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Thursday, June 29, 2006

Markets To Watch Today

Crude Oil: Crude Oil futures ended on an up-swing, brought on by U.S. data showing a larger-than-expected decline in Crude stocks and strong gasoline demand. Gasoline prices triggered a sell-off due to the reopening of part of the Louisiana shipping channel, however traders are still tense due to a new snag at a Philadelphia refinery. August Crude Oil closed 27 cents higher at $72.19 a barrel.

Copper: Copper rallied yesterday, as traders even up their positions ahead of the Federal Reserve decision on interest rates. July Copper was up 10.60 cents, closing at $3.2930 per pound.

Coffee: Coffee futures reached 3-week highs yesterday, due to some speculative fund buying as well as options-related interest due to the start of Brazil's winter. Late June to early July is the time when trees in Brazil's coffee growing region are most at risk for frost damage. July Coffee at the New York Board of Trade closed up 2.35 cents at 97.70 cents per pound. September Coffee contracts closed up 2.40 cents at 99.10 cents per pound.