Commodities ended trading lower with both gold and crude oil
futures down on worries that the global economy and
Crude oil for June delivery was down $1.25, or 1.7%, to $74.40 a
barrel on the New York Mercantile Exchange. In other energy
futures, heating oil was down 1.27%, or $0.03, to $2.13 a gallon
while natural gas was up 1.35%, or $0.06, to $4.34 per million
British thermal units.
Meanwhile, gold for June delivery was off $13.90, or 1.1%, to
settle at $1,229.20 an ounce. In other metal futures, copper was up
1.5%, or $0.05, to $3.23 a pound while, silver was down 0.7%, or
$0.14, to $19.53 a troy ounce.
Gold inched to a new record earlier in the day, but a
combination of profit-taking from investors and a rising dollar
managed to keep a lid on further gains by the precious metal.
Crude suffered throughout the day on continued fears that the
global economy was set to slow down, which would cut the demand for
oil going forward. Also, there were lingering worries about crude
inventories, which have been rising in recent weeks.
In commodities stocks, Allied Nevada Gold Corp. (
) moved lower after the gold producer said it will sell 13 million
shares priced at $21 each.
Allied Nevada shares were down $1.34, or 6.16%, to $20.41.
In precious metal ETF trading, the SPDR Gold Trust (
) was down $0.75, or 0.62%, to $120.65 while the Market Vectors
Gold Miners ETF was down 1.05%, or $0.56, to $52.87. The iShares
Silver Trust (
) was down 0.04%, or $0.01, to $19.11.
In energy stocks, BP plc (
) shifted its estimated cleanup costs for the Gulf of Mexico spill
to $450 million after the company released video from the seabed
that showed oil spewing from an uncapped well a mile deep,
BP shares were down 0.12%, or $0.06, to $48.56.
Meanwhile, Boeing (
) and Exxon Mobil Corp. (
) are pushing to halt tighter sanctions against Iran, which
business groups say will cost approximately $25 billion in exports,
Exxon Mobil shares are up $0.18, or 0.28%, to $65.09.
In other commodities, hog futures were down on speculation that
high pork prices will slow purchases by grocers. Hog futures for
June declined $0.008, or 0.9%, to $0.85 cents a pound at the
Chicago Mercantile Exchange.
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