LONDON, Sept 27: Commodity traders from across the globe largely took their cues this week from movement over an emergency US bailout plan.

OIL: Oil prices rose as dealers tracked the progress in US Congress of a bailout package that would see the US government buy toxic mortgage-related assets from the battered financial sector.

Oil traders are on tenterhooks over the progress in Congress of the rescue package because the United States is the world’s biggest consumer of energy.

Over the past week, oil prices have been extremely volatile, said Dresdner Kleinwort analyst Gareth Lewis-Davies.

The price of New York crude oil saw the biggest one-day gain in history on Monday, before paring gains late in the week as US rescue deal talks stalled and stoked fears of weak global energy demand. New York’s October contract surged by an astonishing $16.37 to close at $120.92 a barrel on Monday after striking $130 during intra-day trade.

The historic price gain was partly driven by hopes that a $700-billion- rescue package from the US government would save the world’s largest economy from collapse, thus bolstering demand for energy.

At the same time, the October contract was boosted by hectic technical trades as it expired as players covered positions to avoid losing money on bets the price would fall.

Crude futures then slid Tuesday on profit-taking, and fell further on Wednesday after the US government reported a sharp drop in consumption, raising fresh demand worries.

On Thursday, prices jumped by more than two dollars on signs the massive US government bailout was nearing approval.

The market trimmed gains at the end of the week as US talks reached a stalemate.

Crude oil futures were down heavily (on Friday) as markets remained on edge as the US government’s $700-billion bailout plan remained uncertain, said Sucden analyst Michael Davies.

Other pundits were upbeat that a deal would soon be announced.

Talks are set to resume today (Friday) and a deal remains likely to be reached, said Barclays Capital analyst David Woo.

By Friday, New York’s main oil futures contract, light sweet crude for delivery in November, was at 105.61 dollars per barrel, up from $101.33 a week earlier.

Brent North Sea crude for November jumped to $102.60 per barrel from $97.91 .

PRECIOUS METALS: The price of gold continued to benefit from its status as a haven in times of economic turmoil.

The previous week, the precious metal had enjoyed its biggest one-day gain in almost three decades as equity markets plunged in response to the global financial crisis.

The yellow metal, which is used in jewellery, dentistry and electronics, remains below its record high of $1,032.70 an ounce, reached on March 17 -- four days after it had breached $1,000 for the first time.

The destiny of the plan in the US Congress remains the decisive factor for the price movements of gold, said Dresdner Kleinwort analyst Peter Fertig.

On the London Bullion Market, gold advanced to $902 an ounce at Friday’s late fixing from $869 a week earlier.

Silver gained to $13.18 an ounce from $12.93.

On the London Platinum and Palladium Market, platinum fell to $1,140 an ounce at the late fixing on Friday from $1,155 a week earlier.

Palladium rose to $235 an ounce from 233 dollars.

BASE METALS: Base metals prices experienced mixed fortunes.

Choppy moves continue to characterise the base metals markets with sentiment remaining linked to movements in the wider financial markets, said analysts at Barclays Capital in a research note to clients.

By Friday, copper for delivery in three months fell to $6,825 per ton on the London Metal Exchange from $7,080 a week earlier.

Three-month aluminium dropped to $2,514 per ton from $2,592.

Three-month lead increased to $1,985 per ton from $1,840.

Three-month zinc rallied to $1,810 per ton from $1,735.

Three-month tin jumped to $17,951 per ton from $17,199.

Three-month nickel advanced to $17,198 s per ton from $16,598.

COFFEE: Coffee prices jumped amid a lack of deals.

London volume was painfully thin,” said Sucden analyst Ralph Hawes.

By Friday on LIFFE, London’s futures exchange, Robusta for November delivery rose to $2,128 per ton from $2,092 a week earlier.

On the New York Board of Trade (NYBOT), Arabica for December delivery climbed to 135.80 US cents per pound from 133.05 cents.

COCOA: Cocoa prices climbed, boosted by supply disruption in major exporter Ivory Coast.

Cocoa exports from the main ports in Ivory Coast remain blocked as a strike by workers from the Cocoa and Coffee Bourse rumbles into a third week, commented the Public Ledger.

By Friday on LIFFE, the price of cocoa for December gained to 1,536 pounds per ton from 1,522 pounds a week earlier.

On the NYBOT, the December cocoa contract rallied to $2,756 per ton from $2,690 .

SUGAR: Sugar prices rose strongly on both sides of the Atlantic.

A strong outlook for sugar market (supply and demand) fundamentals continues to provide support to prices, said analysts at Barclays Capital.

By Friday on LIFFE, the price per ton of white sugar for December delivery rallied to 404 pounds from 377.70 pounds the previous week.

On NYBOT, the price of unrefined sugar for March delivery increased to 14.59 US cents per pound from 13.60 cents.

GRAINS AND SOYA: Grains and soya prices rebounded.

By Friday on the Chicago Board of Trade, maize for December delivery was up to $5.48 per bushel from $5.42 the previous week.

November-dated soyabean meal -- used in animal feed -- increased to $11.67 from $11.43.

Wheat for December delivery climbed to $7.22 per bushel from $7.18.

RUBBER: Rubber prices slid further amid political uncertainty in Malaysia, while dealers forecast more losses next week.

On Friday, the Malaysian Rubber Board’s benchmark SMR20 fell to 280.30 US cents per kilo from 282.40 US cents per kilo a week ago.---AFP