Crude oil, metals, grains all see prices decline

Crude oil prices were down sharply again on demand worries after the International Energy Agency again cut its predictions for global demand this year and next.

November contracts for West Texas Intermediate crude was down $8.83 to $77.56 per barrel at the close of floor trade on the New York Mercantile Exchange while Brent crude for November delivery dropped $8.76 to $73.90 on the ICE Futures Europe exchange in London.

Nymex November gasoline futures were down 22 cents to $1.81 per gallon while November heating oil dropped 20 cents to $2.21 per gallon and November natural gas fell 26 cents to $6.57 per million British thermal units.

Metals prices were down sharply, as well.

The price of copper fell $515 to $4,800 per tonne in London after going as low as $4,570 per tonne earlier, while December copper in New York dropped 26 cents to $2.14 per pound.

Zinc was down $58 to $1,440 per tonne after falling to $1,270 per tonne earlier, while aluminium was $92 lower to $2,215 per tonne, lead fell $185 to $1,475 per tonne and tin dropped $700 to $14,050 per tonne.

The price of nickel fell as much as 17.9 percent during the session to $11,000 per tonne before rebounding to drop $1,225 to $12,175 per tonne.

Among precious metals, meanwhile, December gold dropped $27.50 to $859 per troy ounce in New York while December silver was down $1.28 to $10.60 per troy ounce and January platinum fell $38.50 to $1,005.20.

Grains prices fell in afternoon trade on the Chicago Board of Trade, with December corn down 30 cents to $4.08 per bushel while December wheat fell 42 cents to $5.62 per bushel and November soybeans dropped 70 cents to $9.10 per bushel.

Story link: Crude oil, metals, grains all see prices decline