Market Updates
Copper Slumps on Profit-Taking
Ivaylo
05 Feb, 2007
New York City
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The decline in copper last week may be due to profit-taking, after the market showed strong support at $2.47, but dipping below that level forced many traders to withdraw from the metal. The drop sent gold and silver lower, as well as platinum and palladium. Energy stocks advanced with only natural gas bucking the trend. Arabica coffee futures advanced, while raw sugar finished lower.
[R]5:00AM Copper declined Friday on profit-taking. Gold and silver followed suit.[/R]
The front-month March copper contract shed 10.75 cents to finish at $2.4230 per pound, while April gold also dipped $11.50 to end at $651.50 a troy ounce. March silver declined 35 cents in line with copper and gold to $13.375 an ounce. April platinum decreased $29.30 to $1,163.50 an ounce, while March palladium declined $6.65 to $338.25 an ounce.
March crude oil contract gained $1.72 to end at $59.02 a barrel and February heating oil added 2.51 cents to close at $1.6840 a gallon. February gasoline advanced 4.76 cents to end at $1.5729 a gallon, while March natural gas dropped 5.4 cents to close at $7.476 per million British thermal units.
On the New York Board of Trade, front-month March Arabica coffee gained 1.10 cent to close at $1.1875 a pound and raw sugar futures in foreign ports for March delivery ended down 0.13 cent at 10.50 cents a pound.
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