Metals prices mixed as oil declines

Precious metals prices were mixed on Monday.

December gold added $1.80 to $826.50 per troy ounce after going as high as $832 per troy ounce during the session as the US dollar weakened yet again while December silver added 10 cents to $14.83 per troy ounce.

On the other hand, January platinum dropped $11.90to $1,468.60 per troy ounce and December palladium fell $2.40 to $359.10 per troy ounce.

Among base metals, copper saw gains on the possibility that demand from China will remain strong as demand for base metals in general grows in the next 25 years.

December copper in New York added 3 cents to $3.02 per pound while the more active March contracts added 2 cents to $3.05 per pound.

Meanwhile in London, three-month copper added $15 to $6,715 per tonne.

Crude oil prices were lower Monday on wide speculation that the Organization of Petroleum Exporting Countries will decide to increase production when they meet next week amid reports that Saudi Arabia has already upped output.

January contracts for West Texas Intermediate crude dropped 48 cents to $97.90 per barrel on the New York Mercantile Exchange, while Brent crude for January delivery was down 66 cents to $95.10 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline dropped just less than 3 cents to $2.44 per gallon, while heating oil traded essentially flat at $2.70 per gallon.

At-the-pump gasoline prices in the US fell 0.1 cent overnight to $3.085 per gallon as demand dropped following the Thanksgiving holiday there.

Among agricultural commodities, December contracts for wheat on the Chicago Board of Trade fell 12 cents to $8.14 per bushel on predictions of light rain in parts of the southern Great Plains were expected to help winter wheat crops.

March CBOT corn was 2.5 cents lower at last report to $4.03 per bushel, while January soybeans added 3.5 cents to $11.03 per bushel.

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