Oil: World oil prices rallied, with New York crude trading above 70 dollars a barrel for the first time since late August 2006 on supply concerns in the United States, the world's biggest consumer of energy.

On Friday, New York crude struck 70.75 dollars -- the highest level since August 28.

"It looks like the US is not out of the woods yet" regarding supplies, said Mitsubishi Corp analyst Tony Nunan.

Crude prices had closed more than a dollar higher on Wednesday after the US Department of Energy (DoE) reported that American gasoline (petrol) stockpiles fell by 700,000 barrels to 202.6 million barrels in the week ending June 22.

World oil prices had begun the week lower, as traders expressed relief at the end of a general strike in Nigeria that had threatened exports from the sixth-biggest crude producer in the world.

Nigerians returned to work last Monday, two days after the country's two main trade unions ended a four-day general strike that had paralysed economic and commercial activities.

Brent North Sea crude for August delivery rose to 71.00 dollars a barrel on Friday, from 70.96 dollars a barrel a week earlier.

New York's main oil futures contract, light sweet crude for delivery in August, climbed to 70.25 dollars a barrel, from 69.20 dollars a barrel.

Gold: The price of gold touched a three-month low of 639.50 dollars an ounce on Tuesday -- a level last seen on March 14.

On the London Bullion Market, gold dropped to 650.50 dollars an ounce at Friday's late fixing, from 652.85 dollars a week earlier.

Silver: Silver prices shed almost 5.0 percent in value, mirroring gold's losses. The metal sank as low as 12.13 dollars per ounce on Tuesday, marking the lowest point since early January.

On the London Bullion Market, silver slid to 12.54 dollars an ounce at Friday's late fixing, from 13.15 dollars a week earlier.

Palladium and platinum: The sister metals both fell in the wake of gold and silver, but losses were capped by looming industrial action in key producer South Africa.

On the London Platinum and Palladium Market, platinum fell to 1,273 dollars an ounce at the late fixing Friday, from 1,301 dollars a week earlier.

Palladium sank to 365 dollars an ounce, from 375 dollars.

Base metals: Lead prices surged to another historic peak. Lead hit a record 2,745 dollars per tonne on Tuesday.

Surprisingly, the metal is now more expensive than aluminium.

"It certainly is the first time in recent history, the past 20 or 30 years" that lead has overtaken aluminium in value, said BaseMetals.com analyst William Adams.

The prices of copper, meanwhile, advanced owing to a series of copper strikes in key producers Peru, Chile and Canada.

On Friday, the price of copper for delivery in three months rose to 7,520 dollars a tonne on the London Metal Exchange, from 7,470 dollars a week earlier.

Three-month aluminium prices climbed to 2,736 dollars a tonne, from 2,709 dollars. Three-month nickel prices slid to 35,810 dollars a tonne, from 37,550 dollars. Three-month lead prices leapt to 2,645 dollars a tonne, from 2,353 dollars. Three-month zinc prices declined to 3,326 dollars a tonne, from 3,524 dollars. Three-month tin prices firmed to 13,900 dollars a tonne, from 13,875 dollars.

Grains and soya: Grains and soya prices saw mixed fortunes, while next week the focus was expected to fall on weather conditions in major producing nations.

By Friday on the Chicago Board of Trade, the price of maize for September delivery sank to 3.41 dollars a bushel, from 3.76 dollars a week earlier.

Wheat for September delivery rose to 6.29 dollars a bushel, from 6.05 dollars.

August-dated soyabean meal -- used in animal feed -- increased to 8.66 dollars, from 8.04 dollars.

On the LIFFE, London's futures exchange, the price per tonne of wheat for November delivery advanced to 117.50 pounds, from 112.75 pounds.

Sugar: Sugar prices were firm after recent losses that were triggered by an abundance of sugar, traders said.

According to Davies, the market found some support from a wave of speculative buying.

By Friday on the LIFFE, the price per tonne of white sugar for August delivery stood at 320.50 dollars, from 319.40 dollars a week earlier.

On the NYBOT, the price of unrefined sugar for July delivery firmed to 9.17 US cents a pound, from 9.15 cents.

Rubber: The price of rubber dropped on improved supplies from key producing countries.

"The reasons are mainly due to the raw material coming in, since the weather is good so there is improved supply of raw material from Thailand and Vietnam," said an official with a rubber producing company.

On Friday, the Malaysian Rubber Board's benchmark SMR20 fell to 208.38 US cents per kilogramme, compared with 213.08 US cents last week.