Most base metals see gains

Crude oil prices rose on Tuesday after speculators bet that demand will be higher than supplies even as refiners ramp up production, with some analysts predicting that demand could to up by as much as 5.6 percent next year.

At the close of the session in New York, West Texas Intermediate crude September contracts were up $1.37 to $78.20 per barrel, while September deliveries of Brent crude added $1.13 to $76.87 per barrel, sending prices to near last year’s record highs.

Nymex September gasoline added 5 cents to $2.11 per gallon and September heating oil was up 4 cents to $2.13 per gallon, while September natural gas was lower however, dropping 31 cents to $6.19 per million British thermal units.

Prices for precious metals were higher on Tuesday, with December gold adding $2.70 to $679.30 per troy ounce in New York on weakness in the US dollar and on higher oil prices.

September silver was also higher as it gained 11 cents to $13.02 per troy ounce, while October platinum was $15.80 higher to $1,302.60 per troy ounce.

Among base metals, the price of copper was higher in New York and London on Tuesday after workers at three mines in Mexico, including the country’s largest copper mine and two zinc mines, went on strike for higher wages.

September copper in New York added 6 cents to $3.65 per pound, the biggest one-day gain for copper there since July 19, while its price on the London Metal Exchange went above $8,000 per tonne.

The price of lead went gained 6.4 percent on the session to $3,100 per tonne, its biggest gain in over a month as LME inventories fell to 37,575 tonnes.

Tin reached a new high of $16,600 per tonne during the day in London, while nickel added 2.5 percent to $31,250 per tonne.

Only aluminium saw a decline on the session, dropping just over 1 percent to $2,747 per tonne in London.

Story link: Most base metals see gains