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Commodities End Anemic Week Mostly Lower

The Associated Press

NEW YORK (AP) — Commodity prices ended an anemic week mostly lower on Friday, with investors growing less impressed by global economic data.

For months, commodities were rallying on signs that the economy's slide was slowing. Now, because new readings have yet to show actual strength, investors are cashing in some of their gains.

Investors "sense that prices have already done enough, so we're kind of stalling a bit right now," said Edward Meir, senior commodities analyst at MF Global in New York.

Crude oil dropped 3.5 percent this week, while gasoline tumbled 5.8 percent. Gold is down 0.5 percent for the week, while silver is down 4.5 percent and copper is down 5.2 percent.

This week, U.S. data showed better-than-expected reports on home construction and manufacturing in the mid-Atlantic region, but also a surplus in gasoline supplies and a seventh straight monthly drop in industrial production.

Investors are waiting for economic data to shift from "less bad to good," Meir said. "We're not there yet."

On the New York Mercantile Exchange, gold for August delivery edged up $1.60 to settle at $934.60 an ounce, while July silver slipped 4 cents to $14.20 an ounce. Platinum and palladium both rose, while July copper fell 2.15 cents to $2.2505 a pound.

Gold has been holding its ground due to the falling dollar; investors often turn to gold first to hedge against a weak U.S. currency. The euro rose to $1.3955 on Friday from $1.3903 late Thursday.

Benchmark crude for July delivery dropped $1.82 to settle at $69.55 a barrel in light trading. The July contract is set to close Monday; the next contract, August, fell $1.89 to settle at $70.02 a barrel.

Gasoline for July delivery fell Friday by 10.5 cents, more than 5 percent, to settle at $1.9244 a gallon.

Heating oil dropped 5.03 cents to settle at $1.7867 a gallon, and natural gas for July delivery lost 6.1 cents to settle at $4.032 per 1,000 cubic feet. Up until a sharp 3.8 percent drop on Thursday, natural gas had been rallying for three weeks.

Grain prices were mixed on the Chicago Board of Trade.

Wheat for July delivery fell 5 cents to $5.5525 a bushel, while July corn lost 4 cents to $3.9925 a bushel and July soybeans plunged 34.75 cents to $11.79 a bushel.