Most global commodity prices tumbled this week amid a bloodbath on markets as traders fled to safety in the face of poor economic data and eurozone debt crisis developments that now threaten Spain.
The European single currency on Friday sank to US$1.2288, touching a low last seen on July 1, 2010, as investors reacted to poor US non-farm payrolls data and sought safety in the US dollar amid the ongoing eurozone debt tensions.
The rallying greenback makes US dollar-priced commodities more expensive for buyers using weaker currencies. That tends to push demand, and prices, lower.
OIL: Brent oil prices nosedived under US$98 on Friday for the first time in almost 16 months, hit by poor US non-farm payrolls data, the strong dollar, weak Chinese manufacturing figures and eurozone debt tensions.
Brent North Sea crude slumped to US$97.70 per barrel — the lowest level since Feb. 8 last year. New York’s West Texas Intermediate (WTI) dived to US$82.56 a barrel, which was last seen on Oct. 10.
Brent oil prices had already slumped 15 percent last month.
Market concerns were exacerbated by Thursday’s weekly US oil stockpiles report which showed an increase of 2.2 million barrels. Reserves now stand at the highest level in 22 years for this time of year.
By late Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery next month dived to US$97.70 a barrel from US$106.91 a week earlier.
On the New York Mercantile Exchange, WTI or light sweet crude for next month sank to US$82.56 from US$90.99.
PRECIOUS METALS: Gold bucked the downward trend to post modest gains as investors sought shelter from global markets turmoil.
By late on Friday on the London Bullion Market, gold rose to US$1,606 an ounce from US$1,569.50 a week earlier.
Silver declined to US$27.38 an ounce from US$28.24.
On the London Platinum and Palladium Market, platinum fell to US$1,407 an ounce from US$1,423.
Palladium rallied to US$607 an ounce, from US$590 an ounce.
BASE METALS: Prices struck more multi-month lows.
By late on Friday on the London Metal Exchange, copper for delivery in three months fell to US$7,363 a tonne from US$7,637 a week earlier.
Three-month aluminum decreased to US$1,983 a tonne from US$2,014.
Three-month lead slipped to US$1,900 a tonne from US$1,952.
Three-month tin sank to US$19,290 a tonne from US$19,900.
Three-month nickel declined to US$16,174 a tonne from US$17,011.
Three-month zinc dropped to US$1,875 a tonne from US$1,895.
Vincent Wei led fellow Singaporean farmers around an empty Malaysian plot, laying out plans for a greenhouse and rows of leafy vegetables. What he pitched was not just space for crops, but a lifeline for growers struggling to make ends meet in a city-state with high prices and little vacant land. The future agriculture hub is part of a joint special economic zone launched last year by the two neighbors, expected to cost US$123 million and produce 10,000 tonnes of fresh produce annually. It is attracting Singaporean farmers with promises of cheaper land, labor and energy just over the border.
US actor Matthew McConaughey has filed recordings of his image and voice with US patent authorities to protect them from unauthorized usage by artificial intelligence (AI) platforms, a representative said earlier this week. Several video clips and audio recordings were registered by the commercial arm of the Just Keep Livin’ Foundation, a non-profit created by the Oscar-winning actor and his wife, Camila, according to the US Patent and Trademark Office database. Many artists are increasingly concerned about the uncontrolled use of their image via generative AI since the rollout of ChatGPT and other AI-powered tools. Several US states have adopted
A proposed billionaires’ tax in California has ignited a political uproar in Silicon Valley, with tech titans threatening to leave the state while California Governor Gavin Newsom of the Democratic Party maneuvers to defeat a levy that he fears would lead to an exodus of wealth. A technology mecca, California has more billionaires than any other US state — a few hundred, by some estimates. About half its personal income tax revenue, a financial backbone in the nearly US$350 billion budget, comes from the top 1 percent of earners. A large healthcare union is attempting to place a proposal before
KEEPING UP: The acquisition of a cleanroom in Taiwan would enable Micron to increase production in a market where demand continues to outpace supply, a Micron official said Micron Technology Inc has signed a letter of intent to buy a fabrication site in Taiwan from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion to expand its production of memory chips. Micron would take control of the P5 site in Miaoli County’s Tongluo Township (銅鑼) and plans to ramp up DRAM production in phases after the transaction closes in the second quarter, the company said in a statement on Saturday. The acquisition includes an existing 12 inch fab cleanroom of 27,871m2 and would further position Micron to address growing global demand for memory solutions, the company said. Micron expects the transaction to
RSS