Russia gives nickel and platinum prices a polish
Russia gives nickel and platinum prices a polish
LONDON (AFP): Nickel prices rose to a nine-month high last
week after deliveries from Russia's Norilsk Nickel giant were
frozen out, while elsewhere on the commodities markets, platinum
rose to an eight month high.
Nickel gave the gloomy base metals market something to get
excited about as prices broke through the symbolic US$5,000 a
ton level, although dipping back to $4,900 a ton at the end of
week, still well up.
Reserves fell as industrial demand picked up and supplies from
Russia's Norilsk were blocked by frozen Arctic waters.
Gold: stable. Gold prices were stable last week, closing on
the London Bullion Market at $286.90 an ounce, up five cents, in
low volumes of trade as investors moved into currencies.
U.S. Federal Reserve chairman Alan Greenspan said that central
bank sales of gold were not an attempt to shift prices on the
precious metals market, but simply in reaction to the cost of
stocking.
Silver: tarnished. Silver prices fell four cents in London to
$5.42 an ounce last week amid uncertainty over levels of reserves
on the physical market.
On the New York market, reserves rose to 78.1 million ounces.
Traders are on the lookout for signs of sell-offs by big
investors such as Warren Buffett.
Platinum and palladium: shiny. Platinum rose sharply last week
on speculative buying and a lack of supplies from Russia, hitting
an eight-month high and boosting palladium.
On the London Palladium and Platinum Market, palladium rose
four dollars to $354 an ounce, while platinum rose $13 to $383 an
ounce, its highest level since July 24, 1998.
Copper: flat. Three-month copper remained at 12-year lows last
week, falling under the psychologically important 1,400-dollar
level before climbing back up to a deficit of three dollars at
$1,403.50 a ton.
Nickel: shine. A slowdown in shipments from the giant Norilsk
plant high up in the Arctic sent nickel prices up to their
highest level for nine months.
Three-month prices closed the week $45 higher at $4,907.5 per
ton, slightly lower than the high point seen midweek.
Arctic ice flows have hampered deliveries from the giant Russian
producer.
Oil: heating. Oil prices rose last week after U.S. refineries
announced production cutbacks, with Brent, the reference North
Sea crude, up 60 cents in London at $11.05 a barrel for April
delivery.
In New York, light sweet crude for April rose 64 cents to
$12.68 a barrel.
Rubber: flat. Rubber prices deflated last week amid poor
demand and despite intervention by the International Natural
Rubber Organization.
The RSS1 index in Kuala Lumpur was stable, closing at 2.59
ringgits a kilo, compared to 2.58 ringgits the previous week.
In London, rubber for March delivery closed 15 pounds lower at
455 pounds a ton and 20 pounds lower for April delivery at 480
pounds.
Cocoa: calm. Cocoa prices rose slightly amid thin trading
volume in the absence of any market-moving news.
Cocoa for August delivery on the London market rose by two
pounds to 907 pounds per ton.
Coffee: blended. Arabica prices fell because of an expected
increase in supplies from Brazil, while lower-grade Robusta
prices rose slightly amid expectations of tightening supply.
Arabica prices on the New York market (for May delivery) fell
to 103.75 cents a pound from 104.65 cents.
Robusta contracts on the London market rose by $10 to $1,640 a
ton.