Commodities prices plunge on session, led by oil

Crude oil prices fell sharply Monday on the failure of the US House of Representatives to pass the proposed bailout plan for the US financial sector and after the dollar strengthened versus the euro and the pound on three bank bailouts in Europe.

West Texas Intermediate crude for November delivery dropped $10.63 to $96.26 per barrel at the close of floor trade on the New York Mercantile Exchange while November contracts for Brent crude was down $7.37 to $96.17 per barrel on the ICE Futures Europe exchange in London.

Nymex October gasoline was down 29 cents to $2.38 per gallon while November heating oil dropped 24 cents to $2.75 per gallon.

Most metals prices also dropped.

December copper was down 17 cents to $2.91 per pound in afternoon trade in New York while three-month copper declined by $335 to $6,440 per tonne in London.

Aluminium dropped $52 to $2,442 per tonne while zinc was down $77 to $1,693 per tonne, lead was $130 lower to $1,830 per tonne, tin fell about $300 to $18,105 per tonne, and nickel dropped $600 to $16,400.

Among precious metals, December gold was up $5.90 to $894.40 per troy ounce in New York, but December silver was 49 cents lower to $13.01 per troy ounce and January platinum dropped $38.20 to $1,084.90 per troy ounce.

Grains prices were also down sharply as investors worried that the ailing economy will hurt demand.

December corn was down 30 cents to $5.13 per bushel and December wheat fell 48 cents to $6.68 per bushel while November soybeans dropped 70 cents to $10.94 per bushel.

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