Market Updates

Gold, Copper Finish Lower

Ivaylo
22 Dec, 2006
New York City

    Gold is still closely connected with the movements of the dollar and oil, but while both may turn out to be supportive in the long term, short-term the market is still in consolidation with traders winding down for the holiday period. Copper was the big decliners on Thursday, leading base metals lower on Wednesday as well. The weakness in copper seems to have been triggered by general liquidation selling.

[R]5:00AM Gold and copper declined on Thursday on dollar and oil movements.[/R]
Gold for February delivery ended down $2.70 at $621.60 an ounce on the New York Mercantile Exchange while March silver retreated 15.5 cents, or 1.2%, to close at $12.49 an ounce. Most active March copper contract was down 7.4 cents, or 2.5%, to finish at $2.8805 a pound. January platinum lost $1.70 to end at $1,124.30 an ounce and March palladium ended off 45 cents at $327.30 an ounce.

Crude-oil futures closed under $63 a barrel Thursday, retreating on the heels of what traders considered to be a temporary set back in U.S. crude supplies. Crude for February delivery fell $1.06, or 1.7%, to end at $62.66 a barrel on the New York Mercantile Exchange. January natural-gas futures closed up 3.1 cents, or 0.5%, at $6.80 per million British thermal units. January heating oil declined 2.87 cents, or 1.7%, to close at $1.7017 a gallon. January unleaded gasoline was down 3.38 cents at $1.6421 a gallon.

March Arabica coffee finished 0.40 cents lower at $1.2635 a pound, while March raw sugar lost 0.09 cents to close at 11.90 cents a pound.

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