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Friday, July 21, 2006

Markets To Watch Today

Copper: A sell-off triggered a drop in Copper prices, as traders took their profits after the gains from Wednesday's remarks made by Fed Chairman Ben Bernanke. Concerns over a potential strike at the world's largest Copper mine in Chile, Escondida, was not enough to keep prices bouncing back. The July Copper contract dropped 19.35 cents, closing at $3.4850 a pound.

Crude Oil: As expiration came for the August Crude Oil contract, prices offered a little jump ahead of the next month contract, September. The September contract is currently in a week-long drop, as concerns over the Mideast conflict ease up. The August Crude Oil contract closed up 42 cents at $73.08, while the September contract dropped 82 cents, closing at $73.95 a barrel.

Natural Gas: Natural Gas futures contracts rose yesterday after the release of data from the Energy Information Administration, reporting that 59 billion cubic feet of gas was put into storage for the week ending July 14th, below the current forecast by 1 billion cubic feet. The August Natural Gas contract went as high as $6.23 MMBTu's before closing up 23 cents at $6.091.