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AGO, ANZ, WBC, EPW, RHC, RMD, TCL, WHC,

AAP

2013-08-13

A summary of trading in key commodities markets overseas:

ENERGY

Oil prices headed higher despite a slowdown in the pace of Japan's economic rebound in the second quarter.

In New York, the benchmark WTI crude for September delivery added 14 US cents from Friday to end at $US106.11 a barrel on Monday.

In London Brent North Sea crude for September gained 75 US cents to $US108.97 a barrel.

The markets were helped by having anticipated a slower rate of growth for the second quarter in Japan than materialised.

Tokyo put growth in the second-quarter at a 2.6 per cent annual pace, down from 3.8 per cent in the first quarter.

PRECIOUS METALS

Gold and silver futures have climbed as data showing strong demand from top consumer China spurred investors who had bet on lower prices to close out those bets.

The most actively traded contract, for December delivery, on Monday rose $US22, or 1.7 per cent, to settle at $US1,334.20 a troy ounce on the Comex division of the New York Mercantile Exchange, a three-week high.

The China Gold Association on Monday said the country consumed 706.36 metric tons of gold during the first half of the year, up 54 per cent from a year earlier. Some gold-market observers expect China to be the top gold consumer this year, unseating India.

Silver for September delivery surged 4.6 per cent to $US21.340 a troy ounce, a seven-week high.

BASE METALS

Copper on the London Metal Exchange (LME) has closed lower as a rally spurred by upbeat economic data from top consumer China petered out in a quiet European session and amid a stronger US dollar, although other metals sustained the upward momentum.

At the close of open-outcry trading on Monday, LME three-month copper was 0.3 per cent lower on Friday's close at $US7,251 a metric ton.

LME three-month aluminium closed 0.7 per cent higher at $US1,885 a ton, as did other metals.

Throughout Monday's European session, base metals mostly traded in the black, carrying a rally last week largely fuelled by the reversal of bets on lower prices into the new session.

Investors have moved to reverse their "short" positions after economic data from top industrial metals consumer China beat expectations, stoking hopes for better base metal demand and pouring cold water on concerns about growing pains in the nation. China accounts for 40 per cent of global metals demand.