Commodity prices fell further this week on a mix of fresh eurozone tensions, a stronger US dollar and weak data out of China and the US, traders said.
OIL: Oil prices retreated after winning support early in the week from tensions linked to major crude exporter Iran.
The euro dropped to a seven-week low against the dollar on Friday, hitting demand for oil as a stronger US currency makes US dollar-denominated crude more expensive for buyers using other, weaker currencies.
Oil prices fell for most of the week as traders also worried about slumping manufacturing activity in top global energy consumer China.
China’s manufacturing activity fell to its lowest level in 32 months this month, according to data this week from banking giant HSBC, renewing concerns the Asian powerhouse is losing steam amid global economic woes.
By late Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in January tumbled to US$106.11 a barrel, from US$109.04 a week earlier.
On the New York Mercantile Exchange, West Texas Intermediate, or light sweet crude, for January stood at US$96.06 a barrel, compared with US$98.84 for the December contract.
PRECIOUS METALS: Gold prices dropped for a second week running.
“Gold has suffered at the expense of the resurgent US dollar, slipping back towards some key support levels near to the US$1,650 level, but it still remains well supported,” said Michael Hewson, an analyst at traders CMC Markets.
By late Friday on the London Bullion Market, gold fell to US$1,688.50 an ounce from US$1,719 the previous week.
Silver dropped to US$31.24 an ounce from US$32.25.
On the London Platinum and Palladium Market, platinum slid to US$1,529 an ounce from US$1,594.
Palladium slipped to US$572 an ounce from US$608.
BASE METALS: Industrial metals prices fell across the board, with aluminum hitting a 14-month low point.
“Industrial metals have been under significant pressure over the past week as fears of contagion from the eurozone debt crisis have escalated,” Deutsche Bank analyst Xiao Fu said. “While Chinese copper imports remained strong in October, imports for other industrial metals slowed. This coincides with a sub-50 reading of HSBC manufacturing PMI in November, the lowest reading in over two years.”
By late Friday on the London Metal Exchange, copper for delivery in three months dropped to US$7,276 a tonne from US$7,525 the previous week.
Three-month aluminum slid to US$2,004 a tonne from US$2,105.
Three-month lead decreased to US$1,994 a tonne from US$2,060.
Three-month tin slipped to US$20,600 a tonne from US$21,300.
Three-month zinc retreated to US$1,901 a tonne from US$1,963.
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