Oil: A Black August
The oil prices have again been eventful one week. Tuesday, oil closed the month of August under 72 dollars, penalized by macroeconomic concerns. Throughout the month, a barrel of crude oil shows a decline of 7.03 dollars, or 8.9%, the largest decline in percentage terms since May As stock markets, oil markets have then wished to turn the page. For the first day of September, the courses have undergone upward pressure, almost touching the 74 dollars in New York amid more reassuring indicators (increase in U.S. manufacturing ISM index). "The optimism of the early months," said Phil Flynn of PFG Best Research.
The rest of the week merely reinforced the progress.The promise of sale housing and industrial orders rebounded unexpectedly in the United States while new jobless claims fell slightly. In short, the oil market "sees the economy growing, but at a very slow pace," according to Andy Lipow of Lipow Oil Associates.
Oil prices ended the week down slightly, to 74.60 dollars in New York and 76.01 dollars in London. Investors welcomed the figures monthly employment for the month of August, considered less bad than expected. Analysts, however, remain on their guard: "I think the employment situation remains mixed in the United States, said John Kilduff, of capital Again. The figures are not good enough that prices are good, particularly given the levels of stocks in the country, currently the highest since at least 20 years for crude.
The base metals in great shape
On the London Metal Exchange (LME), the week was synonymous with strong gains. Classes were worn by the announcement of a rebound in manufacturing activity in China in August, to scan a sufficient investor fears of seeing the world's largest consumer of motor crash. To this was added the new surprise improvement in industrial activity while U.S. markets had already built a slowdown almost low interest rate personal loans.
Copper rose to 7,750 dollars per tonne, its highest in four months, leading to higher nickel which ended the week at 20,900 dollars. The aluminum finish to 2161 dollars and zinc to 2161 dollars.
Gold is approaching the record
Always above. Gold has increased its earnings, still driven by its status as a safe haven.The yellow metal has touched 1,254.73 dollars per ounce, very close to its record 1,265.30 dollars reached last June. Analysts now believe that gold will reach 1350 dollars per ounce by 2012, pushed up by demand from China and India.
The money has followed suit, reaching its highest since May to 19.68 dollars per ounce to finish at 19.66 dollars per ounce at Friday's auction.
Platinum and palladium climbed while the announcement of a new movement to strike in the mines of South Africa, world's largest producer of platinum, recovery concerns about market supply. The ounce of platinum ended at 1553 dollars an ounce Friday, while palladium ended at $ 524 against $ 503 a week earlier.
Cocoa plays yoyo
The brown bean has been very eventful one week.Classes are first touched its lowest level since July 2009 in New York, in 2681 dollars per ton, showered by the prospects of a bumper harvest in Cote d'Ivoire, the world largest producer and pulled down by speculative buying. However, the market turned around so that experts wonder more and more about the quality of the product Ivorian affected by moisture. The tonne of cocoa for December delivery ended at 1953 pounds in London and 2748 dollars per ton in New York.
Coffee has gone the same way, a pound of Arabica for December delivery ended at 185.65 cents on Friday in New York, against 177.95 cents a tonne for the same maturity a week earlier.