Oil, metals prices mixed

In New York trade, precious metals prices were mixed on Tuesday. Most prices saw gains, but July platinum was $1 to $1,298.50 per troy ounce. Even though the price of platinum fell on the session, analysts think prices could go higher. There are concerns about the political situation in Russia, while there are other problems in South Africa. Together the two nations supply almost 90 percent of the world’s platinum. Meanwhile, still in New York, July silver added 9 cents to $13.325 per troy ounce, while September palladium was $1.50 higher to trade at $376.50 per troy ounce. August gold added $4.80 to $664.70 per troy ounce.

Prices on base metals were also mixed. Aluminium and lead were both higher, while copper, zinc and nickel saw declines. Aluminium gained slightly to trade at $7,206 per tonne. Lead, meanwhile, added 0.4 percent to $2,400 per tonne. On the other hand, copper dropped 1.4 percent to $7,430 per tonne even though London Metal Exchange stockpiles were lower and the possibility of strikes in Latin America. Zinc was 2.7 percent lower to $3,630 per tonne, while nickel fell 6.2 percent to $37,900 per tonne on reports that stainless steel producers in China are planning on cutting domestic supplies by 20 percent. It was nickel’s lowest price since the middle of February.

Crude oil prices were mixed on the session. Brent crude for July delivery dropped 22 cents to $71.96 per barrel on the Intercontinental exchange in London. While West Texas Intermediate crude July contracts were lower most of the session, by mid-afternoon in New York it had added 1 cent to $69.10 per barrel on the New York Mercantile Exchange. Despite the slight gain in crude oil prices in New York, Nymex July gasoline fell 3 cents to $2.23 per gallon and July heating oil was 1 cent lower to $2.04 per gallon. September natural gas was down 18 cents to $7.73 per million British thermal units.

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