Comment
0
Tweet
0
Print
RSS Feeds

Copper, energy futures fall on economy concerns

Monday - 10/22/2012, 4:11pm  ET

By The Associated Press

(AP) - Industrial metals and energy prices ended lower Monday following a volatile day for the stock market.

More discouraging corporate earnings reports further dimmed the outlook for the U.S. economy, sending stocks and other higher-risk assets like commodities lower.

Copper fell 1.55 cent to settle at $3.622 a pound.

Energy prices fell broadly. Crude oil fell $1.32 to $88.73 a barrel, a decline of 1.5 percent. Oil hit its lowest level in three weeks.

Oil prices were also dragged down because a major North American pipeline was getting ready to reopen, easing supply concerns. TransCanada is expected to restart its Keystone pipeline soon. It was shut Wednesday after tests showed possible safety issues.

Weak corporate earnings reports sent the stock market lower for much of the day. The Dow Jones industrial average was off as much as 108 points before closing with a small gain.

Caterpillar lowered its 2012 earnings forecast, saying the global economy was weaker than it had expected. Clothing maker VF Corp., which makes Wrangler jeans and Timberland boots, missed analysts revenue forecasts.

In other metals trading, December palladium lost 35 cents to $622.65 an ounce and January platinum fell $3.30 to $1,612.20 per ounce.

Gold for December delivery rose $2.30 to finish at $1,726.30 per ounce. December silver rose 15.50 cents to $32.252 per ounce.

In energy trading heating oil fell 5.78 cents to end at $3.0767 per gallon, wholesale gasoline dropped 4.88 cents to $2.6475 per gallon and natural gas fell 16.5 cents to end at $3.452 per 1,000 cubic feet.

Soybeans for November delivery rose 12.25 cents to $15.465 per bushel. December corn edged down 0.25 cent to $7.6125 per bushel and December wheat rose 5.75 cents to settle at $8.7825 a bushel.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)