Most commodities prices fall on session

More worries about declining demand sent crude oil prices lower Thursday on a US Commerce Department report which showed an 0.3 percent annualized decline in the US GDP in the third quarter.

December contracts for West Texas Intermediate crude was down $1.54 to $65.96 per barrel on the New York Mercantile Exchange, while Brent crude for December delivery was down $1.96 to $65.54 per barrel on the ICE Futures Europe exchange in London.

Nymex November gasoline was 2 cents lower to $1.51 per gallon while December heating oil also dropped 2 cents, to $2.01 per gallon.

A contracting economy could lead to less demand for gasoline.

Most metals prices were lower Thursday.

December copper was down 20 cents to $1.89 per pound in New York while three-month copper dropped $445 to $4,210 per tonne after gaining over 12 percent on Wednesday as the US GDP report also caused demand concerns in metals markets.

Additionally, lead was down $60 to $1,520 per tonne while aluminium fell $86 to $2,065 per tonne, zinc was $100 lower to $1,160 per tonne and nickel dropped $1,740 to $11,900 per tonne.

Meanwhile among precious metals, December gold dropped $15.50 to $738.50 per troy ounce in New York trade while December silver ropped 2 cents to $9.79 per troy ounce but January platinum jumped $14 to $830.60.

Grains prices also dropped.

November soybeans on the Chicago Board of Trade were down $9.34 per bushel while CBOT December corn was 11 cents lower to $4.09 per bushel and December wheat dropped 23 cents to $5.38 per bushel as sales of US crops to overseas buyers were shown in a Department of Agriculture report to be below last year’s levels.

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