Market Updates

Arabica Coffee Plummets, Gold Dips

Ivaylo
06 Mar, 2007
New York City

    Arabica coffee futures collapsed to 4 1/2-month lows on the New York Board of Trade on Monday as funds and small speculators liquidated in a broad commodity slide, tracking overnight losses in Asian and European stock markets. More speculative liquidation pushed gold and silver futures lower in New York, although the markets bounced off their weakest levels.

[R]5:00AM Arabica coffee plummeted, gold and silver decline on Monday.[/R]
March Arabica coffee ended down 3.80 cents at $1.1055 a pound, with May off 3.65 cents at $1.1150. Futures on raw sugar in foreign ports for May closed down 0.56 cent at 10.66 cents a pound, with July down 0.46 cent at 10.56 cents.

April gold dipped $4.90 to $639.20 a troy ounce on the New York Mercantile Exchange. May silver shed 21 cents to finish at $12.75. April platinum settled down $31.20 an ounce to $1,180.60 an ounce, while June palladium lost $3.60 an ounce to end at $347 an ounce. The most-active May copper contract declined 3.65 cents to settle at $2.6705 per pound.

The front-month April crude oil contract settled $1.57 lower at $60.07 a barrel, the lowest for a front-month contract since Feb. 21. Front-month April heating oil slipped 4.34 cents to $1.7248 a gallon. April gasoline fell 5.71 cents to $1.8447 a gallon while April natural gas added 1.1 cents to finish at $7.254 a million British thermal units.

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