Metals, oil prices mixed

The prices for copper and nickel were higher on Monday, but gold dropped $2 to trade at $661.80/$662.30 per troy ounce.

Copper added $100 to $6,980 per tonne, approaching the $7,000 level for the first time since December. Prices are being supported by forecasts that demand will exceed supply in the second quarter. Meanwhile, nickel was $700 higher to $45,000 per tonne following recent sell-offs as London Metal Exchange warehouses saw stockpiles rise.

Zinc prices, however, continued to decline, falling $115 to $3,140 per tonne on the session.

Crude oil prices were mixed by early afternoon in New York as Iran and the UK remained at odds over 15 British naval personnel being held by the Iranians. Since the crisis began 12 days ago, Brent crude has advanced to now trade $3 higher than West Texas Intermediate crude. Brent prices are usually lower than the price of WTI.

Helping to keep WTI prices lower than prices for Brent were reports that the delivery point for Nymex WTI contracts in Cushing, Oklahoma is nearly at its full storage capacity. Although this does not mean that this is true of all storage facilities in the US, having excess oil in storage at the main holding point has kept prices lower than they might otherwise be.

Brent crude was 48 cents higher to $68.58 per barrel late in the day on the Intercontinental Exchange in London, while early afternoon found WTI 30 cents lower to $65.59 per barrel on the New York Mercantile Exchange.

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