Market Updates

Copper Continues Climb, Gold Rallies

Ivaylo
05 Apr, 2007
New York City

    Copper futures surged Wednesday, helped by short covering and fund buying. Copper has risen steadily in recent sessions, supported by influences including more demand especially from China, than supply. In precious metals trading, gold ended sharply higher, helped by fund buying. Silver and platinum tracked gold, although palladium remained range-bound and finished with a small loss.

[R]5:30AM Copper ended higher Wednesday, while gold surged, as did silver.[/R]
The most-active May copper contract gained 7.3 cents to end at $3.3875 per pound on the New York Mercantile Exchange. June gold advanced $7.70 to settle at $677.40 a troy ounce, and May silver gained 19 cents to close at $13.62 an ounce. July platinum added $6.60 to finish at $1,258.90 an ounce, but June palladium fell $1.60 to settle at $354.15 an ounce.

In Nymex energy trading, crude oil prices declined after Iranian President Mahmoud Ahmadinejad announced his country will release the sailors and marines. The front-month May crude oil contract settled 26 cents lower at $64.38 a barrel. May gasoline rose 8.77 cents to finish at $2.1054 a gallon. May heating oil advanced 2.57 cents to close at $1.8644 a gallon. Natural gas for May delivery ended 8.9 cents higher at $7.515 a million British thermal units.

On the Chicago Board of Trade, corn futures rebounded after the sharp decline in the last few days. May corn surged 13 cents to finish at $3.5925 a bushel. May Arabica coffee futures finished 0.20 cents lower at $1.1055 a pound.

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