Copper finds the strength
The oil found 70 dollars
Optimism returns on oil markets. On Thursday, oil prices have ended on a 4% rise to 74.55 dollars in New York, gaining 8% in two sessions. The $ 70 threshold was crossed on the rise Monday and picked up the rebound Wednesday. That day, Brent took $ 2.15 (3.09%) to 71.70 dollars, ending a run of nine consecutive sessions of declines.
"The market has received a good dose of optimism," said Phil Flynn of PFG Best Research. "It was time, prices had fallen by 87-65 dollars." For Ellis Eckland, an independent analyst, "it is a rebound in the wake of the stock markets. People are more optimistic about the fact that the euro will not collapse and less frightened about the economy. " Another factor supporting prices: the six-month extension of the moratorium on offshore oil drilling decided by Barack Obama."The United States derive a third of their crude production offshore drilling if we do drill more, this production may simply disappear", said Ellis Eckland.
But the week was also marked by a one-time relapse occurred below 70 dollars Tuesday. Investors, troubled by geopolitical tensions between the two Koreas, suffered a renewed concerns about the pace of global recovery.
If the courts now seem to settle in the range of 70-75 dollars, the volatility is always present. Especially as the U.S. Agency for Energy Information (EIA) announced that crude oil reserves rose 2.4 million barrels to 365.1 million, exceeding their year's level last at the same time.Economists on average had expected an increase of 200,000 barrels only.
Tuesday, Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah, said he was "not yet" worried by the decline in crude prices. If no emergency meeting of OPEC is scheduled, the oraganisation plans to "call for more respect of production quotas.
Note that oil prices have tumbled more than 20% since the beginning of the month.
Base metals: purchases restart
Prices on the London Metal Exchange (LME) have started to increase last week on the basis of a wave of buying on the cheap. The increase was frankly started Thursday, following the easing of world stock markets after China denied its intention to reduce the share of its assets in euros.The euro strengthened against the dollar, making them more attractive purchases of raw materials with the U.S. currency.
Copper prices have soared to 7,043 dollars per tonne on Friday, a level last seen two weeks. The aluminum prices reached 2,086 dollars per tonne on Friday, their highest in two weeks. Lead, nickel and zinc gained respectively 0.6%, 1.8% and 3.4% payday loans online.
However, caution remains the watchword. The price volatility is high as evidenced by the slowing of the rebound Friday after the publication of consumer spending by American households down in April after six consecutive months of increases. Overproduction of copper in Chile and increased reserves of aluminum could also disrupt markets.
Precious metals: the gold recovery
Fell from its pedestal last week, gold has recovered to historical levels last week in favor of a new wave of market stress in midweek. Alarmed by the risks in the euro area, investors have once again flocked to the safe haven, pushing prices up to U.S. $ 1218.47 on Thursday, not far from the record of U.S. $ 1249.40 May 14 On the London Bullion Market, an ounce of gold finished at 1207.50 dollars at auction Friday night, cons 1179.75 dollars the previous Friday.
And the prospects of rising oil prices are good for the yellow metal. According to the World Gold Council (BMC), consumption should be taken this year by the expansion of the jewelry in China and India.
The ounce of silver has followed the movement of gold, finishing at 18.53 dollars Friday, against 17.72 dollars last Friday.The platinum group metals have also returned to form more than the football World Cup in South Africa could lead to tensions on the country's electricity supply. A situation that could force the mining groups to reduce their production. The ounce of platinum finished at 1555 dollars per ounce of palladium finished at 471 dollars against 419 dollars a week earlier.
Corn and soybeans climbed in Chicago
The corn and soybean prices rose Thursday on the Chicago futures market, driven by the exchanges and oil. More broadly, the decline of the dollar against the euro makes U.S. production more attractive for export.A bushel of corn ends at $ 3.60 (1.12%) and soybeans to close an $ 9.38 per bushel (0.48%).
Cocoa prices have in turn touched a new high in London this week, boosted by the prospect of tight supplies and growing global demand. Thursday, cocoa for July delivery climbed to 2,451 pounds in London, prices not seen for 32 years, while the same term contract in New York reached 3018 dollars.
Sugar, for its part failed to continue its rebound from the previous week. On Liffe in London, a tonne of white sugar for August delivery was worth 475.80 pounds on Friday. On the NYBOT U.S. a pound of raw sugar for July delivery was worth 14.83 cents.
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