Market Brushes Aside Threats
Oil prices stabilized Thursday as the market
brushed aside Iraqi threats of an oil embargo against countries that support
Israel.
But fears that Israel’s offensive against the Palestinians could further
destabilize the Middle East are still keeping crude prices well above levels
justified by demand for oil, analysts said.
At midday, crude-oil futures were nearly flat, gaining only 1 cent to $27.58 a
barrel on the New York Mercantile Exchange. The May crude oil contract
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oil
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The Broader market index futures ended lower on
the session, despite the late session rally. The June Dow futures
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closed at 10220.000 down 13.00. The June Nasdaq 100 futures lost 10.00 to end at
1403.500. And the June S&P 500
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at 1125.700.
June gold
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an ounce support level today. June gold pulled back 1.50 to end at $302.00 an
ounce. May silver
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and May copper
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May cocoa
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gapped higher at the open today on support from the London market. In
today’s trading, the May cocoa contract was pushed above the 15.00 basis
level. May options will be expiring tomorrow and the 15.00 strike price could be
targeted. There is a downside gap at 14.88-14.95. Support for May is at
15.00. Resistance is at 15.25.
May Coffee
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prices moved significantly lower today after eight straight sessions of positive
closings. Prices broke below the double-bottom at 57.50 basis May. This market
had rallied almost 700 points since 03-25-2002. For the most part, this sell-off
was technical in nature due to the extremely overbought conditions. May options
will be expiring next Friday. Support for May comes in at 56.00. Resistance is
at 57.50.
The combination of sliding cash fundamentals and
locked limit-down cattle futures delivered a knockout punch to Chicago
Mercantile Exchange lean hog futures. The market ended the session sharply lower
with May lean hogs
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the session at 55.975 down 3.45%.
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