Lead higher on smelter explosion

Prices for precious metals were down again on Tuesday.

In early afternoon trade in New York, August gold had dropped 40 cents to $665.90 per troy ounce, while
at the same time September silver dropped 5 cents to $13.02 per troy ounce.

Platinum fell $4.50 to $1,322.60 per troy ounce, while palladium was dropped $2.45 to $367.75 per troy ounce.

Most base metals prices were lower as well.

The major exception was lead, which reached a new record high again on Tuesday as production was hampered at a Missouri smelter after an explosion.

Three-month lead reached $3,215 per tonne before its price fell to $3,190 per tonne in late afternoon trade on the London Metal Exchange for a gain of $100.

Tin also gained ground, rising to $14,300 per tonne.

Copper prices dropped 1 cent to $3.55 per pound in early afternoon trade in New York and fell by 0.4 percent to $7,776 per tonne on the London Metal Exchange as inventories increased and strike news was mixed.

The price of nickel was also lower, falling $155 to $31,850 per tonne in London, while aluminium prices dropped to $2.796 per tonne.

Crude oil prices were lower ahead of new data on US inventories, due Wednesday.

At the close of trade on the New York Mercantile Excahnge, West Texas Intermediate crude August contracts were 10 cents lower to $74.05 per barrel, while September delivery Brent crude fell 72 cents to $75.57 per barrel on the Intercontinental Exchange in London.

Nymex August gasoline futures were 2 cents lower to $2.10 per gallon, while September heating oil dropped 3 cents to $2.05 per gallon and September natural gas fell 7 cents to $6.41 per million British thermal units.

Story link: Lead higher on smelter explosion