Crude oil prices dived this week on fresh concerns about the pace of US economic recovery, while gold slid back under US$1,000 per ounce on profit-taking.
“It looks like there is a flood of money out of commodities,” said Ellis Eckland, an independent oil trader. “Investors want to get to the exit as soon as possible; they feel that the real economy is weak.”
Elsewhere, traders eyed the G20 nations’ two-day summit in Pittsburgh, Pennsylvania, that began on Thursday.
OIL: Crude oil prices slumped on evidence of weak energy demand in the US.
The market had shed more than US$3 on Thursday as mixed US economic data and signs of sluggish oil demand highlighted fears about a tepid recovery from the global recession.
By Friday on the London InterContinental Exchange (ICE), Brent North Sea crude for delivery in November sank to US$65.38 a barrel from US$71.25 a week earlier.
On the New York Mercantile Exchange (NYMEX), light sweet crude for November slid to US$66.62 from US$72.07 for the now-expired October contract a week earlier.
PRECIOUS METALS: Gold prices retreated as traders cashed in gains from last week’s strong rally which saw the precious metal climb within a whisker of a record high.
Gold sank as low as US$985.28 per ounce on Friday, which was the lowest point for more than two weeks. By late Friday on the London Bullion Market, gold fell to US$991.50 an ounce from US$1,012 a week earlier.
Silver slid to US$16.20 an ounce from US$17.11.
On the London Platinum and Palladium Market, platinum eased to US$1,330 an ounce at the late fixing on Friday from US$1,337.
BASE METALS: Base metals prices mostly fell amid concerns about Chinese demand tailing off.
By Friday on the London Metal Exchange, copper for delivery in three months sank to US$5,928 a tonne from US$6,220 a week earlier. Three-month aluminum fell to US$1,832 a tonne from US$1,929.
Taiwan last night blanked world No. 1 Japan 4-0 to win the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time. Taiwanese ace Lin Yu-min (林昱珉) held defending champions Japan to just one hit and no runs in the first four innings, before catcher Lin Chia-cheng (林家正) opened the fifth inning with a solo home run. That was soon followed by a three-run homer from Taiwanese captain Chen Chieh-hsien (陳傑憲) to put Taiwan ahead in the prestigious tournament of the world’s top 12 baseball teams. In addition to a superb performance from 21-year-old Arizona Diamondbacks prospect Lin, three more Taiwanese pitchers
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Taiwan yesterday advanced to the gold medal match of the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time in history, despite last night losing 9-6 to Japan. Taiwan advanced after the US defeated Venezuela in the first game on the last day of the Super Round. However, the US had no chance of advancing to the championship game unless it defeated Venezuela by at least nine points. The US won 6-5. As a result, the two teams — who both had one win and two losses in the Super Round — are to face off again in the
Minister of Labor Ho Pei-shan (何佩珊) said she would tender her resignation following criticism of her handling of alleged bullying by Ministry of Labor Workforce Development Agency branch director Hsieh Yi-jung (謝宜容) resulting in the death of an employee. The ministry yesterday gave Hsieh two demerits and said she is subject to review by the Disciplinary Court. The severest possible punishment would be her removal from office and being barred from government jobs indefinitely. Workforce Development Agency Director-General Tsai Meng-liang (蔡孟良) also received a major demerit and was transferred to another position. Premier Cho Jung-tai (卓榮泰) issued a formal apology
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