Market Updates
Profit-Taking Sends Gold Lower
Ivaylo
07 Nov, 2006
New York City
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The late-Friday release of Commodity Futures Trading Commission data showed a jump in the net long position of speculative positions. The large noncommercial market participants raised their holdings in Nymex gold for the first time in eight weeks to 64,716 lots as of last Tuesday, compared with 56,050 the prior week. It wouldn not surprising if the publication of the data on Friday has finally encouraged some profit-taking. The market is holding up very well, given the recent run.
[R]5:00AM Gold futures declined Monday due to profit-taking, silver advances.[/R]
December gold declined $1.30 to end at $627.90 a troy ounce on the NYME. December silver gained 12.5 cents to to settle at $12.76 an ounce. January platinum fell $12.70 to $1,196.70 an ounce while December palladium gained 60 cents to $335.70 an ounce. Most-active December copper rose 1.45 cents to close at $3.3370 per pound.
The front-month December crude oil contract settled 88 cents higher at $60.02 a barrel. December heating oil led a rise in products, settling up 4.09 cents to $1.7184 a gallon. December unleaded gasoline added 2.21 cents to end at $1.5290 a gallon. December natural gas slipped 39.4 cents to finish at $7.490 per million British thermal units.
On the New York Board of Trade, December Arabica coffee futures moved 0.75 cent higher at $1.1320 a pound. Futures on raw sugar in foreign ports for March settled 0.44 cent higher at 11.75 cents a pound
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