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Market Update : 
Copper Futures Decline
Author: Ivaylo Dagnev
123jump.com
Last Update: 5:16 AM EST January 30 2007



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Copper futures fell Monday at the New York Mercantile Exchange amid follow-through weakness from Friday and another rise in exchange-held stocks. A technical-based selling pressured prices after the metal failed to advance on Friday following some economic and demand news. Gold and silver prices settled down but the prospects for gold for 2007 are that demand should consolidate and the market will firm up gradually over the year. Oil, natural gas and heating oil also dipped.

 
5:00AM Precious metals declined on Monday on technical selling.
The most-active March copper lost 9.5 cents to end at $2.5420 per pound and the most-active February gold ended down $1.50 at $643.20 an ounce. March silver shed 12.5 cents to settle at $13.25 an ounce. April platinum finished $6.80 lower at $1,174.70 an ounce while March palladium declined $6 to close at $344.95 an ounce.

The front-month March crude oil contract lost $1.41 to end at $54.01 a barrel. February heating oil declined 4.25 cents to end at $1.5489 a gallon. Front-month gasoline settled down 4.24 cents at $1.441 a gallon and February natural gas dropped 25.8 cents to close at $6.917 per million British thermal units.

On the New York Board of Trade, March Arabica coffee futures gained 0.30 cent to settle at $1.1660 a pound, with May up 0.30 cent at $1.1980. Futures on raw sugar in foreign ports for March finished 0.13 cents lower at 10.59 cents a pound, with May off 0.12 cent at 10.80 cents.
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