Crude prices lower on drop in China imports

Crude oil prices were lower again Monday after new data showed imports into China fell in July, feeding concerns about declines in demand, and after Iran’s top nuclear negotiator reportedly asked for new negotiations between his country and the European Union regarding Iran’s nuclear program.

September contracts for West Texas Intermediate were down 73 cents to $114.49 per barrel around the close of floor trade on the New York Mercantile Exchange after gaoing as low as $112.72 per barrel earlier, while at last report Brent crude was down $1.75 to $111.58 per barrel on the ICE Futures Europe exchange in London after earlier falling to $111.07 per barrel.

Nymex September gasoline futures were down 5 cents to $2.84 per gallon while September heating oil futures dropped 3 cents to $3.10 per gallon.

Prices were up earlier in the session in New York on concerns about supply disruptions due to the fighting in Georgia and the continued pipeline closure in Turkey.

Copper prices fell Monday on a stronger US dollar, sell-offs, and on more worries about demand prompted by weakness in industrial production, with September copper down 4 cents to $3.29 per pound in New York while three-month copper ended the session down $90 to $7,410 per tonne in London.

Nickel held steady in London at $18,050 per tonne, while aluminium was down $17 to $2,833 per tonne after exports from China were reported down in July, lead fell $49 to $1,925 per tonne and tin dropped $250 to $18,750 per tonne but zinc added $5 to $1,690 per tonne.

Gold was down on the stronger dollar and on declines in oil prices, with December gold falling $36.80 to $828.50 per troy ounce around the close of trade in New York, while September silver was down 68 cents to $14.65 per troy ounce.

In morning trade in New York, October platinum was $13.90 lower to $1,545.70 per troy ounce but palladium added $3.25 to $334 per troy ounce.

Grains prices were mixed on the Chicago Board of Trade, with December corn down 1 cent to $5.17 per bushel in afternoon trade while November soybeans were 16 cents higher to $11.96 per bushel and September wheat had gained 28 cents to $7.93 per bushel.

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