Market and product

Copper fell to its lowest level in two weeks Thursday amid persistent worries that Europe's financial crisis could stall the global economic recovery.

Metals also were hurt as the dollar grew stronger against the euro and other global currencies. Because commodities are priced in dollars, a stronger dollar makes them more expensive for overseas buyers.

Energy prices bucked the trend, all settling higher on signs of improving demand. Grains were mixed.

Investors have questioned whether the financial crisis could hurt Europe's growth over the long term which, in turn, would slow or stall the global economic recovery.

"I think concerns over the European situation are kind of at the forefront of investors' minds once again," said Matt Zeman, head trader at LaSalle Futures in Chicago.

Adding to those concerns was a U.S. government report that showed orders to U.S. factories climbed in April, but at a smaller pace than in March. Excluding transportation, orders actually fell 0.5 percent, which was the poorest showing in 13 months.

Copper for July delivery fell 9.4 cents, or 3.1 percent, to settle at $2.9465 a pound.

In other July contracts, silver fell 38.4 cents to $17.931 an ounce; platinum fell $7.50 to $1,542.90 an ounce. June palladium lost $1.80 to $449.60 an ounce.

Gold for August delivery also felt the effects of the stronger dollar, settling down $12.60 at $1,210 an ounce. "Gold looks good long term, but I think people are getting into a situation where they just want to take all risk off the table," Zeman said.

Energy prices all settled higher after the Energy Information Administration reported that crude oil inventories shrank by 1.9 million barrels last week, which was more than analysts had expected.

Benchmark crude for July delivery rose $1.75 to settle at $74.61 a barrel on the New York Mercantile Exchange.

The government also said gasoline inventories unexpectedly fell, an indication of improving demand. Gasoline for July delivery rose 5.51 cents to settle at $2.0812 a gallon.

Natural gas prices also rose after a separate report indicated supplies increased less than expected last week. July natural gas gained 26.6 cents to settle at $4.690 per 1,000 cubic feet.

In other Nymex trading in July contracts, heating oil rose 3.32 cents to settle at $2.0391 a gallon.

Grain prices were mixed. July wheat lost .75 cent to settle at $4.4175 a bushel, while soybeans rose 22.5 cents to $9.55 a bushel. Corn added 1 cent to $3.495 a bushel.

(Source: AP)