Raw material prices traded mixed this week as dealers assessed the outlook for demand amid weaker economic data in the US and China — the world’s biggest commodity consumers.
OIL: Oil prices fell during volatile trading.
“Some economic data in the United States are signalling slower economic growth and that has put a lid on any price rally,” said Victor Shum, an analyst with energy consultancy Purvin and Gertz.
He said oil prices were likely to trade between US$70 and US$80 a barrel for some time.
“There is really no big driver to cause oil to break out of this range,” Shum added.
OPEC, which pumps 40 percent of the world’s crude, this week forecast a 1.2 percent increase in global oil demand growth next year.
By late on Friday on the New York Mercantile Exchange, Texas light sweet crude for delivery in August fell to US$75.60 a barrel from US$76.04 the previous week.
On London’s Intercontinental Exchange, Brent North Sea crude for September delivery stood at US$74.96 compared with US$75.39 for the August contract, which expired this week.
PRECIOUS METALS: Gold prices dropped under US$1,200 an ounce on profit-taking after being the “out-performer in the precious metals complex over the past few months,” Deutsche Bank analyst Adam Sieminski said.
The metal hit an all-time peak of US$1,265.30 an ounce on June 21.
By late on Friday on the London Bullion Market, gold fell to US$1,189.25 an ounce from US$1,208.75 the previous week.
Silver rose to US$18.25 an ounce from US$17.87.
On the London Platinum and Palladium Market, platinum fell to US$1,505 an ounce from US$1,527.
Palladium increased to US$456 an ounce from US$454.
BASE METALS: Base metal prices dropped amid weaker manufacturing across Asia.
By Friday on the London Metal Exchange, copper for delivery in three months had slipped to US$6,483 a tonne from US$6,722 a week earlier.
Three-month aluminum fell to US$1,978 a tonne from US$2,000.
Three-month lead decreased to US$1,770 a tonne from US$1,835.
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