Market Updates

Copper, Gold Sink

Ivaylo
13 Nov, 2006
New York City

    After increases in London and Shanghai exchange copper stocks led to a technical breakdown for the metal. The main culprit in the copper sell-off, it appears, is the reported rise in Chinese stocks this week. Profit-taking left December gold lower at its settlement price while December silver was lower for much of the session, but it bounced from the low on Friday.

[R]5:00AM Copper and gold futures declined Friday on profit-taking[/R]
The benchmark December copper contract was down 22.05 cents to end at $3.0885 per pound on theNYME. Profit-taking left December gold $6.70 lower at its settlement price of $630.10 a troy ounce. December silver finished 6.5 cents stronger at $13.115 an ounce. January platinum futures were helped by influences including technical buying and finished $8.60 higher at $1,209.60 an ounce while December palladium settled $8.20 lower at $330.70 an ounce.

December crude oil futures ended $1.57 lower at $59.59 a barrel. December heating oil slid 4.90 cents to finish at $1.6966 a gallon, and December unleaded gasoline declined 3.83 cents to close at $1.5627 a gallon. December natural gas futures closed 16.1 cents lower at $7.794 a million British thermal units.

December Arabica coffee futures closed 3.35 cents lower at $1.1585 a pound. March raw sugar futures settled 0.33 cents lower at 11.85 cents a pound.

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