Gold up slightly, grains surge on buying wave
Sunday, 15 June 2008
NEW YORK, June 14 (Internet): Gold futures finished modestly higher Friday, helped by inflationary indications even as a higher dollar and lower oil capped its buoyancy.
August gold rose $1.10 to settle at $873.10 a troy ounce on the Comex division of the New York Mercantile Exchange.
Support came from increasing consumer prices, according to Bart Melek, global commodity strategist with BMO Capital Markets. The US consumer-price index increased 0.6 percent in May, the Labor Department said Friday. Wall Street has expected an increase of about 0.5 per cent.
In other metals trading, silver futures outperformed gold, with July silver up 7.5 cents to $16.56 an ounce.
"Silver seemed to derive some strength from the surge in the copper price," says BNP Paribas analyst David Thurtell. Silver can benefit from similar factors affecting copper since both are used as industrial metals.
July copper rose 5.10 cents to settle at $3.5890 a pound on short covering, while July platinum rose $11.10 to settle at $2,037 an ounce, and September palladium finished $12.80 higher at $454.45 an ounce.
Palladium futures posted the sharp gains on talk of dwindling supplies, said BNP Paribas analyst David Thurtell.
In Nymex energy trading, crude-oil futures finished lower Friday on a report that Saudi Arabia, the world's largest petroleum exporter, is mulling another increase in its oil output.
Light, sweet crude for July delivery settled $1.88, or 1.4 per cent, lower at $134.86 a barrel. July Brent crude on the ICE futures exchange settled $1.84, or 1.4 per cent, lower at $134.25 a barrel.
Saudi Arabia is considering increasing its oil production to 10 million barrels a day from 9.45 million, the Middle East Economic Survey reported Friday, a week before a high-profile meeting between crude producers and consumers in Jeddah.
If realised, the output boost would lend credibility to the meeting, set for June 22, to discuss what measures can be taken to usher calm back into global oil markets. Oil prices recently have exhibited unprecedented volatility, with the front-month contract rising by almost $11 on June 6.
July gasoline futures dropped 6.34 cents, or 1.8 per cent, to settle at $3.4626 a gallon. July heating oil slid 10.59 cents, or 2.69 per cent, to $3.8368 a gallon.
Natural gas for July delivery was down 17.3 cents, or 1.35 per cent, to settle at $ 12.625 a million British thermal units. The market was hurt by the slump in oil prices and forecasts for below-average temperatures in the Eastern US
In grains trading, prices were up sharply across the board.
Chicago Board of Trade rice futures were higher, climbing by the daily limit for some contracts as old crop demand pushed the July contract above $20 a hundredweight.
July rice was up 50 cents, its daily limit, to $20.30 per hundredweight, September rice was up 35 cents to $19.04 and December rice was up 34 cents to $ 19.09.
Meanwhile, corn futures surged to an all-time high Friday on the CBOT due to widespread flooding and continued rain for parts of the US corn belt.
July corn was up 22 3/4 cents to $7.31 3/4 per bushel, September corn was up 23 cents to $7.45 3/4, and December corn was up 25 1/2 cents to $7.65. July corn peaked at $7.37 1/2 in electronic trading, an all-time high.
Soybean futures rallied on the CBOT, climbing on bullish underlying fundamentals and acreage worries associated with the Midwest weather calamity.
July soybeans settled 23 1/2 cents higher at $15.60 a bushel, and November soybeans ended 18 1/2 cents stronger at $15.31. July soymeal settled $7.00 higher at $409.20 per short ton. July soyoil finished 0.01 cent lower at 66.19 cents per pound.
Wheat futures soared due to technical buying and the rally in corn futures.
August gold rose $1.10 to settle at $873.10 a troy ounce on the Comex division of the New York Mercantile Exchange.
Support came from increasing consumer prices, according to Bart Melek, global commodity strategist with BMO Capital Markets. The US consumer-price index increased 0.6 percent in May, the Labor Department said Friday. Wall Street has expected an increase of about 0.5 per cent.
In other metals trading, silver futures outperformed gold, with July silver up 7.5 cents to $16.56 an ounce.
"Silver seemed to derive some strength from the surge in the copper price," says BNP Paribas analyst David Thurtell. Silver can benefit from similar factors affecting copper since both are used as industrial metals.
July copper rose 5.10 cents to settle at $3.5890 a pound on short covering, while July platinum rose $11.10 to settle at $2,037 an ounce, and September palladium finished $12.80 higher at $454.45 an ounce.
Palladium futures posted the sharp gains on talk of dwindling supplies, said BNP Paribas analyst David Thurtell.
In Nymex energy trading, crude-oil futures finished lower Friday on a report that Saudi Arabia, the world's largest petroleum exporter, is mulling another increase in its oil output.
Light, sweet crude for July delivery settled $1.88, or 1.4 per cent, lower at $134.86 a barrel. July Brent crude on the ICE futures exchange settled $1.84, or 1.4 per cent, lower at $134.25 a barrel.
Saudi Arabia is considering increasing its oil production to 10 million barrels a day from 9.45 million, the Middle East Economic Survey reported Friday, a week before a high-profile meeting between crude producers and consumers in Jeddah.
If realised, the output boost would lend credibility to the meeting, set for June 22, to discuss what measures can be taken to usher calm back into global oil markets. Oil prices recently have exhibited unprecedented volatility, with the front-month contract rising by almost $11 on June 6.
July gasoline futures dropped 6.34 cents, or 1.8 per cent, to settle at $3.4626 a gallon. July heating oil slid 10.59 cents, or 2.69 per cent, to $3.8368 a gallon.
Natural gas for July delivery was down 17.3 cents, or 1.35 per cent, to settle at $ 12.625 a million British thermal units. The market was hurt by the slump in oil prices and forecasts for below-average temperatures in the Eastern US
In grains trading, prices were up sharply across the board.
Chicago Board of Trade rice futures were higher, climbing by the daily limit for some contracts as old crop demand pushed the July contract above $20 a hundredweight.
July rice was up 50 cents, its daily limit, to $20.30 per hundredweight, September rice was up 35 cents to $19.04 and December rice was up 34 cents to $ 19.09.
Meanwhile, corn futures surged to an all-time high Friday on the CBOT due to widespread flooding and continued rain for parts of the US corn belt.
July corn was up 22 3/4 cents to $7.31 3/4 per bushel, September corn was up 23 cents to $7.45 3/4, and December corn was up 25 1/2 cents to $7.65. July corn peaked at $7.37 1/2 in electronic trading, an all-time high.
Soybean futures rallied on the CBOT, climbing on bullish underlying fundamentals and acreage worries associated with the Midwest weather calamity.
July soybeans settled 23 1/2 cents higher at $15.60 a bushel, and November soybeans ended 18 1/2 cents stronger at $15.31. July soymeal settled $7.00 higher at $409.20 per short ton. July soyoil finished 0.01 cent lower at 66.19 cents per pound.
Wheat futures soared due to technical buying and the rally in corn futures.