Prices of major commodities remained uneasy as Eurozone
leaders continued to debate on how to address their financial
West Texas Intermediate (
) crude for December delivery on the New York Mercantile Exchange
shed $US1.41 to close at $US97.41, while the benchmark Brent
North Sea crude for January delivery in London dropped 66 US
cents to $US107.56 a barrel.
The price slid in oil resulted from the word tussle between
the European Central Bank and European Union leaders over how to
gather enough funds to effectively provide fiscal blanket
security over the entire eurozone.
The gap between the two key oil futures contracts widened to
more than $US30 in late September as blockages at the key US
trading and storage hub of Cushing, Oklahoma caused
Safe haven gold closed slightly higher amid persistent
eurozone debt worries.
Gold recovered its basis after Thursday's sell-off after
losing 3.5 per cent this week, its worst performance in nearly
News that euro zone and International Monetary Fund officials
had discussed to work together to gather sufficient resources to
address the region's debt crisis led the yellow metal to rise in
tandem with the S&P 500.
US December gold futures grew $US4.90 to $US1,725.10 an ounce.
Trading volume topped its 30-day norm for a third straight
Spot gold edged down 0.2 per cent at $US1,724.40 an ounce by
2.53pm EST (0653 Saturday AEDT). In the previous session, bullion
fell 2.5 per cent and hit a two-and-a-half-week low at
$US1,709.64 an ounce.
Prices of copper gave its third consecutive weekly loss, but
recovered in after-hours business as Wall Street tacked on some
late gains and the US dollar eased.
Benchmark copper at the London Metal Exchange (LME) eased
$US20, closing at $US7,525 a tonne. After the close, prices
recuperated to positive territory above $US7,550 as the US equity
markets kept on to gains.
The key December COMEX contract in New York closed 1.95 US
cents at $US3.4020 per lb, near the upper end of its $US3.3310 to
$US3.4405 session range. However, it was below the 50-day moving
The Shanghai Futures Exchange said its monitored copper
inventories tumbled 11.0 per cent from last Friday, while LME
copper stockpiles dropped 1,375 tonnes to 398,250 tonnes, the
lowest since February.