Commodities : Friday, May 29, 1987 : COMEX Drops Price Limits

The Commodity Exchange in New York is removing daily price limits from all its futures contracts beginning Monday.

Early in May, after high-volume trading with large price moves, the exchange removed limits on the two contract months following the month for current delivery.

The limits for daily trading had been $25 an ounce for gold, 50 cents an ounce for silver and 5 cents a pound for copper aluminum.

The changes to take effect Monday are temporary, but the exchange has petitioned the Commodity Futures Trading Commission for permission to make them permanent.

Meanwhile wheat futures prices declined Friday on the Chicago Board of Trade, reflecting the approach of the winter crop harvest. Corn and soybean futures were mixed.

On other markets, cattle futures were lower while pork was mixed; energy futures were mostly higher; and gold was lower while silver was mixed.

The July wheat delivery lost nearly 15 cents a bushel during the past two days.