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 an analyst.
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 Organisation 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.
RUBBER: Rubber prices fell during extremely quiet trading.
"It's been a very, very quiet week. It's been very thin," one London trader said.
The trader added: "Wintering is getting more severe and creates a shortage of the raw material."
Wintering refers to the low harvest season between February and April in major producers Indonesia, Malaysia and Thailand. In Osaka, the RSS 3 March contract fell to 132.90 US cents on Friday from 135.30 cents a week earlier.
Singapore's RSS 3 April contract stood at 126.25 US cents on Friday, compared with 128 cents last week.
COCOA: Cocoa futures, currently at two-month high points, firmed on speculative buying caused by worries that the harvest in leading producer Ivory Coast would be hit further by a farmers' strike.
Cocoa prices climbed "on speculative and fund buying on early dollar weakness and some concern about potential disruptions in cocoa supply from top grower Ivory Coast should farmers decide to go on strike next week", analysts at the Sucden brokerage firm said. There were already expectations for a smaller 2004/05 Ivory Coast harvest, Refco analyst Ann Prendergast said.
On LIFFE, London's futures exchange, the price of cocoa for May delivery rose to 878 pounds per tonne on Friday from 869 pounds a week earlier.
On the CSCE, the New York futures market, the May contract traded at 1,619 dollars per tonne on Friday, from 1,560 dollars the previous week.
COFFEE: Coffee prices reached fresh four-and-a-half year high points in New York and two-year peaks in London on speculative buying due as markets continued to forecast a world production deficit in 2005/06.
Arabica for March delivery reached as high as 121.90 US cents in New York on Thursday and Robusta quality coffee hit 868 dollars in London on Wednesday, the highest level since February 2003.
Coffee prices have jumped by 18 percent in New York and 16 percent in London since the start of 2005. "There seems no end in sight to the market's unhindered rise," Prendergast said. "The market is supported by anticipation of a substantial supply deficit in an environment of shrinking output," she added.
On New York's CSCE market, Arabica for May delivery rose to 119.60 cents per pound on Friday, from 116.20 cents the previous week.
On LIFFE, Robusta quality for May delivery gained to 856 dollars per tonne on Friday from 824 dollars a week earlier.
COTTON: Cotton futures rose as speculators continued to buy on the back of increased demand, notably from China.
"Sales have improved in recent weeks and underscore the robust demand for cotton, specifically in China," Prendergast said.
New York's March contract rose to 47.35 cents per pound by Friday from 46.19 cents a week earlier.
The Cotton Outlook Index of physical cotton stood at 52.80 cents on Thursday from 50.50 cents the previous week.
GRAINS AND SOYA: Soya prices rose strongly in Chicago due to dry weather in southern Brazil, while grains steadied in the absence of market-moving news, analysts said.
"The engine driving this whole thing is the (soya) beans," AG Edwards analyst Victor Lespinasse said.
On LIFFE, wheat for March delivery stood at 70.50 pounds per tonne on Friday from 67 pounds the previous week.
In Chicago, the price of wheat for March delivery stood at 294.50 cents per bushel Friday from 295.75 cents a week earlier.
Maize for March delivery rose to 199.75 cents per bushel on Friday from 197.75 cents the previous Friday.
Soyabeans for March delivery gained to 551 cents per bushel from 519.75 cents the previous week.
March-dated soyabean meal - used in animal feed - rose to 171.70 dollars per tonne compared with 156.50 dollars.
SUGAR: Sugar futures fell on speculative selling caused by a slight fall in demand by Asia and the Middle East. "Asian and Middle Eastern buying slowed this week as Islamic and Lunar holidays restrain physical activity," Prendergast said.
Prices had risen to the highest level for three and a half years in London and for three and a half months in New York the previous week on strong Pakistan demand.
By Friday on LIFFE, the price of a tonne of white sugar for May delivery gained to 266 dollars on Friday from 269 dollars a week earlier. On the CSCE in New York, a pound of unrefined sugar for May delivery fell to 9.22 cents on Friday from 9.44 cents the previous week.
WOOL: Wool prices fell on rising supply and as the Australian dollar climbed against its US counterpart, making exports more expensive.
"The Australian Wool Market finished this week with prices 2.6 percent lower on average," the Australian Wool Industries Secretariat said.
The Australian Eastern index fell to 7.25 Australian dollars per kilo on Thursday from 7.45 dollars a week earlier.
The British Wooltops index stood at 402 pence from 404 pence the previous week.