Base metals, oil, wheat all gain

Metals prices were mixed on Thursday, with base metals higher and precious metals mixed.

December copper was 5 cents higher to $3.28 per pound in New York and added 1.4 percent to $7,241 per tonne, or $3.29 per pound, in London as investors became more confident that demand will remain high and a new report showed that supply did not meet consumption in the first half of the year.

Prices for tin were 2.5 percent higher in London, while the price of lead was almost 5 percent higher.

Among precious metals, December gold fell 30 cents to $668.40 per troy ounce, down from gains earlier in the session, while December silver added 7 cents to $11.80 per troy ounce.

October platinum dropped $3.50 to $1,245.10 per troy ounce.

Crude oil prices were higher.

After a roller-coaster session that saw prices climb, fall, then climb again, West Texas Intermediate for October delivery was 34 cents higher to $69.60 per barrel near the close of floor trade.

October contracts for Brent crude, trading on the Intercontinental Exchange in London, was up $1.23 to $69.93 per barrel by mid-afternoon in New York.

Nymex September gasoline gained 1 cent to $1.90 per gallon, while October heating oil was also up a cent to $1.98 per gallon and October natural gas added 2 cents to $5.81 per million British thermal units.

December wheat on the Chicago Board of Trade added 7.3 cents to $7.39 per bushel in afternoon trade after the Taiwan Flour Millers Association said it would buy 92,000 tons of US wheat.

In Paris, November wheat gained €8.50 to €240.25 per tonne, or $8.87 per bushel, a new record high.

Back on CBOT, November soybeans were up $7.25 cents to $8.5425 per bushel in early afternoon trade on worries about rain damange, while December corn dropped 3 cents to $3.56125 per bushel on expectations of a record crop.

Farmers have seeded more acreage in corn than they have in over 60 years.

October sugar on the New York Board of Trade added 0.03 cent to 0.53 per pound, but it remains down 19 percent this year.

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