Commodities prices drop on session

With floor trade closed on the New York Mercantile Exchange on Monday as US markets took the day off to celebrate the birth of Martin Luther King Jr., the price of oil fell in electronic trade on big losses in European and Asian equities markets.

February contracts for West Texas Intermediate crude, due to expire on Tuesday, were down as much as $2.01 to $88.56 per barrel and stood at $88.64 per barrel in electronic trade in early afternoon in New York, while more active March contracts dropped $1.92 to $88 per barrel in early afternoon trade.

Meanwhile, Brent crude for March delivery fell as much as $1.78 to $87.45 per barrel on the ICE Futures Europe exchange in London and was at $87.51 per barrel at last report.

Precious metals were lower in London on Monday as the US dollar strengthened.

At 5 p.m. in London, gold was down $19.93 to $863.24 per troy ounce, while silver for immediate delivery was 58 cents lower to $15.59 per troy ounce, platinum fell $19.25 to $1,539.75 per troy ounce, and palladium dropped $6.50 to $363 per troy ounce.

In electronic trade, New York February contracts for gold were $18.70 lower to $863 per troy ounce.

Among base metals, three-month copper dropped $266 to $5,875 per tonne by 5 p.m in London while aluminium was down $38 to $2,412 per tonne, zinc was $120 lower to $2,235 per tonne and tin dropped $380 to $16,070.

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