Dhaka, Bangladesh (BBN)- Commodities rallied through this week, on expectations of economic recovery and a mix of positive fundamentals, before minor declines at the tail end on concerns surrounding the fundamental sustainability of the rally and economic data.
Crude for July delivery rose as high as US$ 69.05, the highest since November, before closing out the week at US$ 66.05. WTI and Brent crude gained 4.2 percent and 2.7 percent to US$ 67.24 and US$ 67.31 respectively, over last week.
Demand for gold as a store of value on the back of declines in US$ saw the precious metal gain 1.2 percent from last week to US$ 968.70 an ounce.
Declines in US payrolls and rising prices saw copper fall to US$ 4,920. The recent rally to a six week high has led to widespread market expectations of curtailed demand.
BBN/SS/SI/AD-05June09-11:48 am (BST)