Market Updates

Copper Rebounds, Gold Dips

Ivaylo
11 Jan, 2007
New York City

    Investors were of the opinion that the contract move above the $2.59 level triggered new buying in copper after heavy losses since the start of the new year. Gold and silver futures were pressured by a strong U.S. dollar and weak crude oil, yet managed to pare their losses. April platinum went as high as $1,163.90 in electronic activity, its strongest level since Dec. 5. Light, sweet crude for February delivery hit a low of $53.63, the lowest level for a front month contract since June 2005.

[R]5:00 AM Copper futures bounced back on short covering, gold declined.[/R]
Most-active March copper gained 10.8 cents to close at $2.6640 per pound while February gold lost $1.60 to end at $613.40 a troy ounce. March silver settled down 15 cents at $12.445. April platinum advanced $23.10 at $1,156.80 an ounce while March palladium finished lower 65 cents at $330.90 an ounce.

Crude oil dipped $1.62 to finish at $54.02, the lowest close since June 10, 2005. February heating oil slipped 3.10 cents to close at $1.5255 a gallon. February gasoline settled down 4.04 cents to $1.4292 a gallon while February natural gas gained 12.4 cents to end at $6.755 per million British thermal units.

On the New York Board of Trade, Arabica coffee futures advanced and the March contract closed up 2.35 cents at $1.2075 a pound, with May up 2.35 cents at $1.2385. Futures on raw sugar in foreign ports for March moved 0.02 cent higher to close at 11.12 cents a pound, with May up 0.04 cent at 11.23 cents.

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