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Wednesday, May 24, 2006

Markets To Watch Today!

Copper: Copper soared yesterday, forcing the daily limits to be expanded twice. The gain was the most for a single session ever in this market, jumping over 13% on the day. The move came in spite of a report released by the International Copper Study Group showing the global refined copper market is expected to show a "modest surplus" for the coming year. June Copper is trading at 3.7100, down 26.05 cents this morning.

Gold: Gold followed Copper's lead yesterday, just to a lesser extent. The recent dip in prices has attracted physical buying, with bargain hunters pushing the contract higher, although Gold has fallen back this morning. June Gold is trading at 651.50, down 22.20 this morning.

Crude Oil: Crude Oil prices climbed nearly $2 yesterday on the back of renewed fund interest. A report released by the US government called for above normal hurricane activity this coming storm season, forcing shorts to cover. Some profit-taking, and the drop in metals have the fuel trading lower on the overnight session, as traders await the release of the Energy Stocks report. July Crude Oil is trading at $70.78, down 98 cents this morning.