Commodities prices see gains in New York, London

Prices for crude oil rose Wednesday after the US Energy Information Administration released its weekly inventories report, which showed that while crude oil stockpiles were up twice the expected amount, gasoline inventories were significantly lower than had been anticipated.

June contracts for West Texas Intermediate crude were up 98 cents to $50.90 per barrel on the New York Mercantile Exchange while Brent crude gained 77 cents to $50.76 per barrel on the ICE Futures Europe exchange in London.

The EIA said that inventories of crude oil were up by 4.1 million barrels in the week ending 24 April and distillates stockpiles added 1.8 million barrels, but gasoline inventories dropped by 4.7 million barrels during the week.

July copper was up 9 cents to $2.01 per pound in New York while three-month copper on the LME added $150 to $4,370 per tonne on the session.

Prices were up after inventories in London Metal Exchange warehouses fell 8,825 tonnes during the session to bring declines in stockpiles over two days to 13,825 tonnes.

Other base metals prices were higher as three-month aluminium added $21 to $1,427 per tonne despite continuing gains in inventories, while lead added $38 to $1,330 per tonne and nickel was up $480 to $11,400 per tonne, also despite gains in inventories and tin added $280 to $12,180 per tonne.

Precious metals prices were also up on the session in New York as June gold added $6.90 to $900.50 per troy ounce while July silver was 35 cents higher to $12.78 per troy ounce, platinum added $5.20 to $1,106.80 per troy ounce and, in afternoon trade, June palladium gained $6.35 to $223.10 per troy ounce in afternoon trade.

Grains prices were also higher in afternoon trade on the Chicago Board of Trade.

CBOT May wheat was up 10 cents to $5.20 per bushel while May corn added 18 cents to $3.93 per bushel and May soybeans gained 44 cents to $10.34 per bushel.

Story link: Commodities prices see gains in New York, London