Copper Surges, Gold Gains Modestly

Ivaylo
09 Mar, 2007
New York City

Copper futures surged Thursday, nearly setting a high for 2007, as stocks continue to rebound and the market focused on recent inventory declines and expectations that Chinese buying is increase. Gold futures also closed modestly higher as buying continues after a recent correction lower. On the Chicago Board of Trade, corn futures ended mixed ahead of supply and demand reports on Friday.

[R]5:00AM Copper rallied Thursday, while gold and silver gained modestly.[/R]
On the New York Mercantile Exchange, March copper gained 5.35 cents to settle at $2.8255 per pound, while most active May added 5.15 cents to $2.8335. April gold edged up $2.60 to end at $655.50 a troy ounce, while May silver settled up 1.5 cents at $13.12. April platinum reached $1,218.80, which is its strongest level since Friday, before ending at $1,214.50 an ounce, up $22. June palladium settled down 70 cents at $353.05 an ounce.

April gasoline advanced 3.06 cents at $1.9261 a gallon, the highest for a front month contract since Aug. 22. The front-month April crude oil contract lost 18 cents to close at $61.64 a barrel, after earlier hitting $62.30. April heating oil fell 0.61 cent to $1.7613 a gallon. April natural gas settled down 12.7 cents at $7.239 a million British thermal units.

On the New York Board of Trade, May Arabica coffee futures ended up 0.20 cent at $1.1240 a pound, with July up 0.20 cent at $1.1530. Futures on raw sugar in foreign ports closed down 0.09 cent at 10.59 cents a pound, with July off 0.07 cent at 10.51 cents. March corn ended 3.75 cents lower at $4.12 per bushel, May settled 3 cents lower at $4.21.50, and December finished 1.50 cent higher at $4.10.75.