Oil prices gushed higher last week on fears over a supply shortage of gasoline during the US driving season this summer.
Meanwhile, platinum struck a new 24-year high and copper an eight-year high, but gold plunged to a three-month low, hit by the stronger dollar.
GOLD: Gold prices fell to their lowest level for three months as the dollar fought back against the euro.
On the London Bullion Market on Friday, the price of an ounce of gold fell to 392.25 dollars, its lowest level since November 26.
"The recovery of the dollar has been the key factor and there's been some profits taking by speculators," said Koch Metals Trading analyst Kevin Crisp.
A strong US unit makes dollar-denominated gold less attractive to buyers using other currencies.
Although the euro reach a new high of 1.2929 dollars on February 18, by Friday, it had fallen to 1.2437 dollars.
"Gold performed rather poorly over the course of this week," Crisp said.
"It moved under 400 dollars in the second half of the week, and seems to be quiet happy to sit there, as we approach 390 dollars," he added.
In addition, gold has suffered from a surplus in production of the yellow metal and falling demand as a result of higher prices, Crisp said.
Speculation, too, that European central banks could soon increase their agreed sales-quota of gold was pushing prices lower, analysts said.
By Friday afternoon, gold prices stood at 395,85 dollars an ounce on the London Bullion Market against 405.25 dollars a week earlier.
SILVER: Silver prices fell from last week's six-year high as speculators took a hold of the market.
"Silver has been extremely volatile," Crisp said.
"It's just been swinging around incredibly, which reflects to some extent the domination of the market by speculators. Silver is completely exposed to speculators coming in and out," he added.
Silver also suffered as a result of increased production in China and a drop in demand for jewellery in India caused by higher prices.
"But industrial demand is looking reasonably strong, and silver has been tracking the base metals, especially copper," Crisp said.
Although considered a precious metal, silver is above all used by industry.
The silver price stood at 6.580 dollars per ounce on the London Bullion Market on Friday against 6.608 dollars a week earlier.
PLATINUM AND PALLADIUM: Platinum struck a new 24-year high, supported by speculative buying and strong industrial demand, while palladium lost ground after reaching a one-year high last week.
Platinum rose to 877 dollars per ounce on Friday, beating its previous high of 868 dollars reached on January 13.
"Demand is very strong, it is not as price sensitive as people would have thought, so that has encouraged speculators to buy," said HSBC analyst Alan Williamson, adding that a shortage in the supply of platinum was also supporting the metal's price.
"Strong market fundamentals and high speculative interest continue to suggest a test towards 900 dollars over the coming weeks," said James Moore at specialist website TheBullionDesk.com.
As for palladium, a reduction in speculators's buying forced its price down.
"Speculators are not buying at the same pace as they had done recently," said Crisp of Koch Metals Trading.
"Palladium has been the one that has not been the focus of attention this week," he added.
By Friday, the platinum price stood at 877 dollars per ounce on the London Platinum and Palladium Market against 854 dollars a week earlier.
Palladium traded at 229 dollars an ounce from 238 dollars.
BASE METALS: Base metal prices continued upwards, with copper reaching a new eight-year high.
The end of strike action at Canada's Falconbridge mine, one of the world's biggest nickel mines, pushed the price of the metal downwards.
"The key issue of the week was the end of the strike at Falconbridge last Sunday," said Metal Bulletin Research analyst Andrew Cole.
"The strike and uncertainty about how long it would last had supported nickel prices and the other metals over the past weeks," he added.
Although prices dropped at the start of the week, "prices recovered at the end because the underlying fundamentals for most of the markets are still of tight supplies", Cole said.
"There is still going to be big shortages of materials, not only of nickel but copper, zinc, lead and tin," he added.
A scarcity of copper propelled the metal to a new eight-year high, its highest level since August 1995, above the symbolic 3,000 dollars-per-tonne mark.
Despite the dollar's fight-back against the euro, the greenback remains weak thus supporting prices, analysts said.
By Friday, three-month copper prices had risen to 2,940 dollars per tonne on the London Metal Exchange from 2,870 earlier.
Three-month aluminium prices remained steady at 1,721.50 dollars per tonne from 1,726.50.
Three-month nickel prices fell to 14,480 per tonne from 15,100 dollars.
Three-month zinc prices gained to 1,143.50 per tonne from 1,121.50 dollars.
Three-month lead prices advanced to 889.50 per tonne from 876 dollars.
Three-month tin prices lifted to 6,840 per tonne from 6,730 dollars.
OIL: Oil prices surged higher as traders fretted over tight US stocks of gasoline ahead of the US summer, when demand is high for drivers taking to the roads on holiday.
"People fear a potential shortage in gasoline," said Oppenheimer market analyst Fadel Gheit.
US gasoline, or petrol, stocks fell 1.6 million barrels to 203.4 million barrels in the week to February 20, according to the US Energy Department.
A stock-build in the near-term was unlikely, however, as US refineries undergo their peak maintenance season, according to Sucden brokerage firm.
"Several US refineries have shut units for maintenance in recent days, adding to fears over tight gasoline supply," it said.
Meanwhile, prices also gained on news that members of the Organisation of Petroleum Exporting Countries, including Nigeria and the United Arab Emirates, have begun reducing production after the cartel announced earlier this month it would cut oil output by a total of about 10 percent by April 1.
On Friday, the price of benchmark Brent North Sea crude oil for April delivery stood at 31.67 dollars a barrel in London from 31.02 dollars a week before.
In New York, the reference light sweet crude April contract traded at 35.67 dollars against 34.26 a week earlier.
RUBBER: Rubber prices continued upwards thanks to the low harvest season, although the dollar's rise against the euro and yen slowed the pace of ascent.
"Wintering is still a factor," one London trader said, adding that the market "is really currency-led at the moment".
Wintering, which lasts between February and April, refers to a seasonal decline in production in Malaysia, Thailand and Indonesia.
"There has been some consumer buying in the Far East, but there was limited activity in Europe," the trader said.
In Singapore the RSS 3 contract for April closed at 133.25 US cents on Friday against 131.75 a week earlier.
COCOA: Cocoa prices perked up after hitting a two-year low in London last week.
"There was no news to prompt the move," said Refco analyst Ann Prendergast, who judged the hike to be a "little exaggerated".
"Contrary to current market direction, fundamentals remain slanted to the bearish side as arrivals continue to be strong and expectations grow for a stronger mid-crop" in the Ivory Coast, she added.
On LIFFE, London's futures exchange, the price of cocoa for May delivery rose to 883 pounds a tonne on Friday from 818 pounds a week before.
On the CSCE, the New York futures market, the May contract climbed to 1,567 dollars per tonne from 1,466 dollars.
COFFEE: Coffee prices rebounded on the back of investment fund purchases and uncertainty surrounding Brazil's harvest for the 2004/05 season starting in May.
"Coffee futures shot up on a rush of fund buying," said Prendergast.
Meanwhile, the market continued to speculate on Brazil's next harvest, analysts said, after its last one, collected in September, was weaker than expected.
Investors are worried about the impact of the country's current warm weather - hotter than normal - which is unfavourable to production, one New York trader said.
On LIFFE, Robusta quality for May delivery rose to 746 dollars per tonne on Friday, from 739 dollars a week earlier.
On New York's CSCE market, Arabica for May delivery climbed to 76.55 cents a pound from 72.15 cents.
COTTON: Cotton prices lifted as rumours abound that China would increase its import quotas.
"Rumours that China is about to raise its import-tariff rate quota by 4.5 million bales was thought to be the driving force behind the turnaround," Prendergast said.
Meanwhile, US export sales disappointed the market.
"Exports sales were disappointing, well below expectations of 300,000 to 500,000 bales," Prendergast said. The US Agriculture Department reported a drop in cotton exports to 198,800 bales from 556,700 bales in the week to February 19.
New York's May contract rose to 73.50 cents a pound on Friday from 70.20 cents a week earlier.
The Cotton Outlook Index of physical cotton, the average of the world's lowest prices, fell to 73.70 cents from 74.20 cents.
GRAINS AND SOYA: Soya prices rose to their highest level for 15 years over fears about the South American harvest.
Traders fretted after flooding affected fields in northern Brazil.
Meanwhile, wheat profited on news that China would buy 100,000 tonnes of the US cereal.
Wheat and maize prices both benefited from strong US exports last week.
In Chicago, the price of wheat for March delivery stood at 381 cents a bushel on Friday from 368.50 a week earlier.
On LIFFE, wheat for March delivery rose to 97.50 pounds a tonne from 94 pounds.
In Chicago maize for March delivery climbed to 295 cents a bushel from 284.50 cents.
In Chicago soyabeans for March delivery climbed to 922 cents a bushel from 889. March-dated soyabean meal - used in animal feed - rose to 275.50 dollars per tonne from 269.50.
SUGAR: Sugar prices rebounded on strong supply and after a London trading house said world sugar output would be lower in 2003/4 compared to last season.
"Sentiment is positive based on the strong fundamental position relative to the recent pickup in demand," said Prendergast.
Meanwhile, in its latest global report, E and F Man trading house forecast world sugar output in 2003/4 to be 146.8 million tonnes from 149.9 million tonnes in 2002/03.
The trading house also raised its consumption forecast to 143.2 million tonnes, from 139.4 million tonnes in 2002/03.
On LIFFE, the price of a tonne of white sugar for May delivery stood at 203 dollars on Friday from 198.50 dollars the previous week.
On the CSCE in New York, a pound of unrefined sugar for March delivery traded at 6.13 cents from 5.60 cents the previous Friday.
WOOL: Australian wool prices rallied, supported by a fall in the Australian dollar against the US currency.
"The Australian wool market rose this week when prices increased by 0.8 percent on average," said the Australian Wool Industries Secretariat.
"After breaking the 80 US-cent barrier last week, the US dollar exchange has fluctuated wildly," it added.
A fall in the Australian currency against the greenback reduces the price of Australian dollar-denominated wool.
Buyers from China and Italy led the market this week.
The Australian Eastern index stood at 7.72 Australian dollars per kilo on Thursday from 7.67 dollars the previous week.
The British Wooltops index fell to 458 pence from 463 pence.
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