Market Updates

Cocoa Rallies, Gold Gains

Ivaylo
21 Mar, 2007
New York City

    U.S. cocoa futures rallied to nearly four-year highs Tuesday on the New York Board of Trade on speculative buying and boosted by a significantly lower U.S. dollar against the British pound. On the New York Mercantile Exchange gold and silver futures hit two-and-a-half-week highs. Both contracts hit their highest levels since March 2. Crude oil prices ended higher in light trading ahead of the weekly inventory report.

[R]6:00AM Cocoa rallies, gold and silver gain, oil advances on Tuesday.[/R]
Most-active May cocoa gained $86 to settle at $1,864 a metric ton, while April gold advanced $4.70 to $659 a troy ounce, and May silver rose 13.7 cents to $13.37. April platinum gained 60 cents to $1,235.30, while June palladium added $1.20 to $355.30. The most-active May copper contract rose 1.25 cent to settle at $3.0340 per pound.

The April crude oil contract, which expired Tuesday, advanced 14 cents to end at $56.73 a barrel, while the front month April gasoline lost 1.60 cent to finish at $1.9421 a gallon. Earlier in the day prices rose to $1.985 a gallon, the highest intraday price since Sept. 8. Front month April heating oil declined 1.97 cent to $1.6687 a gallon, while April natural gas settled up 6.3 cents at $6.910 per million British thermal units.

Arabica coffee futures settled down 0.95 cent at $1.0930 a pound, with July off 1.00 cent at $1.1215. Futures on raw sugar in foreign ports for May settled up 0.01 cent at 10.23 cents a pound, with July up 0.03 cent at 10.18 cents.

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