Oil, metals prices in gains

Crude oil prices were up Friday after it was reported that there have been new clashes between the Turkish military and Kurdish militants in northern Iraq and on fewer US jobs losses in April than had been anticipated.

West Texas Intermediate crude for June delivery added $3.80 to $116.32 per barrel near the close of floor trade on the New York Mercantile Exchange while June contracts for Brent crude gained $3.65 to $114.15 per barrel on the ICE Futures Europe exchange in London.

At last report from New York, Nymex June gasoline was up 8 cents to $2.96 per gallon while June heating oil was 8 cents higher to $3.20 per gallon and June natural gas added 19 cents to $10.75 per million British thermal units.

Copper prices jumped Friday as investors looked for bargains after steep declines on Thursday and on a drop in London Metal Exchange stockpiles.

July copper added 12 cents to $3.82 per pound in afternoon trade in New York, while three-month copper in London gained $190 to $8,410 per tonne after being down $50 from Thursday’s close earlier in the day.

Among other base metals, three-month lead was up $6 to $2,585 per tonne while zinc added $33 to $2,218 per tonne, nickel was $50 higher to $28,400 per tonne and aluminium gained $80 to $2,920 per tonne.

Precious metals prices also saw gains as June gold added $7 to $857.90 per troy ounce just before the close of floor trade in New York while July silver was up 27 cents to $16.47 per troy ounce and July platinum gained $25.90 to $1,906.50 per troy ounce.

Prices for July soybeans were up in afternoon trade on the Chicago Board of Trade after Argentina apparently did not follow through on a promise to lift a ban on beef exports, a move that was seen as a sign that it will not satisfy farmers’ demands in relation to export taxes on their crops.

CBOT July soybeans were up 32 cents to $13.03 per bushel while CBOT July wheat gained 20 cents to $8.10 per bushel but July corn dropped 3 cents to $6.14 per bushel.

Story link: Oil, metals prices in gains