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Friday, May 05, 2006

Markets To Watch Today

Crude Oil: Crude Oil fell another 2 dollars yesterday as high inventories have eased supply concerns. Closing below the psychologically important $70 level has given bears technical momentum, but heavy support remains. The June contract is trading right at $70 this morning, up 6 cents.


Copper: Copper hit new lifetime highs yesterday as low global inventories and anticipated supply disruptions were confirmed in comments by the global copper mining company representatives for BHP Billiton Ltd. July Copper is trading at 3.4710, down 0.85 cents this morning.


Gold: Gold closed higher for the day as buyers entered the market after a selloff early in the session. Strength of the Euro versus a week dollar has given support to the yellow metal. June Gold is trading at $680.00, up $3.30 this morning.


Energies: Natural Gas jumped as the EIA report surprised market participants with bullish numbers in contrast to Wednesday's numbers. The lower than anticipated increase in storage follows several weeks of consistently high builds in inventories. June Natural Gas is trading at 7.000, up 9.4 cents this morning.