Market Updates

Copper Rallies, Gold Falls

Ivaylo
04 Apr, 2007
New York City

    Speculators on Tuesday drove copper futures to their highest level since early November on robust demand, especially from China. Other influences driving up copper futures included a strike at a plant in Peru, as well as Congo suspending any new mining contracts with private companies while it reviews current deals mainly agreed upon from 1998 to 2003. Other metals also rose, particularly silver.

[R]5:00AM Copper hit highest level since November Tuesday, silver climbs.[/R]
The most-active May copper contract gained 13.55 cents to end at $3.3145 per pound on the New York Mercantile Exchange. It reached $3.3240 a pound in after-hours electronic trading, its highest level since Nov. 8. May silver advanced 8 cents to settle at $13.43 a troy ounce. July platinum added $3.30 to finish at $1,252.30 an ounce, while June palladium was up $2.05 to finish at $355.75 an ounce. June gold fell $1.80, however, to settle at $669.70 an ounce.

In Nymex energy trading, crude oil futures dipped on moderate optimism that the stand-off between Iran and Britain will be resolved diplomatically. May crude closed $1.30 lower at $64.64 a barrel. Meanwhile, May gasoline futures shed 2.51 cents to end at $2.0177 a gallon, and May heating oil was off 2.38 cents to close at $1.8387 a gallon. May natural gas futures settled 24.5 cents lower at $7.426 a million British thermal units

Arabica coffee futures rebounded from five-month lows, as funds and small speculators covered shorts and bought. May coffee closed 2.15 cents stronger at $1.1075 a pound.

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