COMMODITIES : Precious Metals Prices Fall Despite Dollar’s Weakness
Precious metals prices fell Tuesday, drawing no strength from the dollar’s latest weakness as futures trading continued to be marked by light, holiday season trading volume.
On other markets, energy futures were higher; livestock and meat were mixed, and soybeans rose while the grains were mixed.
“The precious metals responded very tepidly to the dollar,” said Bette Raptopoulos, an analyst in New York with Prudential-Bache Securities.
“Precious metals were continuing to exhibit weakness, despite the weakness in the dollar,” said Jack Barbanel, an analyst in New York with Gruntal & Co. “This tells us there is very little interest in buying either gold or silver.”
On the Commodity Exchange in New York, gold declined $1.60 to $2.10, with the contract for delivery in February at $489.40 an ounce. Silver was 12.9 cents to 13.8 cents lower, with the March contract at $6.81 an ounce.
Livestock and meat prices moved a bit higher for most contracts in sluggish trading at the Chicago Mercantile Exchange.
Live cattle settled 0.05 cent to 0.25 cent higher, with the February contract at 62.87 cents a pound; feeder cattle were 0.10 cent lower to 0.28 cent higher, with January at 75.45 cents a pound; live hogs were 0.48 cent lower to 0.15 cent higher, with February at 40.75 cents a pound, and frozen pork bellies were 0.20 cent lower to 0.05 cent higher, with February at 49.95 cents a pound.
Soybean and soy meal futures rallied to end the day higher on the Chicago Board of Trade. Wheat also moved a little higher, correcting sharp losses of Monday.
Wheat was 0.75 cent lower to 1.25 cents higher, with the March contract at $3.09 a bushel; corn was 1.25 cents lower to 0.25 cent higher, with March at $1.865 a bushel; oats were unchanged to 2.50 cents lower, with March at $1.8475 a bushel, and soybeans were 2 cents to 7 cents higher, with January at $5.995 a bushel.
Stock index futures were mostly a little weaker on the Chicago Mercantile Exchange, with the March delivery of the Standard & Poor’s 500 index unchanged at 246.30 points.
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