Market Updates

Copper Higher On Strike

Ivaylo
10 Aug, 2006
Metals

    The strike at Escondida looks set to continue indefinitely as workers broke off contract talks with mine management on Wednesday. Copper is on track to test its highs reached in May around the $4 level. Gold futures settled higher Wednesday in New York amid a weak U.S. dollar.

[R]5:00AM Copper prices reached four-week high on labor strike.[/R]
The most-traded September copper ended up 10.80 cents at $3.71 per pound. December gold advanced $4.70 to settle at $662 a troy ounce. September silver settled up 31 cents at $12.57 an ounce. October platinum closed up $7.00 at $1,263 an ounce and September palladium settled up $2.95 at $326.70 an ounce.

The September crude oil contract finished up 4 cents at $76.35 a barrel. September gasoline moved down 5.41 cents to $2.1722 a gallon. September heating oil edged down 1.01 cents to $2.1063 a gallon. September natural gas closed up 49.3 cents at $7.651 a million British thermal units. On the New York Board of Trade, September Arabica coffee rose 0.55 cent to $1.0765 a pound. October futures on raw sugar in foreign ports gained 0.05 cent to 14.04 cents a pound.

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