Commodities mixed as investors await more earnings
NEW YORK — Commodities prices finished a quiet day of trading mixed Thursday as investors weighed the economy’s prospects for an impending recovery.
As earnings season heats up, investors who sent commodities climbing earlier this year are hoping companies will validate their beliefs that the nearly two-year-long recession is coming to an end.
So far, the reports have been fairly positive. JPMorgan Chase & Co. became the second big bank this week to report a better-than-expected profit following Goldman Sachs Group Inc. on Tuesday. Investors were also encouraged this week by a strong forecast from chip maker Intel Corp.
“We’re just kind of getting into earnings now so I think people are waiting to see how some of these other companies fare,” said Matt Zeman, head trader at LaSalle Futures in Chicago. “If the news continues to come out positive, there’s probably some more upside.”
Among precious metals Thursday, September silver added 2.7 cents to $13.2350 an ounce on the New York Mercantile Exchange, while July platinum gained $11.40 to $1,162.70 an ounce.
Gold for August delivery dipped $4 to $935.40 an ounce after a jump on Wednesday.
September copper futures slipped less than a penny to $2.3895 a pound. Aluminum prices rose 2.6 percent.
Oil prices edged higher after China said its economy grew faster in the second quarter. A late-day gain in stocks also helped boost prices.
Light, sweet crude for August delivery added 48 cents to settle at $62.02 a barrel.
In other Nymex trading, gasoline for August delivery rose less than one cent to $1.7135 a gallon, and heating oil for August delivery rose 1.73 cents to $1.5994 a gallon.
Natural gas prices climbed nearly 12 percent even though the government reported that stockpiles remained well above their five-year average. Analysts said the big move was likely due to speculators repositioning themselves in the market. Natural gas has largely underperformed the rest of the energy sector in recent months.
Natural gas for August delivery rallied 38.5 cents to $3.668 per 1,000 cubic feet.
Commodities have risen this week on increased risk appetite and bigger-than-expected numbers on inflation. Despite the uptick, investors are still largely uncertain about the economy’s direction and are keeping a close eye on corporate earnings reports flowing in over the next few weeks for any signs on where the economy is headed.
On Wall Street, stocks wavered for most of the day in a tight range amid concerns over the fate of troubled small business lender CIT Group Inc. But buying picked up late in the day as investors placed bets on technology stocks ahead of profit reports from Google Inc. and International Business Machines Corp.
Grain prices fell on the Chicago Board of Trade.
September wheat futures shed 1.5 cents to $5.3325 a bushel, while corn for September delivery lost 12.75 cents to $3.1675 a bushel.
August soybeans dropped 44.5 cents to $9.76 a bushel.
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