Metals prices fall along with crude oil
NEW YORK (XFN-ASIA) - Lower prices for crude oil and commodities in
general sent gold and other precious metals sharply lower Monday, with the
moves accelerating when chart-based selling was triggered, analysts said.
Silver was especially hard hit after that metal had outperformed gold at
times over the summer but has now fallen back below a key uptrend line. A
couple of the contacts cited momentum-based selling of metals after prices
also fell late last week, with funds said to be among those liquidating long
December gold settled down $20 at $597.30 a troy ounce on the New York
“The main factor has been the recent weakness in the crude-oil market,”
said Dan Vaught, futures analyst with A.G. Edwards.
Currency-market activity lately has also put some weight on gold, said
Vaught. Although the euro was up slightly for the day as of gold''s close, it
had nevertheless fallen from roughly $1.2875 early last week to a low Monday
of $1.2650. Euro weakness and dollar strength tends to undermine metals such
Vaught added, “I suspect the precious metals also suffered to some extent
from reports this weekend that Iran might have said something about being
willing to suspend its nuclear program for a couple of months.”
December silver settled down $1.055 to $11.24 an ounce. The contract fell
as far as $11.20, its lowest level since July 26.
Most-active December copper settled down 15.05 cents at $3.4175 per
pound. The contract traded to a low of $3.3850 per pound – its lowest level
since Aug. 31.
Front-month September copper settled 14.40 cents lower at $3.4340 per
October platinum settled down $28.90 to $1,200.60 an ounce. October
platinum tumbled as far as $1,186 overnight, its weakest level since June.
December palladium settled down $17.55 to $316.05 an ounce. December
palladium bottomed at $313 overnight, but held just above Friday''s roughly
six-week low of $312.50.
New York crude oil futures fell to a five-month closing low Monday,
dipping below $65 a barrel as Iran hinted it could temporarily stop its
nuclear program and the Organization of Petroleum Exporting Countries agreed
to hold oil output steady.
The front-month October light, sweet crude contract closed down 71 cents
at $65.54 a barrel, it''s lowest close since March 28. The contract fell as
low as $64.85 a barrel before settling down 64 cents at $65.61 a barrel.
October unleaded gasoline settled down 1.45 cents to $1.5946 a gallon.
October heating oil settled down 3.78 cents at $1.8054 a gallon.
October natural gas settled down 0.5 cents at $5.670 per million British
On the New York Board of Trade, Arabica coffee futures for December
settled 2.40 cents lower at $1.0375 a pound.
December cocoa settled down $2 at $1,478 per metric ton.
Futures on raw sugar in foreign ports for October settled down 0.48 cent at 11.41 cents a pound.
On the Chicago Board of Trade, September corn settled down 3 cents to $2.
2875 per bushel. September soybeans settled down 5 cents at $5.32 per bushel.
December wheat settled down 2.50 cents to $4.13 per bushel.
Gold, silver continue losses
NEW YORK (XFN-ASIA) - Gold and silver futures couldn''t hang onto early
gains and settled lower again Tuesday, with selling coming from short-term
speculators and helped along by the continuing decline in crude oil.
December gold fell $3 to settle at $594.30 a troy ounce on the New York
Mercantile Exchange, after falling below $600 the day before for the first
time since June.
December silver gave up 10 cents to $11.14 an ounce.
December palladium also slipped late in the session, settling down $3.95 at $312.10 an ounce. However, October platinum managed a $7.90 gain to settle at $1,208.50 an ounce.
The platinum futures had fallen more than $100 from last week''s high to
Monday''s low as metals in general tumbled in recent sessions.
A rebound in the dollar and a subsequent drop in crude oil prices led to
a lower close for copper. Most-active December copper settled down 4.45 cents
at $3.3730 per pound.
October light, sweet crude settled down $1.85, or at $63.76 a barrel, the
lowest close for a front month contract since March 27.
October unleaded gasoline settled down 4.25 cents at $1.5521 a gallon.
October heating oil settled down 4.57 cents at $1.7597 a gallon.
October natural gas settled down 9.6 cents at $5.574 a million British thermal units.
On the New York Board of Trade, September Arabica coffee futures closed
down 0.15 cent at $1.0010 a pound and December lost 0.10 cent at $1.0365.
December cocoa finished down $1 at $1,477 per metric ton. Futures on raw sugar in foreign ports for October settled up 0.14 cent at 11.55 cents a pound.
On the Chicago Board of Trade, September corn declined 5.25 cents to $2.
2350 per bushel. September soybeans ended 4.75 cents lower at $5.2725 per
bushel. December wheat settled 10.50 cents lower at $4.0250 per bushel.
Gold, silver prices slide
NEW YORK (XFN-ASIA) - Gold and silver prices fell sharply late Thursday,
pulled down by plummeting energy prices.
December gold fell $10.30 to settle at $586 a troy ounce on the New York
Mercantile Exchange. December silver tumbled 25 cents, to finish at $10.95 an
“The story earlier in the day was the ongoing weakness in the oil price,”
said Bernard Hunter, director of precious metals at Scotia Mocatta. “That has
come under pressure again below $64” a barrel.
“It seems that the new one (focus) is that natural-gas prices have fallen,
” Hunter added. “They''re below $5. It''s a significant drop in the natural gas
price and that has put gold under some pressure.”
Meanwhile, October platinum fell $6.30 to settle at $1,179.50 an ounce.
However, palladium was the strongest of the precious metals, with some
help from fund buying. The December contract settled $8.85 stronger at $327.
20 an ounce. December copper fell 1.05 cents to finish at $3.3745 per pound.
In energy trading on the Nymex, crude oil futures fell and hit $63 a
barrel for the first time since March. Crude was weighed down by a slump in
natural gas prices and the continued easing of supply concerns.
The front-month October light, sweet crude contract finished 75 cents
lower at $63.22 a barrel, its lowest close since March 22. The contract
traded as low as $63 a barrel Thursday.
Oil prices have slumped since reaching a record $78.40 a barrel on July
14, as tensions in the Middle East eased, reducing the chance Iran could cut
oil exports from the Persian Gulf. Adding to reduced supply concern, a mild
Atlantic hurricane season has failed to send a damaging storm into the oil
producing region of the Gulf of Mexico.
October unleaded gasoline futures finished virtually unchanged at $1.5531
a gallon, while front-month October heating oil fell 0.0318 cent to $1.7110 a
However, the spotlight was on sliding natural gas futures. The October
contracts lost 55.7 cents, or 10 percent of their value, to settle at $4.89
per million British thermal units.
Natural gas futures plunged Thursday to their lowest levels in nearly two
years after government data showed a much larger-than-expected build in gas
inventories and the possibility of a tropical storm interrupting U.S. Gulf
Coast gas production seemed increasingly remote.
In commodities trading on the New York Board of Trade, Arabica coffee
futures slid to seven-week lows amid selling by market participants including
locals and funds. However, losses were pared after industry and fund buying
curbed the decline.
December coffee closed 1 cent lower at $1.0340 a pound, and March fell 1
cent to finish at $1.0730 a pound.
Futures on raw sugar in foreign ports declined after producer selling
capped an early advance. The October contract settled 0.21 cents lower at 12.
16 cents a pound.
Cocoa futures also fell, hurt by a mix of speculative, arbitrage and
origin selling. The most-active December contract finished $11 lower at $1,
488 a ton.
Cotton futures were undercut by speculative selling, which caused the
most-active December contract to finish 0.16 cents lower at 52.64 cents per
At the Chicago Board of Trade, September soybeans ended 2 cents higher at
$5.32 a bushel. September corn ended at $2.23 per bushel. December wheat
contracts settled 7 cents lower at $3.9050 a bushel.