Market Updates

Copper Rallies, Gold Edges Lower

Ivaylo
26 Apr, 2007
New York City

    A combination of factors including a strike threat in Peru and a depletion of copper inventories pushed up copper futures on Wednesday. Gold futures ended near steady after twisting and turning in a narrow range as a recent consolidation trend continued. Silver, platinum and palladium all posted inside sessions, in which the highs and lows were contained within the trading bands on the previous day.

[R]5:00AM Copper rallied on Wednesday, while gold and silver were steady.[/R]
The most-active July copper contract advanced 4.15 cents to end at $3.6055 per pound on the New York Mercantile Exchange. June gold finished down 30 cents at $687.40 a troy ounce, while July silver closed down 1.9 cents at $13.897. July platinum settled up $5.70 at $1,317.20 an ounce and June palladium gained $4.05 to end at $383.05.

Crude oil futures advanced above $65.00 while gasoline futures surged to an eight-and-a-half month high after the Department of Energy reported a large drop in gasoline stockpiles. The June crude oil contract ended up $1.26 at $65.84 a barrel. May gasoline finished also up 7.37 cents at $2.2826 a gallon. May heating oil settled up 5.55 cents at $1.9015 a gallon. April natural gas rose 9.1 cents to close at $7.689 per million British thermal units.

On the New York Board of Trade, the May Arabica coffee contract declined 0.05 cent at $1.0435 a pound, with July off 0.40 cent at $1.0725. On the Chicago Board of Trade, May corn ended 10.75 cents higher to $3.7125 per bushel, July advanced 10.50 cents to $3.8175, and December settled 7 cents higher at $3.7950.

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