October 30, 2013 / 8:12 PM / 4 years ago

COMMODITIES-Copper at 1-week high, silver up on Fed; oil, gold down

4 Min Read

By Barani Krishnan
    NEW YORK, Oct 30 (Reuters) - Copper hit a 1-week high on
Wednesday and silver rallied too as the Federal Reserve's
decision to retain its stimulus efforts for the U.S. economy
pushed several commodities higher.
    Gold  fell in choppy trade, erasing earlier
gains, as investors took profits after the Fed's move to stick
to its monthly purchase of $85 billion in U.S. bonds offered few
surprises. 
    Lower prices for oil and a few agricultural markets also
weighed on the broader commodities complex. U.S. crude oil had
its sharpest fall in a week as it extended Tuesday's decline,
raw sugar hit a 4-week low and wheat and corn
 prices fell.  
    The Thomson Reuters/CoreCommodity CRB index, which
tracks 19 futures markets in all, closed down nearly a quarter
percent after the sharp drop in U.S. crude prices.
    Government data pointing to a third weekly rise in U.S. oil
stockpiles drove crude futures on the New York Mercantile
Exchange down 1.5 percent on the day. NYMEX's
front-month crude contract closed lower by $1.43 at
$96.77 a barrel. 
    Copper rallied in European trading on bets the Fed will stay
its course on the U.S. stimulus. The metal closed the New York
session up too and remained positive in post-settlement trade
after the Fed affirmed at the end of a 2-day policy meeting that
there will be no slowdown in its bond-buying.
    Benchmark copper on the London Metal Exchange ended
up more than 1 percent at $7,298 a tonne, versus Tuesday's close
of $7,200, but down from a one-week high of $7,299.50 hit
earlier in the session.
    In New York, copper's most-active contract on COMEX 
finished up 4.75 cents at $3.3255 a lb, after setting a one-week
high at $3.3280. 
    Silver, used heavily in industrial applications despite
being grouped in precious metals alongside gold, was the CRB's
biggest gainer of the day, rising more than 2 percent.
    COMEX silver's most-active contract settled up 49.10
cents at $22.983 an ounce. It was the contract's largest gain in
a week.
    Prices at 3:57 p.m. EDT (1957 GMT)      
                             LAST/      NET    PCT     YTD
                             CLOSE      CHG    CHG     CHG
US crude              96.68    -1.52  -1.6%    5.3%
Brent crude         109.90     0.89   0.8%   -1.1%
Natural gas           3.620   -0.009  -0.2%    8.0%
                                                          
US gold             1349.30     3.80   0.3%  -19.5%
Gold                1342.76    -0.93  -0.1%  -19.8%
US Copper              3.33     0.05   1.4%   -9.0%
LME Copper         7290.00    90.00   1.3%   -8.1%
Dollar               79.773    0.166   0.2%    3.9%
CRB              280.015   -0.622  -0.2%   -5.1%
                                                          
US corn               430.25    -1.75  -0.4%  -38.4%
US soybeans          1287.50     8.50   0.7%   -9.3%
US wheat              675.00    -6.25  -0.9%  -13.2%
                                                          
US Coffee            106.85    -0.10  -0.1%  -25.7%
US Cocoa            2660.00     1.00   0.0%   19.0%
US Sugar              18.32    -0.13  -0.7%   -6.1%
                                                          
US silver            22.983   22.758   1.7%  -24.0%
US platinum         1479.90    18.00   0.0%   -3.8%
US palladium         749.50     2.45   0.3%    6.6%

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