Commodities prices reach higher

Crude oil was higher again on Tuesday, reaching both in-session and closing highs on a weak dollar, bombings in the Middle East, and the evacuation of some North Sea oil platforms due to approaching bad weather.

West Texas Intermediate crude oil for December delivery added $2.72 to $96.70 per barrel on the New York Mercantile Exchange, a new record close, after trading as high as $97.10 per barrel earlier in the session, a new in-session high.

WTI has added 66 percent since the beginning of the year.

Nymex December gasoline added 5 cents on the session to $2.43 per gallon and December heating oil gained 6 cents to $2.61 per gallon, while December natural gas dropped 14 cents to $7.86 per million British thermal units.

AAA and the Oil Price Information Service said that at the pump prices for gasoline in the US were up 2 cents overnight to a national average of $3.034 per gallon, while separate sources at the EIA said the national average price for diesel fuel is at a new record of $3.303 per gallon.

Precious metals prices were higher on Tuesday, platinum reaching a new high and gold and silver both hitting long-term highs on the session.

January platinum added $17.20 to $1,483.70 per troy ounce in New York, the highest on record for a most-active contract, on continuing problems at South African mines.

December gold ended the New York session $13 higher at $823.80 per troy ounce after going as high as $828 per troy ounce, its highest level since January 1980, while December silver also reached a long-term high at $15.54 per troy ounce before dropping back to $15.37 per troy ounce, a gain of 59 cents on the session.

Base metals prices were also higher.

December copper in New York added 4 cents to $3.34 per pound, while three-month copper on the London Metal Exchange gained $70 to $7,480 per tonne, with strike issues in Peru and bargain hunters said to be supporting prices.

Tin hit a record $17,100 per tonne on concerns about supplies from Indonesia, and closed at $17,050 per tonne and aluminium added $35 to $2,650 per tonne on shrinking inventories, while lead was up $55 to $3,750 per tonne, zinc gained $95 to $2,820 per tonne and nickel jumped $700 to $32,300 per tonne.

Grains prices were higher in Chicago.

December corn on the Chicago Board of Trade was up 11 cents to $3.8625 per bushel while December CBOT wheat gained 13 cents to $7.98 per bushel and January soybeans added 24.5 cents to $10.455 per bushel.

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