Most commodities ended this holiday-shortened week in negative territory on Thursday as the DJ-UBS Commodity Futures Index dropped 1.33% on the day while base metal prices continue to diverge from equities. In London, LME 3-mo. copper and aluminum slumped to close at $7,540/mt ($3.42/lb.) and $1,904/mt (86 cents/lb.), respectively, yesterday amid concerns of growing LME and SHFE inventories and further efforts by China’s bank regulator to curb investment risk there. Copper prices were lower again in Shanghai on Friday as SHFE July copper settled 0.9% lower. In New York, markets are closed today for Good Friday but COMEX May copper fell by over 4 cents yesterday to $3.402/lb. as gold futures softened to $1,595.70/to. Crude oil futures bucked the commodities trend as NYMEX May crude advanced to $97.23/bbl on Thursday after having started off the week at $93.72/bbl. Meanwhile, stocks on Wall Street continued to push higher as the Dow Industrials rose to finish at 14,578.54 yesterday while the S&P 500 ended the day 0.4% higher at 1,569.19, eclipsing the previous record set in October 2007…
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