|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Tuesday 02nd of December 2008
May 19, 2006

Commodities prices lower on week


by Elaine Frei

Commodities prices were down again on Friday. Some analysts blamed the lower prices on sell-offs by investors who were worried about where prices are headed after declines during the week.

Gold dropped 4 percent on the day and nearly 10 percent on the week to trade at $658.10/$658.40 per troy ounce in the late afternoon. Last Friday, gold reached a 26-year high at $730 per troy ounce. Elsewehre in precious metals, silver was trading at $12.11 per troy ounce during the day, almost 20 percent lower than late last week, when it hit a high of $15.17 per troy ounce.

Among base metals, copper lost 6 percent during the day to trade $500 dollars lower at $7,530 per tonne. It has lost 14 percent in the ten days since it hit a record high. Other base metals saw similar declines during the week.

Crude oil prices were down as well. Brent crude July contracts on the International Petroleum Exchange saw a decline of 95 cents to $68.72 per barrel late in the day after having seen gains earlier. It was down 5 per cent on the week, and it was the first time in five weeks that it has closed before $70 per barrel. Meanwhile, June contracts of West Texas Intermediate crude on the New York Mercantile Exchange had dropped 85 cents by early afternoon to $68.60 per barrel, around 9 percent lower than the record high it reached three weeks ago. The declines have come after increases in inventories in the United States.

Discuss this in the Finance Markets forums

Story link: Commodities prices lower on week


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

 

Previous: « Bond yields down on inflation, interest fears
Next: London markets see losing week »

Visited 334 times, 2 so far today