Crude January contracts gained 9% last week on the NYMEX. It is currently trading at USD 53.30 to a barrel. It was down 20% on month-on-month basis. OPEC postponed decision on output cut to December 17 in Algeria meet. Saudi Arabia's Niami said that $75/bbl is a fairprice. US supplies have gained for 9 weeks and fuel demand was lowest in 27 years.
Near-term range for crude prices is seen between $48-55/bbl.
In the case of precious metal, Gold ended November with biggest monthly gain in 9 years. It gained 14% on safe haven buying. However, gains for gold capped by strong dollar. Silver gained 7.6% last week and rose 5% in November.
Copper fell for fifth straight month and declines 10% in November. Aluminium declined 14% in November and its inventories are at 14-year high.
Freight rates are at 22-year lows. Weak demand and stronger dollar weighed on the metal prices.
In the case of agro commodities, Cocoa witnessed largest weekly gain in 6 years. Soybean declined for fifth month and Cotton is at 1-month high.
