Gold Advances, Copper Falls

Ivaylo
26 Dec, 2006
New York City

Economic data was unclear and gave little direction for metals trading. Durable-goods orders advanced during November much more than expected as aircraft and computer demand soared, but a key measure of business spending dropped a second month in a row. Copper futures finished lower, with thin holiday trading conditions adding to downside pressure. On the Nymex, crude oil futures declined for a second straight session on unseasonably warm Northeast weather.

[R]5:00 AM Gold and silver futures advanced, while copper prices fell on Friday.[/R]
At settlement, February gold gained 70 cents to end at $622.30 a troy ounce on the New York Mercantile Exchange, while March silver edged 14.5 cents higher to finish at $12.635 an ounce. January platinum ended $2.80 lower at $1,121.50 an ounce, while March palladium closed $1.10 weaker at $326.20 an ounce. Most-active March copper was down 2.65 cents at $2.8540 a pound.

The nearby February crude oil contract shed 25 cents to end at $62.41 a barrel. January heating oil futures dropped 1.97 cents to $1.6820 a gallon, while January unleaded gasoline slipped 1.91 cents to $1.6230 a gallon. Natural gas for January delivery settled 16.5 cents lower at $6.635 per million British thermal units.

In coffee trading, Arabica coffee futures declined as funds took some year-end profits. However, the market was aided by industry buying. Most-active March coffee finished 0.95 cents lower at $1.2540 a pound. Futures on raw sugar in foreign ports closed higher, with March sugar up 0.02 cents at 11.92 cents a pound, and May sugar up 0.05 cents at 11.84 cents a pound.