This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

After 'fiscal Cliff' Party, Commodity Prices Slip

By The Associated Press

Commodity prices slipped across the board Thursday as investors' enthusiasm for the "fiscal cliff" compromise waned. Prices were down for a diverse variety of commodities, including gold, oil and corn.

Commodities followed the stock market, which had also slipped by mid-afternoon after a red-hot performance Wednesday. At that time investors were relieved that Republicans and Democrats had managed to work out a budget deal to at least temporarily ward off automatic tax increases and government spending cuts.

By Thursday, though, investors were less sure. The compromise still leaves unanswered many key questions about the budget. Also, in the middle of the afternoon the Federal Reserve released minutes from its last meeting showing that its policymakers are split over how long to continue a bond-purchasing program meant to stimulate the economy.

Prices for oil and other energy commodities were also down. In New York, benchmark crude for February delivery fell 20 cents to $92.92 per barrel. In London, Brent crude, which is used to price international varieties of oil, fell 33 cents to $112.14 per barrel.

Wholesale gasoline edged down 0.26 cent to $2.7977 a gallon. Heating oil lost 2.12 cents to $3.0251 a gallon. Natural gas fell 3.5 cents to $3.1980 per 1,000 cubic feet.

March contracts for key agricultural commodities were mostly down. Corn slipped 1.5 cents to $6.8925 per bushel. Soybeans lost 5.75 cents to $13.865 per bushel. Wheat was essentially flat, gaining 0.25 cent to $7.555 per bushel.

After rising on Wednesday, prices for most key metals fell on Thursday. Gold for February delivery slipped $14.20 to $1,674.60 per ounce. March silver edged down 28.7 cents to $30.72 per ounce. March copper lost 1.9 cents to $3.717 per pound. March palladium lost $10.80, or 1.5 percent, to $697.15 per ounce.

The exception was platinum. Platinum for April delivery rose $11.90 to $1,579.90 per ounce.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs