Coffee, maize and soya upwards
As for agricultural commodities, time was up last week. Even the records. Cereals have touched the highest since 2008 in Chicago. At issue: the release of highly anticipated monthly report from the U.S. Department of Agriculture (USDA), which has troubled investors. The latter has in fact lowered its estimates of world production of corn for the 2010/2011 season to 816 million tonnes. While demand is increasing, driven by ethanol production, U.S. stocks have been drastically scaled down to only 18.92 million tonnes. The contract maturing in March corn finished at $ 6.50 Friday, against $ 5.95 last week. Highest level since July 2008.
For soybeans, the USDA also lowered its forecast for U.S. production at 90.61 million tonnes.Export forecasts remain them unchanged, causing the final stock in the United States to below 4 million tonnes to 3.82. According to analysts, this low level should take the course up until the next USDA report in February. Meanwhile, a bushel of soybeans for March delivery was worth 14.09 dollars on Friday after reaching U.S. $ 14.3250 Thursday new level since 2008.
For wheat, however, global stocks have been revised upwards to 177.99 million tonnes. A bushel of wheat for March delivery ended the week down to 7.6225 dollars.
Arabica is also increased to its highest level in 13 years in New York at 244.50 cents a pound while robusta touched the 2185 dollars in London, the highest since 2008. According to the International Coffee Organization, "Market fundamentals continue to be favorable at high prices."Moreover, "the capricious climate affects crop production and transportation in exporting countries, and disrupts the supply of coffee in the short term," in a context where "demand remains strong, particularly in emerging markets," explains organization.
Cocoa is also mounted last week. The market remains very volatile, so that no solution to the Ivorian political crisis is found. In London, a tonne of cocoa for March delivery ended at 2003 pounds Fridays (4.16% in five days) while in New York, the contract for delivery to the same term ended in 3045 dollars (7, 52% on the week).
Brent crude rises $ 99
Week oil has also been marked by the rise. Main cause of higher prices: the closure of a pipeline in Alaska.1200 km long and connects the North Slope oil region, bordering the Arctic to the southern coast of Alaska, the Trans Alaska pipeline carries between 630,000 and 650,000 barrels of crude per day. This represents over 10% of U.S. production and an important source of supply for the West Coast of the United States. Its closure was decided after the discovery of a leak in a pumping station.
In New York, a barrel of benchmark for February delivery chained three consecutive sessions of gains, boosting its price to 89.25 dollars on Monday to 91.86 dollars on Wednesday. In London, the movement was even more pronounced. Brent for the same period hit its highest level since October 1, 2008 to 98.85 dollars on Wednesday.
Thursday was a day of consolidation, but as of Friday, prices are starting to rebound, persistent uncertainty about the status of the pipeline."The supply is plentiful in the U.S., this is not a problem unless it lasts a month, said Matt Smith of Summit Energy. But as the situation is clearer, prices incorporate this factor. " Analysts at Commerzbank confirms: "The disruption in production and supplies are regarded as the reason for rising prices." On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for February delivery ended the week at 91.54 dollars. For its part, the barrel traded in London climbed to 99.20 dollars in session, before closing at 98.65 dollars. "If Brent were to cross the $ 100 a barrel Texan should try to reach new heights," says Rich Ilczyszyn, Lind-Waldock.
Base metals take a breather
On the London Metal Exchange (LME), the week has been more dispersed.After starting the year off with a bang, investors take a breather. What wonder if the rise earlier this year was not only due to bargain hunting, according to observers. In addition, purchases have been penalized by the rise of the dollar earlier in the week.
Copper failed to beat his own record (9754 dollars) and was quoted at 9640 dollars Friday. Nickel fell to 25,747 dollars per tonne, not without having touched a highest since May 2010 to 25,999 dollars, driven by fears about the situation in Australia. Same downward trend for tin (26,750 dollars) which is also mounted to its highest since last November after Indonesia announced a drop in exports due to flooding.Aluminium fell to 2470 dollars despite the fact that Rio Tinto, the third largest exporter, has declared force majeure on one of its largest smelter in Australia.
Most optimistic operators let go gold
Gold was, in turn, affected by renewed optimism on the part of investors. They have enjoyed the successes of three major bond issues of the moment: Portugal, Spain and Italy. The record growth in Germany in December has been added to this positive picture on the economic situation in the euro area. The gold as a safe haven was no longer the priority of operators. Even the dollar's decline has not been enough to halt the downtrend. On the London Bullion Market, gold price ended Friday at 1367 dollars.
As always, gold has led the money in his wake.The latter fell to its lowest level since early December (28.02 dollars per ounce) before laboriously recover. He finished at 28.27 dollars.
A trend-cons, PGMs rose sharply, driven by tensions on supply due to power cuts in South African mines. Platinum rose to its highest since last July (1,829.50 dollars) and palladium has surpassed the $ 800 for the first time in 10 years. On the London Platinum and Palladium Market, they finish the week respectively to 1811 dollars and 795 dollars an ounce.
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