Industrial metals were generally well bid yesterday, with copper prices on track for a weekly gain as traders begin to react to improving economic prospects it is thought.

US initial unemployment claims are at six week lows, data from the Bureau of Labour statistics showed yesterday, while Chinese export data out overnight showed a 21.8% rise year-on-year, well ahead of expectations.

For much the same reason front month West Texas crude futures gained by 1.18% to the $91.53 per barrel mark on the NYMEX on Thursday, although some observers are expecting to see price declines in the next few weeks, as demand from US refineries decreases.

Prices of grains and precious metals were generally little changed.

Of interest nonetheless, analysts at SocGen expect the drought which has affected much of the US to soon come to an end, according to Bloomberg.

Some so-called 'soft commodities' registered big gains. This was particularly true of sugar and rubber futures, both of which logged advances on the order of 3% for the session; with the latter being exposed to expectations for higher production of vehicle tires.

AB

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