Market Updates

Raw Sugar Plunges, Gold Gains

Ivaylo
16 May, 2007
New York City

    World raw sugar futures sank to 2-year lows on the New York Board of Trade Tuesday on funds selling positions amid raising estimates for world surplus this year, with big crops anticipated in Brazil, India and other nations. Precious metals settled up, with only palladium bucking the trend. In energy stocks, all ended on a positive note, except for natural gas which slumped.

[R]5:30AM Raw sugar declines on Tuesday, while gold and silver advance.[/R]

Futures on raw sugar in foreign ports for July dipped 0.46 cent to end at 8.65 cents a pound, with October off 0.41 cent at 9.00 cents.

Front-month June gold settled up $4.40 at $674.50 a troy ounce on the New York Mercantile Exchange and July silver ended up 8 cents at $13.315. July platinum finished up $10.30 at $1,339.60 an ounce, while June palladium lost $2.25 to close at $358.45 an ounce. The most-active July copper contract settled up 4.05 cents at $3.5375 per pound.

The front-month June light, sweet crude contract gained 71 cents to finish at $63.17 a barrel. June gasoline also advanced 0.04 cent and ended at $2.3016 a gallon. June heating oil settled up 2.34 cents at $1.8902 a gallon, while June natural gas bucked the uptrend and lost 8.8 cents to close at $7.864 per million British thermal units.

On the New York Board of Trade, Arabica coffee futures for May delivery settled up 0.45 cent at $1.0465 a pound, with July up 0.45 cent at $1.0730. Most-active July cocoa lost $25 to settle at $1,901 a metric ton.

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