LONDON, Nov 29: Oil prices recovered this week after slumping to near four-year lows under $50 a barrel, while commodity futures in general won a boost from rebounding stock markets, traders said.

World stock market bounced higher this week as investors shrugged off worries about a looming global recession, in turn providing confidence to oil, precious metals and grains markets.

OIL: Oil prices roared higher towards $55 on Monday as equity markets surged on global government action aimed at tackling a severe economic downturn.

However they gave up much of their early gains by Friday as key ministers from the Opec producers group suggested the cartel would wait until next month before announcing any decision to cut output.

Organization of Petroleum Exporting Countries ministers are holding consultations in the Egyptian capital this weekend.

Here we will prepare some data and maybe the final decision will be in Algeria, Iranian Oil Minister Gholam Hossein Nozari told reporters on arrival in Cairo, referring to a planned extraordinary Opec meeting in Algeria on December 17.

If production cuts are not announced this weekend, this could further add to the downward pressure on oil prices,” Barclays Capital analyst David Woo said in London on Friday.

Opec Secretary General Abdalla Salem El-Badri had said ahead of Saturday’s meeting that the oil market was “over-supplied — an indication that the group sees current production levels as too high.

The group, which pumps 40 per cent of world oil, has watched oil prices collapse since striking record highs above $147 in July, sparking serious concern among its members about plunging revenues.

Opec ministers agreed in Vienna last month to reduce production by 1.5 million barrels a day from November 1 as they sought to defend tumbling prices.

But the market has since crumbled further, approaching the lowest levels for nearly four years on growing concern that a painful global recession could savage demand for energy, traders said.

The Opec cartel called the extraordinary meeting in Cairo two weeks ago as prices fell towards $50.

Ahead of the meeting, Opec President Chakib Khelil downplayed the idea of an output cut being announced in the Egyptian capital.

Last week, Brent North Sea oil plunged to $47.40 and New York crude touched $48.35 , marking the lowest points for nearly four years.

That compared with their respective record high points of $147.50 and $147.27 on July 11, when fears of supply disruptions had sent them rocketing.

By Friday on London’s InterContinental Exchange (ICE), Brent North Sea crude for delivery in January had risen to $51.68 from $47.87 a week earlier.

On the New York Mercantile Exchange (NYMEX), light sweet crude for January grew to $52.00 from $49.47.

PRECIOUS METALS: Gold, silver, platinum and palladium prices all rose.

Gold prices had found a floor recently on the back of a pick up in physical demand, and the weakening dollar now coupled with renewed geopolitical concerns adds to the interest in gold as a safe-haven asset, said analysts at Barclays Capital.

On the London Bullion Market, gold rallied to $814.50 an ounce at Friday’s late fixing from $774.50 a week earlier.

Silver increased to $10.12 an ounce from $9.17 .

On the London Platinum and Palladium Market, platinum gained to $876 an ounce at the late fixing on Friday from $812 a week earlier.

Palladium climbed to $187 an ounce from $183 .

BASE METALS: Base metals prices mostly fell, though copper and aluminium rebounded from their lowest points for more than three years.

Metals have come under pressure on a slowdown in demand and supply increases, said BNP Paribas analyst Michael Widmer.

By Friday, copper for delivery in three months had risen to $3,610 a ton on the London Metal Exchange from $3,574 a week earlier.

Three-month aluminium dipped to $1,755 a ton from $1,803 .

Three-month lead dropped to $1,080 a ton from $1,217 .

Three-month zinc eased to $1,195 a ton from $1,200.

Three-month tin increased to $12,305 a ton from $11,700.

Three-month nickel slid to $9,850 a ton from $10,300 .

COCOA: Cocoa futures extended gains.

Support was provided by the release of Ivory Coast cocoa bean export data for October -- the first marketing month in the 2008/09 harvest year, said analysts at Barclays Capital.

There have been mounting worries over the past two weeks that the Ivory Coast cocoa harvest this year will be disappointing owing to black pod disease outbreaks, and while this data only offers an early snapshot, it will not have dispelled these worries either. By Friday on LIFFE, London’s futures exchange, the price of cocoa for delivery in March climbed to 1,515 pounds a ton from 1,509 pounds a week earlier.

On the New York Board of Trade (NYBOT), the March cocoa contract rose to $2,280 a ton from $2,050 .

COFFEE: Coffee prices rebounded and were expected to gain further owing to fears of flood damage to harvests in Vietnam.

By Friday on LIFFE, Robusta for delivery in January climbed to 1,980 dollars a ton from $1,805 a week earlier.

On the NYBOT, Arabica for March increased to 115.80 US cents a pound from 111.25 cents.

SUGAR: Sugar prices recovered.

An Asian sugar deficit following strongly growing demand is a key feature of the world market, said the Public Ledger.

By Friday on LIFFE, the price of a ton of white sugar for delivery in March rose to 328.40 pounds from 320.50 pounds the previous week.

On NYBOT, the price of unrefined sugar for March increased to 11.88 US cents per pound from 11.36 cents.

GRAINS AND SOYA: Grains and soya prices rallied.

By Friday on the Chicago Board of Trade, maize for delivery in March climbed to $3.67 a bushel from $3.54 the previous week.

January-dated soyabean meal -- used in animal feed -- advanced to $8.79 from $8.40 .

Wheat for March jumped to $5.56 a bushel from $5.18 .

RUBBER: Malaysian rubber prices dropped, despite the world’s top rubber producers -- Thailand, Malaysia and Indonesia — cutting output.

On Friday the Malaysian Rubber Board’s benhcmark SMR20 fell to 140.35 US cents per kilo from 153.25 US cents per kilo last week.—AFP