Global commodity prices strike record highs
The price of oil soared to an historic high above 101 dollars this week, while gold and platinum also scored record peaks as speculators dived into already buoyant commodities markets.
Prices of raw materials are surging on concerns over tight supplies and strong demand for raw materials, particularly from emerging economic powers China and India.
OIL: New York crude spiked Wednesday to a record high of 101.32 dollars a barrel on fears about supply disruptions around the globe and amid strong demand.
Also on Wednesday, Brent North Sea crude struck a record peak of 99.22 dollars.
"Oil gained sharply, supported by a combination of factors, including persistent supply concerns," said Sucden analyst Andrey Kryuchenkov.
"In addition to continuing worries over the ongoing row between Exxon Mobil and Venezuela, with the Latin American exporter threatening to cut more supplies to the US, investors are receiving more comments from various Opec members indicating no change or even a possible cut to the group's supplies at its meeting in early March."
Despite supply worries, the Organisation of Petroleum Countries could cut output at its meeting in Vienna next month because demand for oil drops in the second quarter as winter ends in the northern hemisphere.
One opec member is Venezuela, which has reduced supplies to the United States owing to a row with US energy giant ExxonMobil, the world's biggest oil company.
Crude prices slumped on Thursday after two days of record peaks as a stronger-than-expected rise in US crude-oil reserves damped supply jitters.
GOLD AND SILVER: Gold prices enjoyed a record high of 953.91 dollars per ounce on Thursday.
Analysts said gold jumped higher as investors sought a haven for their cash amid concerns over rising inflation and surging oil prices.
James Moore of TheBullionDesk.com said the precious metal "looks set to extend higher in the coming sessions as investors seek assets to offset rising inflation".
He added: "The metal should now look to challenge 950 dollars, with 1,000 dollars an ounce still a realistic target this quarter."
Meanwhile on Thursday, silver hit the highest level for 27 years, at 18.05 dollars an ounce.
"Silver mirrored the move in gold ... hitting a new multi-decade high," noted UBS analyst John Reade.
GRAINS AND SOYA: Soya surged to a record peak at 14.28 dollars on Tuesday, while maize enjoyed a historic closing high of 5.24 dollars a bushel on Thursday.
"We are in an uptrend with a lot of investment fund money pushing the market this week to new highs," said US Commodities analyst Dax Wedemeyer.
He added that runaway crude oil prices had underscored bumper gains for corn or maize, which is used to produce ethanol, a clean plant-based fuel.
May-dated soyabean meal -- used in animal feed -- soared to 14.24 dollars from 14.05 dollars.
The price of maize for March delivery advanced to 5.21 dollars a bushel from 5.14 dollars a week earlier.
SUGAR: Sugar prices also gained ground on fund buying.
By Friday on LIFFE, the price per tonne of white sugar for May delivery jumped to 376 pounds from 372.10 pounds a week earlier.
On NYBOT, the price of unrefined sugar for May delivery stood at 14.35 US cents a pound compared with 13.68 cents for the March contract the previous week.
RUBBER: Rubber prices stretched higher, backed by weak supplies and strong demand from China and Europe.
Production in several major producing countries including Malaysia and Thailand was hampered by the dry season, which means that trees produce less latex.
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