Sunday, August 03, 2008
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Commodity Commentary
Jul 14 2008 9:35AM
Soaring crude props gold to 4-month high
Us crude jumped to a record high of $147 per barrel on Friday and gold to a 4-month peak amid security concerns in the oil-rich West Asia, a weak dollar and a looming strike in Brazil's oil industry.

NYMEX light crude for August delivery settled up $3.43 at $145.08 after surging to $147.27 earlier. On NYMEX's metals division, COMEX, gold for August was up $20.50 at $962.60 per ounce after rising to a 4-month high of $969.10. It settled up $18.60 at $960.60.

COMEX copper for September settled up 2.15 cents at $3.74 per lb. Copper for delivery in 3 months on LME last traded at $8270 per tonne, against Thursday's close of $8230.

LME aluminium ended up $28 at $3318 per tonne after rising to an all-time high of $3380. LME lead jumped almost 5% to a 5-week high at $2080 per tonne before closing $19 down at $1965.

CBOT wheat for July settled up 12-1/2 cents at $8.19 per bushel ($301.10 per tonne). Soyabeans for July finished up 21 cents at $16.30-1/2 per bushel while corn for July ended 4-3/4 cents higher at $6.80 per bushel.

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