Commodities prices fall on session

Crude oil prices fell Wednesday after the US Energy Information Administration reported that inventories of crude oil and distillates rose rather than falling as expected last week, and that gasoline stockpiles fell less than had been expected during the week.

Inventories of crude oil were 2.9 million barrels higher in the week ending 29 May, against an expected decline of 2 million barrels, while gasoline stockpiles fell by 200,000 barrels and distillates, including heating oil and diesel fuel, added 1.6 million barrels to storage during the week.

West Texas Intermediate crude for July delivery was $2.43 lower to $66.12 per barrel at the close of floor trade on the New York Mercantile Exchange after trading 75 cents lower before the EIA’s report was released.

Nymex July gasoline futures fell 3 cents to $1.77 per gallon during the day, while July heating oil was 6 cents lower to $1.74 per gallon and July natural gas dropped 35 cents to $3.77 per million British thermal units.

Copper prices were lower as the US dollar strengthened and after ADP Employer Services reported that the US private sector lost 532,000 jobs in May.

July copper fell 9 cents to $2.21 per pound in New York trade while three-month copper dropped $130 to $4,920 per tonne on the London Metal Exchange.

Nickel, lead and zinc prices also fell between 2.8 and 3 percent on the session while tin held steady at $14,500 per tonne but aluminium was up to $1,484 per tonne on increased consumer demand.

Gold ended the session in New York $18.80, trading at $965.60 per troy ounce while July silver dropped 65 cents to $15.31 per troy ounce and September palladium was down $8.75 to $242.50 per troy ounce on profit taking, but July platinum added $1.10 to $1,244.50 per troy ounce.

Grains prices were significantly lower on the Chicago Board of Trade as July corn was down 17 cents to $4.32 per bushel in afternoon trade while July soybeans fell 27 cents to $11.82 per bushel and July wheat dropped 52 cents to $6.17 per bushel.

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