Spotlight: OPEC said that it would not raise oil output in its meeting on Friday as the market is well-supplied. Wheat rose on limited supplies in the U.S. while gold fell by 1.5 percent on profit-taking.
Energy: Crude oil may fall this week on speculation that U.S. fuel demand will drop as consumers respond to the slowing economy and high prices. Crude oil for March delivery fell $1.75 last week, or 1.9 percent, to $88.96 a barrel on the New York Mercantile Exchange. Futures reached a record $100.09 a barrel on Jan. 3. OPEC said in its meeting on Friday that it would leave output unchanged as the market is well-supplied and it’s not necessary to raise output.
Agriculture: Wheat rallied on Friday on signs of rising demand for limited U.S. supplies of high-protein spring varieties. Wheat futures for March delivery rose 13.5 cents, or 1.4 percent, to $9.43 a bushel on the Chicago Board of Trade. Soybeans rose on signs that declining shipping costs and a falling dollar are boosting overseas demand for supplies from the U.S., even after prices reached a record last month. Soybean futures for March delivery rose 12.75 cents, or 1.1 percent, to $12.8725 a bushel. Corn settled almost unchanged on Friday.
Precious Metals: Gold fell sharply on Friday as investors booked profits after prices rose to a record high on earlier reduction in interest rates. COMEX gold fell 1.5% or $14.50 to $913.50 an ounce in late week. Platinum, on the other hand, climbed to a record on concern that a power shortage in South Africa, which accounts for about 80 percent of world supply, would cut output.
Industrial Metals: Copper prices fell by 1.6 percent on Friday after the U.S. unexpectedly lost jobs in January; renewing concern demand will fall in the world's largest economy. U.S. payrolls fell by 1,000 last month, the first drop in more than four years, the Labor Department said on Friday.
(Source: Bloomberg)
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