AAP
A summary of trading in key commodities markets overseas:
ENERGY
The price of natural gas has jumped after a major producer said it was aggressively cutting production.
Chesapeake Energy Corp told investors its production cuts are "actually higher" than the minimum of 500 million cubic feet per day it announced in January.
Natural gas futures climbed by four cents, or 1.4 per cent, to $US2.48 per 1000 cubic feet in New York. Prices surged by more than five per cent earlier in the day after Mobley suggested Chesapeake was increasing the production cuts beyond what was announced in January. The company clarified the statement later in the day.
Meanwhile, benchmark crude prices rose by $US1.13 to $US99.84 per barrel in New York.
Brent crude rose by $US1.11 to $US118.31 per barrel in London.
PRECIOUS METALS
Gold prices rose as the US dollar fell against the euro after Greece agreed to fiscal austerity measures, but analysts said the metal could pull back due to the continued challenges of the euro zone debt crisis.
Bullion broke ranks with lower US equities and posted further gains after Greek leaders clinched a long-stalled deal on reforms and austerity measures needed to secure a bailout.
Spot gold was up 0.6 per cent at $US1,744.39 an ounce by 11.32am EST (0332 Friday AEDT).
US gold futures for April delivery were up $US15.50 an ounce at $US1,746.80.
Among other precious metals, silver was essentially flat at $US33.96 an ounce. Silver has been one of this year's best-performing commodities, up more than 20 per cent this year.
Spot platinum inched up 75 US cents at $US1,661.24 an ounce, while spot palladium was up 0.2 per cent at $US711.47 an ounce.
Platinum has narrowed its unusual discount to gold to about $US80 an ounce, from over $US200 earlier this year.
BASE METALS
Copper rose to hit a five-month high as the euro gained versus the US dollar after Greece confirmed it had clinched a deal for emergency aid needed to ensure it avoids a disorderly default.
Benchmark copper on the London Metal Exchange (LME) ended at $US8,760 a tonne from a close of $US8,580 on Wednesday, having earlier hit $US8,765, its highest point this year and a level not seen since mid-September.
Aluminium ended up at $US2,287 a tonne, from a close of $US2,253 on Wednesday.
Zinc, used in galvanising, closed up at $US2,160 a tonne from $US2,115, while tin ended flat at $25,400.
Tin prices were cushioned by news that shipments out of top exporter Indonesia fell 27 per cent on the year.
Battery material lead ended at $US2,222 a tonne from $US2,181, and stainless steel ingredient nickel closed at $US21,540 a tonne from $US21,500.
