Base metals prices higher on session

Base metals prices were higher Wednesday after an earthquake with a magnitude of 7.7 and at least one aftershock at magnitude 5.7 hit Chile’s mineral-rich northern region.

By just past noon in New York it was still unclear how much, if any, damage had been sustained at the mines.

Three-month copper on the London Metal Exchange added 3 percent to $7,135 per tonne while December copper in New York was up 19 cents to $3.30 per pound.

Tin was 4 percent higher to a record high $17,575 per tonne as traders predicted it could rise as high as $25,000 per tonne on uncertainties surrounding Indonesian supplies, while zinc added $25 to $2,665 per tonne while aluminium was up $31 to $2,609 per tonne and lead gained $55 to $3,480 per tonne.

Nickel dropped $100 to $33,300 per tonne.

The price of platinum saw its biggest one-day gain in six months on Wednesday on a prediction that demand will exceed supply.

January platinum added $33.80 in New York to $1,446.10 per troy ounce.

Meanwhile, December gold gained $15.30 to $814.30 per troy ounce, while December silver was up 46 cents to $15.07 per troy ounce.

West Texas Intermediate crude for December delivery was up $2.92 to $94.09 per barrel on the New York Mercantile Exchange Wednesday while December contracts for Brent crude added $2.37 to $91.20 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline was 5 cents higher to $2.37 per gallon while December heating oil gained 7 cents to $2.57 per gallon.

Gasoline prices at the pump in the United States were up 0.6 percent overnight to an average $2.111 per gallon nationally, according to the American Automobile Association and the Oil Price Information Service and are expected by some to go up at least 10 more cents per gallon.

Among agricultural commodities, grains prices were higher at last report.

December wheat was 4 cents higher to $7.52 per bushel on the Chicago Board of Trade while CBOT March corn gained 8 cents to $3.99 per bushel and January soybeans jumped 23 cents to $10.80 per bushel.

Story link: Base metals prices higher on session