Oil prices endured another roller-coaster ride on world markets this week, reaching new record highs in New York before sliding amid nervousness ahead of an OPEC meeting next week.
A weaker dollar, meanwhile, gave a fillip to many commodities, particularly the metals.
The Commodities Research Bureau's index of 17 commodities rose to 276.49 points on Friday from 270.44 a week earlier.
GOLD: Gold prices had another winning week as the dollar came under pressure.
"The rebound in the euro continues to assist gold and, to a lesser degree, the rest of the precious metals complex to appreciate," said Barclays Capital analyst Kamal Naqvi
Gold, which is priced in dollars on world markets, tends to see its value rise when the greenback falls, making the metal more attractive to buyers using other currencies.
Analysts noted Friday that the US currency's trade-weighted index was at the lowest level for over a month, while the euro reached six-week highs against the greenback.
By Friday gold prices stood at 393.25 dollars per ounce on the London Bullion Market from 385.30 a week earlier.
SILVER: Silver tracked gold higher, passing the six-dollar mark.
"Gold's rally encouraged buying," said James Moore.
"Having convincingly held the six-dollar level the metal now looks set to follow gold's example and work steadily higher, taking momentum from the dollar and also from the gains in the base metals."
Silver prices stood at 6.165 dollars per ounce on Friday from 5.860 dollars a week earlier.
PLATINUM AND PALLADIUM: Platinum prices also forged ahead, helped by a weakening of the dollar, though palladium lagged.
"Both platinum and palladium climbed as a result of the dollar's moves," said Moore
"Gains in the yen have prompted fresh buying, and the strong fundamental base of platinum will leave the way open for a test back to 850 dollars in the coming sessions."
Palladium might benefit from the re-emergence of speculative buying in the industrial metals, he added.
By Friday, platinum prices traded at 832 dollars per ounce on the London Platinum and Palladium Market from 810 dollars a week earlier.
Palladium prices dipped to 246 dollars per ounce from 248 dollars.
BASE METALS: Base metal prices were also boosted by the dollar's decline, as well as by worries about a refinery strike in Canada.
"Copper's rally was the main driver... but aluminium has achieved a respectable set of gains on the week, with the past two days supported by the renewed weakness of the dollar, which slipped to a seven-week low against the euro," said Barclays Capital analyst Ingrid Sternby.
"The move higher (in copper) was based on a blend of renewed dollar weakness, equity strength, lower energy prices and fears of a possible strike at Norandas CCR refinery in Montreal."
The refinery processed 235,000 tonnes of the metal last year and had been expected to supply 285,000 this year.
By Friday, three-month copper prices stood at 2,762.50 dollars per tonne on the London Metal Exchange from 2,660 dollars a week earlier.
Aluminium prices climbed to 1,674 dollars per tonne from 1,631.50.
Three-month nickel prices stood at 11,970 dollars per tonne from 11,350.
Three-month lead prices traded at 839.50 dollars per tonne from 796.
Three-month tin prices gained to 9,390 dollars per tonne from 9,025.
Three-month zinc prices were at 1,112.50 dollars per tonne from 1,059.
OIL: Oil prices tumbled away from recent peaks as traders anticipated a signal from OPEC ministers next week that they are ready to raise output.
Prices roared ahead at the start of the week as the market remained sceptical of a Saudi Arabian proposal for the cartel to ramp up production by at least two million barrels per day (bpd).
But prices later fell sharply as many speculators, reluctant to hold onto oil futures in such a climate of uncertainty, opted to cash in profits after recent steep gains.
Organisation of Petroleum Exporting Countries (OPEC) ministers are due to meet in Beirut on Thursday to consider the Saudi Arabian proposal.
A suspension of OPEC production quotas is an option that could be discussed at the ministerial meeting of the cartel in Beirut next week, a source close to OPEC said in Vienna where the grouping is based.
OPEC's official output quota stands at 23.5 million bpd, but its president, Purnomo Yusgiantoro of Indonesia, has acknowledged that OPEC is already pumping two million bpd above its own official quota.
Some analysts warn that even if OPEC does open up the taps, prices are likely to remain high because of US refinery bottlenecks and worries about instability in the Middle East.
"Rarely has the geopolitical situation so troubled the oil market, driving prices even higher," said analysts at Societe Generale.
"But the fundamental factor setting crude and product prices is the tension on refined products. This tension is so high today that it approaches a real global shortage of refining capacity."
By Friday, the price of benchmark Brent North Sea crude oil for July delivery stood at 36.46 dollars per barrel in late London trading from 36.37 dollars a week earlier.
In New York, the reference light sweet crude July contract traded at 39.53 dollars from 39.98 a week earlier.
RUBBER: Rubber prices churned around in volatile trading.
"The Japanese market has been literally up and down," one London trader said.
"The currency market is still a factor in the price of natural rubber," added the trader, who wished to remain anonymous.
In Osaka, the RSS 3 June contract stood at 156.10 cents on Friday against 156.20 cents a week earlier.
Singapore's RSS 3 contract for July was steady at 135.50 cents.
COCOA: Cocoa prices climbed on speculative buying and worries about unrest in leading producer Ivory Coast.
"There was no obvious spur to prompt the rally, but dollar weakness was a help as was latent bullish sentiment that a corrective rally was in order," said Refco analyst Ann Prendergast.
"Unrest in Ivory Coast was moderately supportive."
The UN Security Council on Tuesday urged all parties to revive a foundering peace deal in Ivory Coast.
It voiced "grave concern" at the political impasse and the government's deadly crackdown on opposition rallies in March.
Nineteen months of political and military crisis have split the world's top cocoa-producing country between the government-run south and leaving the north in the hands of rebels who failed in their bid to oust President Laurant Gbagbo from office in 2002.On LIFFE, London's futures exchange, the price of cocoa for July delivery advanced to 835 pounds per tonne on Friday from 820 pounds a week earlier.
On the CSCE, the New York futures market, the July contract stood at 1,463 dollars per tonne from 1,410 dollars.
COFFEE: Coffee prices perked up amid concerns about the risk to Brazilian crops of winter frosts.
"Should a frost occur, it would impact the forthcoming 2005/06 harvest, which still has not yet begun to flower and will not until the fall," said Fimat analyst Michael McDougall.
"The market is standing in place, too wary of frost to sell off and too unsure of direction to mount a further advance without fundamental justification," he added.
On LIFFE, Robusta quality for July delivery gained to 799 dollars per tonne on Friday, from 706 dollars a week earlier.
On New York's CSCE market, Arabica for July delivery traded at 83.00 cents per pound from 71.80 cents.
COTTON: Cotton prices recoiled as traders took profits following data from the US Department of Agriculture.
"Better than expected USDA export sales and lower than expected shipments crossed expectations to lead the market lower," said Refco's Prendergast.
US cotton exports rose 32 percent from the previous week to 249,900 bales, USDA said.
Net upland sales jumped by 60 percent to 249,000 bales.
New York's July contract eased to 61.60 cents per pound on Friday from 63.90 cents a week earlier.
The Cotton Outlook Index of physical cotton, the average of the world's lowest prices, edged down to 69.45 cents on Thursday from 69.65 cents a week earlier.
GRAINS AND SOYA: Wheat and soya prices retreated on worries about a slowdown in Chinese demand.
China appeared to be trying to cancel orders from South America, said AG Edwards analyst Victor Lespinasse.
Maize prices garnered support from concern that heavy rains in the US Midwest would affect production.
On LIFFE, wheat for July delivery slid to 79.25 pounds per tonne on Friday from 83.50 pounds a week earlier.
In Chicago, the price of wheat for July delivery dipped to 369.75 cents per bushel from 372.5 cents.
Maize for July delivery advanced to 300.5 cents per bushel from 292 cents.
Soyabeans for July delivery fell to 825 cents per bushel from 876 cents.
July-dated soyabean meal - used in animal feed - traded at 258 dollars per tonne from 283.5 dollars.
SUGAR: Sugar prices made headway thanks to good demand and a weaker dollar, analysts said.
On LIFFE, the price of a tonne of white sugar for August delivery climbed to 218.00 dollars on Friday from 216.10 dollars a week earlier.
On the CSCE in New York, a pound of unrefined sugar for July delivery stood at 6.97 cents from 6.50 cents.
WOOL: Australian wool prices were pressured by a strengthening of the Australian dollar, though they managed to pare losses.
"The market finished on a positive note despite the continuing rise in the exchange rate," the Australian Wool Industries Secretariat said.
"Competition (among buyers at auctions) was dominated by China and the top makers."
The Australian Eastern index fell to 7.90 Australian dollars per kilo from 7.98 a week earlier.
The British Wooltops index stood at 431 pence against 426.
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