Most commodities drop on session

Crude oil prices fell on Monday, joining other commodities in declines as investors questioned the state of the US economy and hopes that tensions along the Turkey-Iraq border will soon decrease.

At the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for November delivery had dropped $1.35 to $87.25 per barrel, while Brent crude was 65 cents lower to $83.14 per barrel on the ICE Futures Europe exchange in London.

Nymex November gasoline dropped as well, falling 3 cents to $2.14 per gallon, while December heating oil was down 2 cents to $2.33 per gallon and December natural gas was 20 cents lower to $7.53 per million British thermal units.

Metals prices were lower in New York.

December gold was $8.40 lower to $760 per troy ounce at the end of floor trade in New York, while December silver was down 8 cents to $13.56 and January platinum fell $8.80 to $1,439.80.

Among base metals, meanwhile, copper dropped 7 cents to $3.49 per pound in New York while three-month contracts for the metal on the London Metal Exchange fell $100 to $7,760 per tonne after slipping to $7,665 per tonne earlier in the session as LME warehouses added 2,150 tonnes to copper inventories.

Among agricultural commodities, November soybeans dropped 6.75 cents to $9.765 per bushel on the Chicago Board of Trade as rain fell in Brazil’s main soybean region following a month and a half with no rain that threatened to delay planting.

Forecasters said the region could get as much as 11.5 centimeters (4.5 inches) of rain in the next two weeks.

CBOT December corn was lower as well, falling 5.75 cents to $3.645 per bushel, but December wheat added 15.5 cents to $8.71 per bushel.

Story link: Most commodities drop on session