Market Updates

Copper Soared, Gold Declines

Ivaylo
18 Apr, 2007
New York City

    Copper surged Tuesday on fund buying, as strong U.S. housing starts and uncertainty about the labor situation at a large Indonesian mine contributed to the rally. While copper futures advanced sharply, precious metals contracts ended mostly lower on profit-taking despite the ongoing slide of the dollar. In Nymex energy trading, crude oil futures finished lower Tuesday, pulled down by dipping gasoline prices caused by the imminent return to production of two key U.S. refineries.

[R]5:00AM Copper gains on fund buying, while gold dips on profit-taking.[/R]
The May copper contract gained 13.75 cents to end at $3.6770 per pound on the New York Mercantile Exchange, while July gained 13.70 cents to finish at $3.6790 a pound. June gold fell $2 to $692.50 a troy ounce, and May silver shed 6 cents to $14.02 an ounce. July platinum fell $8.60 to $1,280.90 an ounce, but June palladium added $1.35 to finish at $380.35 an ounce.

Front-month May crude oil closed 51 cents lower at $63.10 a barrel, while June crude fell $1.21 to settle at $64.46 a barrel. May gasoline futures dipped 5.99 cents to close at $2.0558 a gallon. May heating oil lost 6.15 cents to settle at $1.7978 a gallon. Natural gas for May delivery ended 11.2 cents lower at $7.418 a million British thermal units.

Arabica coffee futures advanced. The May contract finished 1.15 cents higher at $1.0960 a pound. May corn settled 11 cents lower at $3.5325 per bushel, July corn declined 10.75 cents to $3.6525 a bushel, and December corn also fell 10.75 cents to $3.7950 a bushel.

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