Commodities were mixed Thursday after the European Central Bank raised a key interest rate and Japan was rocked by a powerful aftershock to last month's devastating earthquake and tsunami.
Prices for gold, copper and oil rose while grains, beans and gasoline fell as investors sought to balance their holdings.
The European Central Bank raised its key interest rate by a quarter point in an effort to control inflation. The move came a day after Portugal asked for rescue loans from other nations in the European Union.
The rate increase validated the inflation threat, leading investors to buy more crude and gold, George Gero, vice president at RBC Global Futures, wrote in an email.
In Japan, the magnitude-7.4 aftershock knocked out power across much of the northern part of the country. The aftershock sent copper prices higher on expectations that more of the metal would be needed to help with rebuilding, Gero said.
In metals trading, May copper added 4.65 cents to settle at $4.4165 a pound. July platinum fell $7.20 to settle at $1,790.60 an ounce and June palladium gave up $4.35 to settle at $780.25 an ounce.
Gold for June delivery rose 80 cents to settle at $1,459.30 an ounce and May silver added 16.5 cents to settle at $39.552 an ounce.
In other trading, wheat prices fell despite stronger export sales and ongoing dry weather that is plaguing the winter wheat crop in parts of the Great Plains.
