After Cyprus, commodities struggle for direction

AP News
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Posted: Mar 25, 2013 5:22 PM

The Cyprus bailout deal is leaving commodities traders unsure what to do. On Monday gold fell, silver rose, and key industrial metals and energy commodities were mixed.

The news that dominated trading talk was that Cyprus reached an agreement that it will allow it to get emergency bailout loans from other European countries. But traders weren't sure what happens next.

June gold edged down $1.50 to $1,606.50 per ounce. May silver was up 11.7 cents to $28.815 per ounce.

Energy commodities were mixed. Benchmark crude for May delivery rose $1.10 to $94.81 a barrel in New York trading.

Among agricultural contracts, wheat slipped 2.5 cents to $7.2725 per bushel. Soybeans were down, corn was up.