Commodities markets summary
Market watch top headlines
SYDNEY, Feb 19 AAP
February 19 2013, 07:00AM
A summary of trading in key commodities markets overseas:
Oil prices traded narrowly mixed in quiet trading as dealers mulled the outcome of a G20 weekend meeting amid a public holiday in the United States.
Brent North Sea crude for delivery in April edged up three US cents to stand at $US117.69 a barrel in late London deals on Monday.
New York's main contract, light sweet crude for March, fell 29 US cents to $US95.57 a barrel.
Gold moved lower, with volumes easing as US markets closed for the President's Day holiday, while a lower euro and flat European shares also hurt investor interest.
Gold edged down 0.1 per cent to $US1,607.06 by 1600 GMT (0300 Tuesday AEDT) having fallen as low as $US1,598.04 on Friday on heavy technical selling pressure.
Platinum group metals (PGMs) edged higher after news that at least 13 workers were injured during clashes at an Anglo American Platinum mine in South Africa.
Spot platinum rose 0.7 per cent to $US1,689.49 an ounce, recovering from a two-week low of $US1,668 hit on Friday. Palladium gained 0.8 per cent to $US759.47 an ounce.
Spot silver rose 0.4 per cent to $US29.89 an ounce, having fallen to a six-week low of $US29.65 on Friday.
Base metals on the London Metal Exchange (LME) have closed sharply lower, extending early gains after a stronger USdollar and downbeat sentiment from China weighed upon the complex throughout the session.
At the close of open-outcry tradingon Monday, copper was 1.0 per cent lower on Friday's settlement at $US8,119 a metric ton. Nickel led the declines, closing 2.9 per cent lower at $US17,855/ton.
A stronger US dollar weighed upon the dollar-denominated base metals throughout the session, making them less appealing to other currency holders and pushing many prices to multi-week lows.
Some analysts said that the metals were due a correctional "shake out" after many had seen fairly robust gains over recent weeks.
Chinese trading activity re-entered the market after the week-long Lunar New Year holiday, but Chinese investors seemed to lack positive impetus to drive prices higher.