Market Updates

Gold, Copper, Oil Advance

Ivaylo
29 Jun, 2007
New York City

    Gold futures advanced modestly Thursday as the U.S. dollar softened and oil prices gained on worries about gasoline and heating oil supplies. In other commodities markets, agriculture products ended mixed while industrial metals largely climbed as stockpiles of copper, zinc and lead held by the London Metal Exchange dipped.

[R]5:00AM Gold and silver gain Thursday while oil advances on concern of gasoline supplies.[/R]

Gold often trading inverse to the dollar, has a less direct relationship with the price of oil. August gold closed at $650.40, up $5.60 an ounce. Silver rose 16.9 cents to close at $12.379 an ounce on the Nymex. Nickel and tin made gains on the London Metal Exchange. Increasing inventories of nickel and tin held by the exchange pressured prices lower. Copper led the rest of the complex higher with a more than 2% gain. Nymex copper also rose, adding 7.25 cents to end at $3.4295 a pound.

Gasoline for July delivery rose 1.21 cents to settle at $2.2667 a gallon on the New York Mercantile Exchange. Crude oil for August delivery surged to $70.52 then retreated to close up 60 cents at $69.57 a barrel.

Agriculture futures ended mixed on the Chicago Board of Trade. The market is awaiting two reports from the U.S. Department of Agriculture due out before the market opens on Friday. Corn for July delivery lost 4.2 cents to settle at $3.394 a bushel. July soybeans added 6.2 cents to close at $8.096 a bushel, and July wheat rose 3 cents to settle at $6.09 a bushel.

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