Precious Metals Futures Rise
Associated PressGold futures finished higher Friday, helped by overnight Asian buying and renewed investment interest after a downward correction Thursday, analysts said.
Platinum was perhaps the biggest mover of the day in the precious metals market, however, with July platinum climbing on continued anticipation of exchange-traded funds soon to be launched in Europe.
June gold rose $7.50 to finish at $695.80 a troy ounce on the New York Mercantile Exchange.
July platinum soared $31.40 to $1,341.20 an ounce, May silver rose 22 cents to $13.955 an ounce, and June palladium climbed $8.25 to $388.25 an ounce.
In trading of base metals, May copper contract rose 2.4 cents to settle at $3.6105 per pound, and most-active July copper climbed 2.6 cents to finish at $3.6210 a pound. Copper was helped by Chinese buying, another London Metal Exchange warehouse stock draw and labor unrest at a major gold and copper mine in Indonesia, analysts said.
In Nymex energy trading, front-month crude oil futures expired with a bang Friday, climbing sharply as traders covered oversold positions.
The rally came amid a surge in gasoline futures and concern over weekend elections in Nigeria, where violence has hampered oil production.
The May crude contract rose $1.55 to finish at $63.38 a barrel before expiring. The June contract climbed 79 cents to $64.11 a barrel.
May gasoline futures jumped 4.86 cents to $2.1374 a gallon, and May heating oil rose 2.67 cents to $1.8325 a gallon.
Gasoline futures prices, which fell more than 10 percent earlier this week, were boosted news of upsets at several more U.S. refineries, including a leak at ExxonMobil Corp. (nyse: XOM - news - people )'s Baytown, Texas, refinery, and a tube failure at ConocoPhillips (nyse: COP - news - people )' Sweeny refinery in Old Ocean, Texas.
Natural gas for May delivery settled 11.1 cents lower at $7.381 per million British thermal units. Forecasts continue to show warmer weather will blanket large gas-consuming cities in the Northeast and Midwest next week, curbing demand for the heating fuel.
On the New York Board of Trade, Arabica coffee futures tumbled, with the spot-May contract touching an eight-month low, as notices began. It finished 0.80 cents lower at $1.0770 a pound. July coffee closed 0.85 cents weaker at $1.1065 a pound as traders waited for Brazil's new-crop forecast.
Futures on raw sugar in foreign ports ended weaker on trade-house selling and speculator sales. May-July rolling continued before the April 30 expiry. May sugar settled 0.03 cents lower at 9.52 cents a pound, and July sugar finished 0.04 cents weaker at 9.49 cents a pound.
July cocoa closed $46 higher at $1,909 a metric ton.
On the Chicago Board of Trade, corn futures settled lower as forecasts of drier weather and fund-led speculative selling kept prices on the defensive.
May corn settled 10.75 cents lower at $3.6050 a bushel, July corn fell 10.25 cents to $3.72 a bushel, and December corn declined 5.25 cents to settle at $3.7475 a bushel.
However, wheat futures extended their gains Friday amid continued concerns about production losses after a hard freeze. Also, traders were reluctant to sell before new crop condition ratings are released, analysts said.
CBOT July wheat climbed 7 cents to $5.1475 per bushel, a new high close for the contract. Kansas City Board of Trade July wheat ended 6 cents higher at $5.1050 a bushel, and Minneapolis Grain Exchange July wheat closed 4.5 cents higher at $5.19 a bushel.
Soybean futures ended higher on the CBOT, underpinned by intermarket spreads, spillover strength from soyoil and commercial buying.
May soybeans ended 5 cents higher at $7.2325 a bushel, July soybeans settled 5.25 cents stronger at $7.4025 a bushel, and November soybeans finished 5.5 cents higher at $7.6750 a bushel. May soymeal settled 50 cents lower at $196.40 per short ton, and May soyoil ended 0.79 cents higher at 32.35 cents a pound.