Market Updates

Platinum Retreats, Gold Edges Higher

Ivaylo
23 Nov, 2006
New York City

    On the NYME, platinum has been the big mover in the precious metals lately. Traders have linked the movement to options-related activity and unsubstantiated rumors about a platinum exchange-trade fund. On Wednesday, platinum closed lower, just one day after the January futures nearly hit an all-time high. December gold initially rose but backed off to settle slightly higher. Silver and copper futures settled down, as well as palladium.

[R]5:00AM Platinum futures closed lower Wednesday, gold inches higher.[/R]
January platinum finished $65.10 lower to $1,154 an ounce. December palladium settled $2.35 down at $326 an ounce. December gold initially advanced to $635 a troy ounce but retreated to close up 30 cents at $629. December silver lost 4.5 cents to $13.04 an ounce, down from a high of $13.25 an ounce. Most-active December copper declined 0.45 cents at $3.1110 per pound.

The front-month January crude oil contract shed 93 cents to end at $59.24 a barrel. December heating oil edged lower 6.67 cents to close at $1.6665 a gallon. Unleaded gasoline settled down 4.39 cents at $1.5888 a gallon. December natural gas lost 27.0 cents to end at $7.718 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed 0.15 cents higher at $1.1555 a pound, with most-active March up 0.05 cent at $1.2015. Futures on raw sugar in foreign ports for March lost 0.01 cent to finish at 11.47 cents a pound.

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