Commodities markets summary
Market watch top headlines
A summary of trading in key commodities markets overseas:
The price of oil ended higher on Friday on positive signs for manufacturing in the US and China.
Benchmark crude rose 84 cents to end at $US86.73 per barrel on the New York Mercantile Exchange.
A survey of purchasing managers showed that manufacturing activity expanded in China this month.
And US data showed that the nation's factories have rebounded from Superstorm Sandy.
Both reports indicate that energy consumption could be on the upswing in the world's two biggest economies.
Still, traders are concerned that President Barack Obama and Republican leaders are far from reaching a deal to reduce the US budget deficit before the end of the year.
Without an agreement, significant tax increases and government spending cuts will automatically take effect.
Brent crude, used to set prices for international varieties of oil, rose $US1.72 to finish at $US108.18 a barrel on the ICE Futures exchange in London.
Base metals on the London Metal Exchange closed mixed on Friday after a choppy session as investors weighed a firm euro against an uncertain outlook for the complex.
At the close of open-outcry trading, three month copper - flagship of the complex LME - closed just 0.1 per cent lower on the day at $US8,065 a metric ton.
Moves had been subdued throughout the session with little on the macro-economic agenda to set any major moves in either direction.
Nickel and tin settled higher, with analysts making bullish statements toward the outlook for the latter.
Gold prices held near steady amid quiet trade as investors mulled slower US inflation and looked for progress in US budget talks.
The most actively traded contract, for February delivery, rising 20 cents to $US1,697 per ounce on the Comex division of the New York Mercantile Exchange.
Gold trading volumes and the number of open futures positions have both declined in recent days as some traders leave the market during the holiday season, while others move to the sidelines to avoid the volatile price environment that can occur during times of low liquidity.
March silver declined slightly, losing 5.6 cents to $US32.299 per ounce.