Base metals prices mixed; oil gains

Base metals prices were mixed on Thursday.

Copper was higher, boosted by a decline in London Metal Exchange stockpiles and hopes that the US Federal Reserve will cut interest rates next week, stimulating the US economy and boosting demand.

March copper in New York added 1 cent to $3.05 per pound, while three-month copper added $30 to $6,725 per tonne in London.

Prices for tin and nickel were also higher, by $150 per tonne each, to $16,600 per tonne and $26,050 per tonne respectively.

The price of zinc was down $16 to $2,390 per tonne in London while aluminium fell $17 to $2,448 per tonne, lead dropped $135 to $2,695 per tonne.

Precious metals prices were higher in New York on Thursday after the US dollar weakened in relation to the euro.

February gold on the Comex division of the New York Mercantile Exchange added $3.40 to $807.10 per troy ounce.

Additionally, March silver gained 17 cents to $14.63 per troy ounce and January platinum was $1.90 higher to $1,470.20 per troy ounce.

Crude oil prices were higher on Thursday on new moves by the Bush administration in the US to get its European allies to push Iran to stop its uranium enrichment program and admit the full extent of its nuclear ambitions despite a new report from US intelligence which asserts that Iran stopped pursuing development of a nuclear weapon years ago.

West Texas Intermediate crude for January delivery added $3.16 to $90.65 per barrel on the New York Mercantile Exchange, while January contracts for Brent crude were up $2.19 to $90.68 per barrel on the ICE Futures Europe exchange in London.

Nymex January gasoline added 9.3 cents to $2.31 per gallon while January heating oil was up 6 cents to $2.55 per gallon.

A report that natural gas stockpiles were down by 88 billion cubic feet last week sent January natural gas contracts 16 cents higher to $7.346 per 1,000 cubic feet.

Among agricultural commodities, meat and livestock futures were higher while grains were mixed.

March corn on the Chicago Board of Trade added less than 1 cent to $4.12 per bushel and December CBOT wheat added 7 cents to $8.71 per bushel while March wheat was up 6 cents to $8.91 per bushel.

On the other hand, January soybeans dropped almost 1 cent to $10.98 per bushel.

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