Low inventories send copper, zinc prices higher in London

Crude oil prices were up Monday on new strike threats in Nigeria as well as on comments from a religious leader in Iran that reiterated his nation’s determination to pursue nuclear technologies. Also causing worries was a cyclone in the Arabian Sea, even though the bad weather was expected to miss all major oil facilities in the area.

Brent crude for July delivery was $1.30 higher to $70.37 per barrel on the Intercontinental Exchange in London, while West Texas Intermediate crude July contracts added $1.18 to $66.26 per barrel on the New York Mercantile Exchange. Nymex July gasoline dropped 1 cent to $2.24 per gallon, but Nymex July heating oil added 4 cents to $1.96 per gallon and natural gas gained 31 cents to $8.19 per million British thermal units.

Most metals prices were higher on the day. In midday trade in New York June gold gained $2.10 to $673.30 per troy ounce and August gold was up $2.40 to $679.30 per troy ounce on the. Also in New York, July silver was 8 cents higher to $13.820 per troy ounce, while July platinum gained $7.40 to trade at $1,303 per troy ounce and September palladium added 55 cents to $378 per troy ounce.

Base metals prices were mixed. Lead dropped 0.5 percent to close at $2,360 per tonne in London. Aluminium added 1.3 percent to $2,825.5 per tonne with June contracts due to expire on Tuesday. Zinc was 1.6 percent higher to $3,820 per tonne when LME inventories dropped by 500 tonnes, the lowest stockpiles in 16 years. Copper added 2.1 percent to $7,610 per tonne, also on a substantial decline in LME inventories.

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