Market Updates
Gold, Copper Lose Ground
Ivaylo
17 Nov, 2006
New York City
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Metal prices often drop when the dollar advances, as gold is traditionally viewed as a hedge against a weakening dollar. Gold prices also frequently track the movement of the energy markets, because many funds trade commodities as a whole. Gold and copper fell yesterday, while silver was unchanged and platinum and palladium managed to hold onto gains.
[R]5:00AM Gold and copper futures declined on Thursday on profit-taking.[/R]
December gold lost $2.10 to settle at $621.70 a troy ounce on the NYME. December silver finished unchanged at $12.945. January platinum gained $18.50 to end at $1,189.30 an ounce, down from a peak of $1,199. December palladium advanced $3.45 to close at $322.25 an ounce. Most-active December copper slipped 5.35 cents to end at $3.0410 per pound, after dipping to a fresh 4 1/2-month low of $3.0305.
Crude oil futures on the NYME plunged to a one-year low. The front-month December light, sweet crude contract closed down $2.50 at $56.26 a barrel. December heating oil lost 3.19 cents to $1.6605 a gallon and December gasoline settled down 5.25 cents at $1.5296 a gallon. December natural gas dipped 36.5 cents to end at $7.755 a million British thermal units.
On the New York Board of Trade, December Arabica coffee futures moved 1.65 cents lower to close at $1.1650 a pound, after reaching a seven-month high of $1.2020 a pound. March futures on raw sugar in foreign ports settled 0.26 cent lower at 11.53 cents a pound.
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