Most commodities prices follow crude oil lower

Crude oil prices fell significantly for a second straight day Tuesday, bringing declines for the two days to more than $9 per barrel on profit-taking, on a stronger dollar, and on fewer worries about a conflict between Iran and the West.

August contracts for West Texas Intermediate crude dropped $5.42 to $135.95 on the New York Mercantile Exchange while Brent crude for August delivery fell $5.37 to $136.50 on the ICE Futures Europe exchange in London.

At the most recent report, Nymex August gasoline futures had dropped 12 cents to $3.36 per gallon while August heating oil was down almost 15 cents to $3.82 per gallon and August natural gas had dropped 52 cents to $12.45 per million British thermal units.

Copper prices were lower Tuesday on concerns that credit market problems will slow economic growth, which could cut demand for metals.

September copper, which was also hurt by a stronger dollar that made investors worry less about inflation, was down 15 cents to $3.70 per pound in New York while three-month copper dropped $227 to $8,185 per tonne, or $3.71 per pound, in London.

Aluminium was also lower in late afternoon trade in London, where it lost $156 to $3,152 per tonne on gains in inventories while zinc was down $60 to $1,775 per tonne, tin fell $250 to $22,500 per tonne and nickel dropped $325 to $20,600 per tonne but lead added $10 to $1,640 per tonne.

Among precious metals, August gold was down $5.50 to $923.30 per troy ounce in New York while October platinum dropped $30.90 to $1,952.90 per troy ounce, but at last report September silver had added 4 cents to $17.96 per troy ounce.

Prices for most grains were caught in the liquidation of commodities as well.

December corn on the Chicago Board of Trade was down 24 cents to $7.22 per bushel while CBOT November soybeans dropped 31 cents to $15.29 per bushel.

Wheat, on the other hand, saw gains, but CBOT September and December contracts each gained less than a cent per bushel on the session.

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