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Copper gives up gains on profit-taking; Gold off on rising dollar

Copper gives up gains on profit-taking; Gold off on rising dollar

Copper futures at the New York Mercantile Exchange closed lower Friday, giving back gains seen during the previous session on profit-taking.
Most active March copper settled down 1.75 cents at $2.637 per pound.
Copper faced profit-taking throughout the session as metal prices dropped across the board while the dollar made gains against the euro. Copper also saw downside pressure after U.S. durable goods data came in lower than expected.
Orders for durables advanced by 3.1 percent last month to a seasonally adjusted $221.87 billion. Market players had expected a 3.5 percent to 3.9 percent advance.
Edward Meir of Man Financial said that even if the economic figures fail to surprise, "we think that after a rather strong week, the complex is due for a bit of pause here."
Gold and silver futures also ended lower, correcting from recent gains and pressure from an increase in the dollar.
Most active February gold settled down $3.40 at $644.70 a troy ounce. March silver settled down 11.5 cents to $13.375 an ounce.
April platinum settled $6.50 lower at $1,181.50 an ounce while March palladium ended $4.50 lower at $350.95 an ounce.
The March crude oil contract jumped an intraday high of $55.50 a barrel before settling up $1.19 at $55.42 a barrel.
February heating oil settled up 4.23 cents at $1.5914 a gallon.
February gasoline settled up 3.93 cents at $1.4834 a gallon.
February natural gas settled up 27 cents at $7.175 per million British thermal units.
On the New York Board of Trade, March Arabica coffee futures closed up 0.30 cent at $1.1630 a pound, with May up 0.30 cent at $1.1950.
March cocoa fell $24 to settle at $1,578 per metric ton, and May also lost $24 to $1,610 a ton.
Futures on raw sugar in foreign ports for March settled up 0.03 cent at 10.72 cents a pound, with May up 0.04 cent at 10.92 cents.
On the Chicago Board of Trade, March corn ended 1.50 cents lower at $4.0550 per bushel, and December finished 0.75 cent lower at $3.9850. March soybeans finished down 2.75 cents at $7.1050 per bushel, and May soybeans closed 2.25 cents lower at $7.2625. March wheat fell 5.25 cents to $4.6350 per bushel.


Updated : 2020-12-02 18:31 GMT+08:00