Oil prices rally; sugar trades at 28-year high

“The market shook off worse than expected economic data, which does suggest ongoing fund interest is keeping the market buoyant,” said analysts at basemetals.com.

By Thursday on the London Metal Exchange, copper for delivery in three months jumped to 7,070 dollars a ton from 6,881 dollars a week earlier.

Three-month aluminum fell to 2,249 dollars a ton from 2,256 dollars.

Three-month lead dipped to 2,346 dollars a ton from 2,356 dollars.

Three-month tin increased to 16,100 dollars a ton from 15,900 dollars.

Three-month zinc firmed to 2,525 dollars a ton from 2,440 dollars.

Three-month nickel jumped to 18,721 dollars a ton from 17,200 dollars.

SUGAR: Sugar prices hit a fresh 28-year high on tight supplies, traders said.

Unrefined sugar reached 26.98 U.S. cents a pound on Thursday -- the highest point since 1981.

“Tight global supplies remain a supportive influence in sugar, and should limit the downside,” said the Public Ledger commodities review.

By Thursday on the New York Board of Trade (NYBOT), the price of unrefined sugar for March rose to 26.76 U.S. cents a pound from 26.27 cents the previous Friday.

On LIFFE, London's futures exchange, the price of a ton of white sugar for delivery in March climbed to 694.50 pounds from 678.20 pounds.

COCOA: Cocoa prices fell on profit-taking having struck the highest levels for 30 years a week earlier amid low output in leading producer Ivory Coast.

On December 17 in London, cocoa struck 2,337 pounds a ton -- a level last seen in October, 1977.

By Thursday on LIFFE, the price of cocoa for delivery in March slipped to 2,242 pounds a ton from 2,265 pounds the previous Friday.

On NYBOT, the March cocoa contract dropped to 3,275 dollars a tonne from 3,359 dollars.

COFFEE: Coffee prices retreated.

“A pre-holiday quietness was felt across the markets,” said analysts at Sucden Financial Research

“Looking to next week, we feel sure there will be year-end activity from the funds causing some volatile market action.”

By Thursday on LIFFE, Robusta for delivery in March fell to 1,326 dollars a ton from 1,374 dollars the previous Friday.

On the NYBOT, Arabica for March decreased to 142.75 U.S. cents a pound from 146.25 cents.

RUBBER: Malaysian rubber prices rose owing to weak stockpiles in major producing countries amid the unusually wet weather, dealers said.

The decision by China, the world's largest rubber consumer, to cut duty on rubber imports added support to prices, they added.

On Thursday, the Malaysian Rubber Board's benchmark SMR20 climbed to 278.10 U.S. cents a kilo from 273.45 cents the previous Thursday.

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