-month aluminum rose to US$2,627.50 a tonne from US$2,601.
Three-month lead dipped to US$2,407 a tonne from US$2,514.
Three-month tin sank to US$25,810 a tonne from US$27,300.
Three-month zinc eased to US$2,239.50 a tonne from US$2,279.
Three-month nickel dropped to US$22,605 a tonne from US$23,025.
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