Commodities: Oil, Gold, Copper Slightly Lower; Grains Soar


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Crude oil is steady today after breaching $92 a barrel several times over the past 24 hours before backing below that mark. At last look, the February crude contract is up $0.02 a barrel to $91.88.

Gold is showing signs of easing from its two-day advance, slipping $0.20 an ounce this morning after rising only $1.50 yesterday -- settle at $1,385.80 an ounce -- after a successful bond sale in Portugal tempered concerns over the debt crisis in Europe.

Copper edged higher Wednesday, climbing $0.0625 to $4.4115 despite expectations of slower growth in China. The metal was steady overnight, adding $0.0030.

Corn is $0.07 higher to $6.38 a bushel, hitting a 30-month high yesterday while soybeans are $0.02 higher at $14.17 a bushel, continuing to advance after the Agriculture Department cut forecasts for domestic inventories after adverse weather slashed harvests. Wheat also is rising.

In company news, Allied Nevada Gold Corp. (ANV,ANV.TO) said it exceeded its previous guidance for 2010 gold sales, selling 102,000 ounces last year. The company plans to sell up to 135,000 ounces of gold in 2011, at cash costs of between $460 to $490 an ounce, and increase production to 250,000 ounces in 2012.

Stillwater Mining ( SWC ) said mined production of palladium and platinum totaled 485,100 ounces during 2010, reaching the top end of its most recent guidance. The company said the results reflect excellent performance at its East Boulder Mine, helping offset lower-than-planned ore grades and intermittent operational challenges in the off-shaft area of the mine.

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This article appears in: Investing , Commodities

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