Metal prices rise slightly on dollar weakness

Most precious and industrial metals rose today, from recent developments such as the dollar extended its losses. Gold prices, however, finished slightly lower as investors collected profits.
Prices were supported by the continued weakness of the dollar, the dollar fell slightly against the euro and sterling on Wednesday.

Commodities are in U.S. dollars, to be more attractive to foreign investors when the dollar is down.

Commodity traders seemed little nervous about the day mixed economic data.

A reading that indicates weakness in the services sector to offset a report showing an unexpected rise in factory orders.

Metals and other commodities have been rising over the past month, reflecting big gains in the stock market and improving economic data and earnings reports gave investors hope that demand for raw materials are collected at year end .

But analysts expect the market to cool in the near future, and say they may have received before considering the very slow recovery of the economy.

In the New York Mercantile Exchange, the September silver rose 6.5 cents to $ 14.76 an ounce, while October platinum rose $ 16.30 to $ 1293.10 an ounce.

Last week, silver has risen by 11.3 percent, while platinum is up 10.3 percent. The September copper futures rose 1.65 cents to $ 2.8120 a pound.

Copper has risen 13.5 percent since July 29. Gold for December delivery fell $ 3.40 to $ 966.30 an ounce.

David Beahm, vice president of economic research at Blanchard & Co., a precious metals investment, said that investors can take some profits on the table in light of the recent advance of gold.

Prices have risen nearly 4 percent in just five sessions.

Oil prices held near $ 72 a barrel, after falling below $ 70 before Wednesday.

Prices have risen from below $ 63 a barrel last week in the expectation that energy demand will soon rebound amid signs the economy was improving.

Some recent market optimism was tempered Wednesday after the Energy Department said crude stocks rose by about 2 million barrels last week.

Light, sweet crude for September delivery rose 55 cents to settle at $ 71.97 a barrel on the Nymex.

Gasoline futures fell half a cent to settle at $ 2.0512 a gallon, while heating oil futures rose slightly more than half a cent to settle at $ 1.9569 a gallon.

Grain prices were mixed on the Chicago Board of Trade.

The September wheat futures fell 13.5 cents to $ 5.5675 a bushel, and corn for September delivery fell 7.5 cents to $ 3.47 per bushel.

November soybeans rose 1.35 cents to $ 1.045 a bushel.