Above 300 Again
Profit-takers stepped into today’s oil and gas
futures trading. Crude oil futures
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trading session after posting a late-day rally yesterday. The March contract
opened lower, then rallied to an intraday high at 21.50, closing at 20.73, down
.68. Prices are likely to fall further when the American Petroleum Institute
releases its weekly data, which are expected to show a moderate seasonal buildup
in crude oil stocks, traders said. March heating oil
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1.59 to end at 54.60, and March unleaded gasoline dropped 1.81 to 60.19.
A computer malfunction delayed the start of
trading by one hour at the Chicago Board of Trade, but the delay did not cause a
problem for grain and soybean prices. The board said that it was a hardware
malfunction that disrupted the order-routing system. There was no immediate word
on whether the trading day would be extended to ensure no loss of business.
Wheat for March
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.25 to 280.75 a bushel. Wheat has fallen to its support and is trading in a
narrow sideways channel. March corn
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bushel and is setting up a potential false rally. March soybeans
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broke out above their 435 resistance level and closed at 436.25 a bushel, up
5.25. March soybean meal rallied higher to close at 1498, up 20.00.
Precious metals traded higher today. April gold
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rebounded from the $297.80 low to trade at $301.30 a troy ounce, staying above
its 300 support level. March silver
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and closed above the 448.00 resistance level, a 7.00 gain. March copper
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moved higher by .50 to 73.25.
March lumber
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288 resistance level to gain 2.81% on the day. Lumber traded in a range from
285.70 to 293 before closing at 292.70, up 8.00. Coffee for March
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delivery continued to make new contract lows today. March coffee lost .10 to
close at 43.00. March cocoa pulled back from its high today. Cocoa closed at
43.00, down .10.