Market Updates

Copper Surges, Gold, Silver Drop

Ivaylo
16 Feb, 2007
New York City

    Copper futures on the New York Mercantile Exchange hit their highest level in over a month on Thursday on strong technical support and an influx of Chinese buyers. Chinese January imports of refined copper and copper alloy were up 70% from the same month a year ago. All the precious metals settled down as well as energy stocks. Only natural gas bucked the downtrend and advanced. Arabica coffee gained, while raw sugar futures reached six-week highs.

[R]5:00AM Copper advanced Thursday, gold and silver decline.[/R]
The most-active March copper advanced 8.7 cents to $2.6640. April gold lost 60 cents to end at $671.40 a troy ounce, while March silver dipped 0.3 cent to finish at $13.962 an ounce. April platinum settled down 20 cents at $1,216.90 an ounce, while March palladium shed $3.05 to $342.80 an ounce.

The front-month March crude futures contract declined one penny at $57.99 a barrel after falling to $56.62 a barrel, its lowest level since Jan. 31. March gasoline slipped 1.90 cent to close at $1.5972 a gallon, while March heating oil settled down 1.12 cent at $1.6271 a gallon. March natural gas gained 5.1 cents to end at $7.292 per million British thermal units.

On the New York Board of Trade, March Arabica coffee futures closed up 0.35 cent at $1.1405 a pound, with May up 0.10 cent at $1.1670. Raw sugar futures hit six-week highs as funds covered shorts in heavy volume and traders bought the March-May spread in rollovers before expiration on Feb. 28. The March contract gained 0.55 cent to 11.11 cents a pound, with May 0.40 cent higher at 10.85 cents.

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