Commodities: Dollar strength weighs on WTI and copper, but wheat jumps back

Losses in the energy space and among base metals was offset by strong gains in agricultural commodities at the end of the week.

Gains for the US dollar, which was trading near its best levels since last December, was cited by traders as the main drag on the former.

By the close of trade in New York, Bloomberg's commodity index had edged up by just 0.12% to 90.41, alongside 0.18% rise on the US dollar spot index to 93.6370.

Brent futures were weakest, slipping 1.0% to $78.51 a barrel, having traded as high as $79.87 earlier during the same session.

Losses were smaller outside of Brent, with West Texas Intermediate for June delivery down by only 0.29% at $71.28 a barrel on NYMEX.

Similarly-dated natural gas and heating oil futures on NYMEX meanwhile saw declines of 0.42% and 0.67%, to change hands at $2.85/MMBtu and $2.2655 per gallon, respectively.

Grains were especially strong, with the July 2018 CBoT wheat contract jumping 4.17% to $5.1825 a bushel, while corn was ahead by 1.83% to $4.0250 a bushel.

Cocoa futures also bounced back on Friday, rising by 1.48% to $2,678 per metric tonne.

Among metals, gold on COMEX overcame strength in the Greenback to add 0.15% to $1,291.30/oz..

Three-month LME copper however fell to $6,855 per metric tonne, with aluminium, lead and zinc all lower as well.

To take note of, dragging on aluminium was news that Russian billionaire Oleg Deripaska had formally exited the board of EN+ and was not seeking reelection as a director of Rusal.

That saw aluminium futures in London hit a session low of $2,270 per tonne.

For their part, traders at Sucden Financial pointed out late selling in aluminium, nickel and copper, which they linked to headlines that the European Union, Japan and India all told the World Trade Organisation they would impose retaliatory tariffs on the US.

Aluminium futures finished the session at $2,270 per tonne, versus a Thursday close of $2,286 per tonne.