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 Posted - 08/01/2010 : 15:00:44
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Business AP - Business Jul. 23, 2010
Palladium, Platinum Rise On Improving Auto Sales
Palladium, Platinum Advance On More Signs Of Recovering Auto Industry; Energy Prices Retreat
(AP) Palladium and platinum advanced Friday after strong earnings from Ford provided more evidence of a recovery in the auto industry.
The two metals, used to make catalytic converters for vehicles, joined copper in higher settlement prices, while gold, silver and energy prices fell.
The improved second-quarter performance for several auto companies boosted optimism about the industry, said George Gero, vice president at RBC Global Futures.
Ford Motor Co. posted its fifth straight quarterly profit and said its U.S. sales surged 28 percent in the first six months of the year. That's nearly double the rate of sales in the rest of the industry.
However Ford also said it would make less money in the second half of this year because of seasonal plant shutdowns, costs for new product launches and rising prices for raw materials.
Other manufacturers that turned in better second-quarter earnings this week include AutoNation and Fiat, which controls Chrysler.
Palladium for September delivery gained $9.85 to settle at $466.75 an ounce while October platinum rose $13.40 to settle at $1,542.80 an ounce. September copper continued its strong trend this week, settling up 2.05 cents at $3.1850 a pound.
In other metals trading, gold prices fell after regulators said all but 7 of 91 European banks passed tests designed to show how well Europe's banking system can withstand the region's financial problems.
Gold is often bought as a safe-haven asset during uncertain economic times. When investors' appetite for risk improves, they'll typically move money into other kinds of commodities or stocks.
Gold for August delivery fell $7.80 to settle at $1,187.80 an ounce. September silver also dipped, losing 1.9 cents to settle at $18.101 an ounce.
In energy contracts, oil fell as worries eased about potential damage to Gulf Coast oil operations from Tropical Storm Bonnie. The storm made landfall in Florida south of Miami but was expected to strengthen some as it moved toward the gulf.
"It still appears zeroed in up through the production alleys heading toward Louisiana, but updates suggest that it's not going to be a real powerful deal capable of doing significant damage," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates.
Benchmark crude for September delivery lost 32 cents to settle at $78.98 a barrel on the New York Mercantile Exchange.
In Nymex trading in August contracts, heating oil fell 1.19 cents to settle at $2.0505 a gallon; natural gas fell 6.3 cents to $4.580 per 1,000 cubic feet and gasoline fell 2.44 cents to settle at $2.1222 a gallon.
Grains ended on a mixed note.
Wheat for September delivery fell 0.25 cent to settle at $5.9625 a bushel; September corn lost 5.25 cents to $3.7125 a bushel and November soybeans added 2 cents to $9.815 a bushel.
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Palladium, Platinum Rise On Improving Auto Sales
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