Most commodities rallied this week, lifted by buoyant manufacturing data in China and the eurozone and in volatile trade with many markets winding down for the long Easter weekend.
The price of New York crude oil soared above US$85 per barrel, hitting a 17-month peak on a wave of positive investor sentiment about the global economic outlook.
“Sentiment across the whole commodity complex is very upbeat, with very good eurozone manufacturing PMIs today and exceptionally strong Chinese PMIs,” VTB Capital analyst Andrey Kryuchenkov said.
There was also positive news from the manufacturing sector in China, which is a major consumer of raw materials. Chinese manufacturing picked up last month, government and HSBC surveys showed on Thursday, with the bank saying it could indicate an accelerating economy and raise chances of an interest rate hike.
OIL: Crude prices hurtled to 17-month highs, nearing October 2008 peaks.
“Prices have started the second quarter with a bang, with both New York crude and Brent currently trading at their highest for the year, and in fact, their highest levels since October 2008,” Barclays Capital analysts said.
New York crude spiked as high as US$85.22 and London Brent oil hit US$84.33 on Friday.
By late on Thursday on the New York Mercantile Exchange, Texas light sweet crude for delivery in May jumped to US$84.88 compared with US$79.82 on Friday of the previous week.
On London’s IntercontinentalExchange, Brent North Sea crude for May delivery rallied to US$83.96 from US$79.05 on Friday of the previous week.
BASE METALS: Base or industrial metals roared higher as traders welcomed the upbeat manufacturing data. By Thursday on the London Metal Exchange, copper for delivery in three months rallied to US$7,908 a tonne from US$7,512 on Friday of the previous week.
Three-month aluminum rose to US$2,354 a tonne from US$2,230.
PRECIOUS METALS: Gold and other precious metals rose in line with other raw materials.
By Thursday on the London Bullion Market, gold leapt to US$1,123.50 an ounce from US$1,096 on Friday of the previous week. On the London Platinum and Palladium Market, platinum soared to US$1,660 an ounce from US$1,596. Palladium rose to US$491 an ounce from US$458.
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