Commodity prices were mixed this week amid poor economic data from the US, with oil and gold rising, but industrial metals mainly falling.
OIL: World oil prices rose over the week thanks to a late rally, although they began by slumping to the lowest levels in three months under US$72.
“Further doubts about the fragile pace of the US economic recovery could add further pressure ... and could see crude oil prices testing the downside around [US$]70 per barrel,” said Myrto Sokou, analyst at Sucden Financial Research.
By late Friday on London’s Intercontinental Exchange, Brent North Sea crude for October rose to US$75.77 from US$74.62 the previous week.
On the New York Mercantile Exchange, Texas light sweet crude for delivery in October stood at US$73.88 a barrel compared with US$73.81 for the September contract, which expired last week.
PRECIOUS METALS: Gold prices reached two-month highs thanks to the metal’s status as a safe-haven investment.
Gold reached US$1,244.30 an ounce on Thursday — the highest point since June 30.
By late on Friday on the London Bullion Market, gold advanced to US$1,235 an ounce from US$1,223.50 a week earlier.
Silver grew to US$19.03 an ounce from US$18.14, gaining from gold’s rise.
On the London Platinum and Palladium Market, platinum gained to US$1,530 an ounce from US$1,512.
Palladium climbed to US$503 an ounce from US$478.
BASE METALS: The prices of base or industrial metals mostly fell. By late on Friday on the London Metal Exchange, copper for delivery in three months rose to US$7,291 a tonne from US$7,243.
Three-month aluminum fell to US$2,013 a tonne from US$2,038.
COFFEE: Coffee futures rose close to 13-year highs on Monday by reaching US$1.8865 a pound (0.45kg) in New York, but fell over the week.
“New York blazed ahead again ... but volume was negligible and the rally was as much to do with a lack of selling than any large demand,” said Ralph Hawes, an analyst at Sucden brokers.
By Friday on the New York Board of Trade (NYBOT), Arabica for December dropped to US$1.7795 a pound from US$1.8090 the previous week.
On LIFFE — London’s futures exchange — Robusta for delivery in November fell to US$1,645 a tonne from US$1,760.
TYPHOON: The storm’s path indicates a high possibility of Krathon making landfall in Pingtung County, depending on when the storm turns north, the CWA said Typhoon Krathon is strengthening and is more likely to make landfall in Taiwan, the Central Weather Administration (CWA) said in a forecast released yesterday afternoon. As of 2pm yesterday, the CWA’s updated sea warning for Krathon showed that the storm was about 430km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point. It was moving in west-northwest at 9kph, with maximum sustained winds of 119kph and gusts of up to 155kph, CWA data showed. Krathon is expected to move further west before turning north tomorrow, CWA forecaster Wu Wan-hua (伍婉華) said. The CWA’s latest forecast and other countries’ projections of the storm’s path indicate a higher
SLOW-MOVING STORM: The typhoon has started moving north, but at a very slow pace, adding uncertainty to the extent of its impact on the nation Work and classes have been canceled across the nation today because of Typhoon Krathon, with residents in the south advised to brace for winds that could reach force 17 on the Beaufort scale as the Central Weather Administration (CWA) forecast that the storm would make landfall there. Force 17 wind with speeds of 56.1 to 61.2 meters per second, the highest number on the Beaufort scale, rarely occur and could cause serious damage. Krathon could be the second typhoon to land in southwestern Taiwan, following typhoon Elsie in 1996, CWA records showed. As of 8pm yesterday, the typhoon’s center was 180km
TYPHOON DAY: Taitung, Pingtung, Tainan, Chiayi, Hualien and Kaohsiung canceled work and classes today. The storm is to start moving north this afternoon The outer rim of Typhoon Krathon made landfall in Taitung County and the Hengchun Peninsula (恆春半島) at about noon yesterday, the Central Weather Administration (CWA) said, adding that the eye of the storm was expected to hit land tomorrow. The CWA at 2:30pm yesterday issued a land alert for Krathon after issuing a sea alert on Sunday. It also expanded the scope of the sea alert to include waters north of Taiwan Strait, in addition to its south, from the Bashi Channel to the Pratas Islands (Dongsha Islands, 東沙群島). As of 6pm yesterday, the typhoon’s center was 160km south of
SECURITY: The New Zealand and Australian navies also sailed military vessels through the Strait yesterday to assert the right of freedom of navigation The Japan Maritime Self-Defense Force on Wednesday made its first-ever transit through the Taiwan Strait in response to the intrusion by a Chinese reconnaissance aircraft into Japan’s sovereign airspace last month, Yomiuri Shimbun reported yesterday. The Japanese news platform reported that the destroyer JS Sazanamisailed down through the Taiwan Strait on Wednesday, citing sources in the Japanese government with knowledge of the matter. Japanese Chief Cabinet Secretary Yoshimasa Hayashi declined to comment on the reports at a regular briefing because they concern military operations. Military vessels from New Zealand and Australia also sailed through the Strait on the same day, Wellington’s defense ministry
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