Oil prices rise; copper, zinc and coffee at multi-year highs

LONDON, Feb 18 (AFP) - World oil prices rose this week as OPEC's forecast of increased global demand for 2005 overshadowed a sharp rise in US crude inventories.
Copper reached its highest level for 16 years and coffee the highest point for four years in New York.
Zinc prices, meanwhile, recorded a seven-and-a-half year high.
The Commodities Research Bureau's index of 17 commodities rose to 290.50 points on Friday from 285.70 points a week earlier.

GOLD: Gold prices broke through the 420-dollar barrier, benefiting from a weaker US dollar and rumours that the United States could veto the International Monetary Fund's bid to sell some of its reserves.
Gold prices climbed to 427.10 dollars per ounce on Friday -- its highest since January 24 -- amid "speculation the US will veto the proposed IMF gold sales," said James Moore, analyst with specialist website TheBullionDesk.com.
The IMF wants to provide debt relief for the world's poorest countries by selling off some of its gold reserves.
Gold gained from its safe-haven status "following the increase in tensions between Iran/North Korea and the United States," Moore added.
The weakening dollar made gold -- which is priced in the US currency on world markets -- cheaper to buyers using other currencies.
On the London Bullion Market, gold prices stood at 427.10 dollars per ounce at the late fixing on Friday from 418.85 dollars a week earlier.

SILVER: Silver prices finished above the symbolic 7.0 dollars-per-ounce mark, reaching two-month high point on speculative buying.
Silver rose to 7.32 dollars per ounce on Friday -- the highest level since December 8.
The precious metal "rallied sharply after the recent liquidation on a resumption of speculative buying," said UBS analyst John Reade.
Meanwhile, a weakening US currency could push silver prices up further.
"Weaker dollar sentiment suggests silver will make further tests of the 7.40 dollar level," said James Moore.
Silver prices rose to 7.32 dollars per ounce at the late fixing on Friday from 6.98 dollars a week earlier.

PLATINUM AND PALLADIUM: Platinum prices dropped on falling South African demand, while its sister metal palladium held firm.
Platinum fell on "comments from both Anglo Platinum and Impala Platinum -- two large world producers -- suggesting downside potential," said Barclays analyst Kamal Naqvi.
Impala had worries about its Zimbabwe operations while Anglo Platinum, subsidiary of Anglo American, was hit by the strong appreciation of the South African Rand, driving up costs.
Palladium was "struggling to hold decisively above 180 dollars," he added.
By Friday, platinum prices fell to 864.50 dollars per ounce on the London Platinum and Palladium Market from 870 dollars a week earlier.
Palladium prices edged up to 181.50 dollars per ounce from 181 dollars the previous week.

BASE METALS: Base metals rose amid falling stocks and strong Chinese demand, with copper reaching a 16-year high point.
Copper prices leaped to 3,224.50 dollars on Friday -- the highest level since 1989 when it stood at 3,496 dollars.
Zinc reached its highest level for seven-and-a-half years to 1,375 dollars on Thursday.
"There are signs that the downtrend in (metals) inventories is resuming," noted Barclays analyst Ingrid Sternby. A fall in stocks suggested "very strong demand for metal," she added.
By Friday, three-month copper prices rose to 3,218 dollars per tonne on the London Metal Exchange from 3,068 dollars a week earlier.
Three-month aluminium prices rose to 1,914.50 dollars per tonne from 1,837 dollars.
Three-month nickel prices climbed to 15,550 dollars per tonne from 15,200 dollars.
Three-month lead prices rose to 960 dollars per tonne from 909 dollars.
Three-month zinc prices traded at 1,371 dollars per tonne from 1,326 dollars.
Three-month tin prices gained to 8,175 dollars per tonne from 7,930 dollars.

OIL: World oil prices ended the week higher as strong US stocks data failed to dampen news that OPEC raised its forecast for global oil demand in 2005.
"Any bearish news, like the large builds in US stocks on Wednesday, isn't affecting the market," said Veronica Smart, analyst at the Energy Information Centre.
The Organization of Petroleum Exporting Countries (OPEC) raised its forecast for 2005 global oil demand to 83.78 million barrels per day -- a rise of 2.11 percent compared to the previous year -- due to upward revisions to world economic growth.
The world economy would grow by 4.21 percent this year, up from previous estimates of 4.12 percent, it said.
Oil futures briefly shot up by more than a dollar on Wednesday after a false alarm following a powerful blast in the southern Iranian port of Daylam -- which was however blamed on construction workers.
Prices fell back slightly after US data showed big rises in crude and gasoline stocks.
The US Department of Energy (DoE) said in its weekly report that crude stockpiles rose by 2.1 million barrels to 296.4 million barrels during the week ending February 11.
By Friday New York's light sweet crude for March delivery rose to 47.75 dollars per barrel from 47.17 dollars the previous week.
In London, Brent North Sea crude for April delivery stood at 46.12 dollars from 45.28 dollars a week earlier.

02/18/2005 18:45 GMT - AFP