Market Updates
Gold Declines, Wheat Soars
Ivaylo
12 Jul, 2007
New York City
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Gold retreated from gains made in the two previous session and declined Wednesday, while wheat rallied on the Chicago Board of Trade on a report that will show tightening stocks in the U.S. and growing demand. Industrial metals recovered some of the losses of previous days with copper prices firming up, while energy futures gave up some of its earlier gains.
[R]5:30AM Gold prices decline Wednesday, wheat and copper advance, oil retreats.[/R]
Gold gave up some of its recent gains after the metal advanced almost $10 an ounce over the past two days. The August gold contract fell $2.30 to settle at $662.10 on the Nymex.
September silver finished flat at $12.975 an ounce.
Copper prices firmed. Strikes at mines in Latin America have deepened worries about world copper supplies, as has the ongoing depletion of copper inventories held by the London Metal Exchange. Nymex copper gained 1.15 cents to settle at $3.6215 a pound.
In New York, energy futures declined after the Energy Information Administration released a worse-than-expected draw on crude oil stockpiles for the week ended July 6, and substantial growth in gasoline inventories. Crude oil for August delivery slipped 25 cents to settle at $72.56 a barrel on the New York Mercantile Exchange. Gasoline futures lost 6.31 cents to $2.3063 a gallon.
September wheat soared 20.25 cents to $6.22 a bushel on the Chicago Board of Trade. December corn dipped 1.5 cents to $3.555 a bushel.
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