Commodities prices higher on sinking dollar

Crude oil prices rose slightly in New York and London on Tuesday as the dollar declined versus the euro even though demand worries were amplified after the Conference Board reported another decline in US consumer confidence.

West Texas Intermediate crude for May delivery added 21 cents to $101.07 per barrel on the New York Mercantile Exchange, while Brent crude was 59 cents higher to $100.45 per barrel on the ICE Futures Europe exchange in London.

Nymex April gasoline was up 3 cents to $2.67 per gallon while May heating oil dropped 6 cents to $2.82 per gallon and May natural gas gained 9 cents to $9.51 per million British thermal units.

Precious metals prices were up on Tuesday after the US dollar declined against the euro.

April gold was up $16.30 to $935 per troy ounce in New York while May silver was 70 cents higher to $17.81 per troy ounce and April platinum soared $96.70 to $1,985.90 per troy ounce.

Among base metals, copper added 6 cents to $3.85 per pound in New York while three-month copper was up $245 to $8,085 per tonne, or $3.67 per pound, in London as London Metal Exchange stockpiles fell to 120,175 tonnes.

Grains prices were lower in Chicago.

May corn on the Chicago Board of Trade was up 20 cents to $5.44 per bushel while CBOT May soybeans and wheat each added 50 cents, to $13.07 per bushel for soybeans and to $10.70 per bushel for wheat.

Corn and soybeans were higher on worries that farmer protests over export tax hikes in Argentina will cut out put, while wheat prices rose as dry weather in parts of Texas, Oklahoma and Kansas threatens crop yields.

Story link: Commodities prices higher on sinking dollar