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Tuesday, October 03, 2006

Markets to Watch Today

Crude Oil: November Crude Oil fell 3% on Monday, amid low-volume trading on the Yom Kippur holiday. Strong U.S. inventories amid easing fears of production cuts from Venezuela and Nigeria factored into the decline. Fears of OPEC cuts were reduced by news that BP was able to restart production at the Lisburne oil field in Alaska. November Crude Oil futures fell $1.88, to settle at $61.03.

Corn: Corn futures rose on Monday, holding onto gains in early trading. Technically motivated buying bolstered prices pre-market trading. This buying activity lent the necessary support to keep Corn in positive territory on the first trading day of the month. Volume was on the light side, as many traders were absent for the Jewish Yom Kippur holiday. December Corn futures gained 5 ¼ cents, to settle at $2.67 ¾ a bushel.

Gold: Gold futures fell on Monday, but remained above the psychologically important $600 barrel mark. Once again Gold futures found itself mirroring moves in Crude Oil, which fell 3% on Monday. Weakness in the U.S. Dollar also factored into Monday’s weakness. December Gold futures fell 90 cents, to settle at $603.30 a troy ounce.