Market Updates
Gold Dips, Copper Edges Higher
Ivaylo
16 Jul, 2007
New York City
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Precious metals settled lower, despite the euro hovering in record territory and the weakness of the U.S. dollar which gave a lift to gold. Copper prices edged higher in London and New York, as decreasing inventories held by the LME and worker strikes at mines around the world outweighed concerns about potential oversupply in the Chinese market. Oil prices advanced on an International Energy Agency report forecasting an increase in energy consumption in 2008.
[R]5:30AM Gold dips, copper advances, oil finishes higher, corn ends higher.[/R]
August gold lost $1 to end at $667.30 an ounce on the Nymex, while September silver
dipped 7 cents to $13.11 an ounce.
Copper advanced nearly 1% on the LME and added 1.2 cents to finish at $3.593 a pound on the New York Mercantile Exchange.
Nymex crude oil, which has ended 10 straight trading sessions above $70 a barrel, gained $1.43 to close at $73.93 a barrel after briefly hitting $74.
Hopes for continuing builds in gasoline inventories weighed pressure futures down 4.15 cents to end at $2.2248 a gallon.
In Chicago, agriculture futures oscillated throughout the day. December corn gained 3.25 cents to $3.685 a bushel, while November soybeans advanced 7.25 cents a bushel to $9.4875.
Wheat futures closed down 0.75 cent to $6.2075.
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