Commodities Trade Mixed for the Week
13-Apr-12 15:30 ET
[BRIEFING.COM] Crude oil fell further into negative territory in response to data showing China's economy growing at a weaker than anticipated 8.1% year over year. Apprehensions about slowing demand for oil, lowered U.S. consumer confidence in April, and a stronger dollar put pressure on crude, enough that it settled its session at $102.84 per barrel, or 0.4% lower than last week's closing price. Natural gas remained at its 10-year lows as it closed the last three days' pit trade at $1.98 per MMBtu. Yesterday's stronger-than-expected inventory data that showed a build of 8 bcf when a build of 20 bcf was anticipated was not enough to boost the energy component above that level. Nat gas finished the week 5.3% lower. Precious metals were under pressure in as they traded further into negative territory in response to a stronger dollar. Gold took a large loss as it sold-off to a session low of $1655.10 per ounce just minutes before floor trade closed. Despite today's losses, the yellow metal settled at $1660.00 per ounce, 1.8% higher over last week. Silver saw some volatility as it also trended downwards in pit trade. It closed the week 0.9% lower at $31.42 per ounce. Copper saw the biggest weekly losses after trading at three month lows of $3.61 per pound. The metal lost over 4.7% since last Thursday's close, settling pit trade at $3.62 per pound.