Global oil prices rallied this week on strong US crude demand and tensions in Ukraine, while star performer palladium hit a three-year peak on supply fears in South Africa and Russia.
Base or industrial metals swung higher on bright manufacturing data in leading consumer China.
OIL: Crude futures jumped to multi-month peaks on Wednesday as traders reacted to tumbling crude reserves in the US.
New York crude struck a one-month peak at US$104.07 per barrel, while Brent forged a two-and-a-half-month high at US$110.55.
The US Department of Energy revealed American crude oil inventories plunged 7.2 million barrels in the week to May 16.
That shocked traders expecting a weekly gain of 700,000 barrels, after having seen stockpiles steadily mount for months and signalled keen demand in the world’s biggest crude consumer.
Russian President Vladimir Putin pledged Friday to respect the outcome of Ukraine’s presidential election this weekend, but said that it had descended into civil war.
In Libya, a renegade general’s bid to rid the country of Islamists has also alarmed oil investors fearing a further crippling of output.
More support came from Germany posting 0.8 percent growth in the first quarter — the biggest quarterly jump in three years.
By Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in July rose to US$110.39 per barrel from US$109.55 a week earlier.
On the New York Mercantile Exchange, West Texas Intermediate or light sweet crude for July jumped to $104.39 a barrel compared with $101.83 a week earlier for the June contract.
PRECIOUS METALS: Palladium hit a three-year peak and platinum an eight-month high on mounting supply worries, with South Africa plagued by strikes.
South Africa accounts for 80 percent of the world’s platinum supply and nearly a third of its palladium.
On the London Platinum and Palladium Market, platinum rose to US$1,483 an ounce from US$1,464, while palladium advanced to US$828 from US$816.
SUGAR: Prices fell on speculative selling after gains last week.
By Friday on LIFFE, London’s futures exchange, a tonne of white sugar for August sank to US$468.70 from US$492.70 a week earlier.
On ICE Futures US, unrefined sugar for July fell to US$0.1728 a pound (0.45kg) from US$0.1817.
With an approval rating of just two percent, Peruvian President Dina Boluarte might be the world’s most unpopular leader, according to pollsters. Protests greeted her rise to power 29 months ago, and have marked her entire term — joined by assorted scandals, investigations, controversies and a surge in gang violence. The 63-year-old is the target of a dozen probes, including for her alleged failure to declare gifts of luxury jewels and watches, a scandal inevitably dubbed “Rolexgate.” She is also under the microscope for a two-week undeclared absence for nose surgery — which she insists was medical, not cosmetic — and is
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GROWING CONCERN: Some senior Trump administration officials opposed the UAE expansion over fears that another TSMC project could jeopardize its US investment Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is evaluating building an advanced production facility in the United Arab Emirates (UAE) and has discussed the possibility with officials in US President Donald Trump’s administration, people familiar with the matter said, in a potentially major bet on the Middle East that would only come to fruition with Washington’s approval. The company has had multiple meetings in the past few months with US Special Envoy to the Middle East Steve Witkoff and officials from MGX, an influential investment vehicle overseen by the UAE president’s brother, the people said. The conversations are a continuation of talks that
CHIP DUTIES: TSMC said it voiced its concerns to Washington about tariffs, telling the US commerce department that it wants ‘fair treatment’ to protect its competitiveness Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reiterated robust business prospects for this year as strong artificial intelligence (AI) chip demand from Nvidia Corp and other customers would absorb the impacts of US tariffs. “The impact of tariffs would be indirect, as the custom tax is the importers’ responsibility, not the exporters,” TSMC chairman and chief executive officer C.C. Wei (魏哲家) said at the chipmaker’s annual shareholders’ meeting in Hsinchu City. TSMC’s business could be affected if people become reluctant to buy electronics due to inflated prices, Wei said. In addition, the chipmaker has voiced its concern to the US Department of Commerce
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