Commodities markets summary

February 23, 2012

A summary of trading in key commodities markets overseas:

ENERGY

World oil prices jumped Wednesday to new nine-month highs, driven by fresh geopolitical worries over key crude producer Iran, dealers said.

Shortly after ,1600 GMT (0300 Thursday AEDT) Brent North Sea crude for delivery in April soared as high as $US123.07 per barrel and New York's main contract, light sweet crude for April, jumped to $US106.47 -- levels last seen in early May 2011.

Iran returned to the market spotlight, driving a recovery from earlier losses on concerns of weaker global demand after poor economic data and doubts over Greece's latest bailout.

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PRECIOUS METALS

Platinum futures settled at their highest level since September after the second-largest producer of the metal flagged lower deliveries, while gold set a high for the year in a late-afternoon rally.

The most-actively traded platinum contract, for April delivery, settled $US35.90, or 2.1 per cent, higher at $US1,720.80 a troy ounce on the New York Mercantile Exchange.

Nymex palladium for March delivery also ended at a five-month high, settling at $US717.75 a troy ounce, up $US7, or one per cent.

Meanwhile, gold touched $US1,774.20 a troy ounce, the highest level this year. The most-active contract, for April delivery, settled at $US1,771.30 a troy ounce, up $US12.80, or 0.7 per cent, on the day. This was the highest settlement price since November 16.

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Gold for February delivery rose $US12.90, or 0.7 per cent%, to settle at $US1,770 a troy ounce.

BASE METALS

Base metals closed mixed on the London Metal Exchange (LME) as investors weighed up soft euro-zone data and a downgrade of Greece's credit rating against a lift in US home sales and hope that an easing of Chinese monetary policy will support metal demand.

LME three-month copper ended the PM kerb at $US8,434 a metric ton, down $US15, or 0.2 per cent, on Tuesday's close.

Three-month aluminum, however, was up 1.2 per cent at $US2,280/ton, while three-month nickel slipped 0.7 per cent to $US20,075/ton.

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