US Commodities: Gold Higher As Crude Oil Climbs; Rice Up
Monday May 19th, 2008 / 23h01
NEW YORK -(Dow Jones)- Gold futures gained Monday on higher oil prices and a weaker dollar before profit-taking pared those gains as the currency rose and energy markets came off highs, analysts said. June gold rose $5.90 to settle at $905.80 a troy ounce on the Comex division of the New York Mercantile Exchange. Gold was "helped by fresh record highs on oil and early U.S. dollar weakness," said BNP Paribas analyst David Thurtell said in a research note. "A significant rebound in the U.S. dollar in mid-afternoon saw profits booked." July silver rose 6.8 cents to settle at $17.028 an ounce, July platinum rose $26.20 to settle at $2,158.20 an ounce but June palladium slipped $1.95 to close at $451.35 an ounce, and July copper fell 5.1 cents to settle at $3.7755 per pound. In Nymex energy trading, crude oil futures settled higher Monday, as the Organization of Petroleum Exporting Countries signaled that there would be no output boost this summer. Light, sweet crude for June delivery settled 76 cents, or 0.6%, higher at $127.05 a barrel on the New York Mercantile Exchange. July Brent crude on the ICE futures exchange closed up 7 cents at $125.06 a barrel. June heating oil futures slipped 2.77 cents, or 0.8%, to finish at $3.6751 a gallon. However, June gasoline settled 1.31 cents, or 0.4%, higher at $3.2366 a gallon. June natural gas futures fell 14 cents, or 1.26%, to finish at $10.954 a million British thermal units. Mild weather and rising storage levels placed downward pressure on prices. In grains trading, Chicago Board of Trade rice futures ended higher, as July rice followed higher cash prices and climbed on increased demand after dropping for several days. July rice climbed 23 1/2 cents to $20.30 per hundredweight, September rice ended 9 cents higher at $18.84, and November rice ended 5 cents firmer at $18.80. Meanwhile, wheat futures jumped Monday on concerns about dryness in Australia and in a rebound from recent losses, analysts said. CBOT July wheat climbed 15 1/2 cents to $7.91 per bushel. Kansas City Board of Trade July wheat rose 12 3/4 cents to $8.37, and Minneapolis Grain Exchange July wheat gained 26 cents to $10.30. However, soybean futures ended sharply lower on the CBOT, tumbling on bearish talk surrounding the Argentina farmers' strike, technical weakness and favorable planting outlooks. July soybeans settled 45 cents lower at $13.33 a bushel, and November soybeans ended 27 1/4 cents lower at $13.22. July soymeal settled $11.20 weaker at $338.80 per short ton. July soyoil finished 1.65 cents lower at 60.20 cents per pound. Corn futures slipped in light trading on dry weather forecasts, with July corn falling 4 1/4 cents to $5.86 3/4 per bushel on the CBOT, September corn dropping 4 1/4 cents to $5.99 1/4, and December corn sliding 3 3/4 cents to $6.13. At ICE Futures U.S., July arabica coffee settled 2.8 cents lower at $1.3520 a pound on speculative sales, while world raw sugar futures sank to five-month lows as funds and speculators liquidated as the dollar rose. July sugar settled 0.27 cent weaker at 10.86 cents a pound. July cocoa settled $65 lower at $2,611 a metric ton, and July cotton settled 0.15 cent lower at 71.81 cents a pound. -By Candace Cumberbatch, Dow Jones Newswires; 201-938-5644; candace.cumberbatch@dowjones.com
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