Most commodities prices end week with declines

Crude oil prices were lower Friday, but not before rising to $70.32 per barrel, their highest level since October.

July contracts for West Texas Intermediate crude were 21 cents lower at $68.60 per barrel a few minutes before the close on the New York Mercantile Exchange, while Brent crude had dropped 11 cents, also to $68.60 per barrel at last report on the ICE Futures Europe exchange in London.

Despite recent gains, the price of crude oil is still more than 50 percent less than it was when prices peaked last July.

Platinum prices fell on the session after seeing gains earlier in the week, with declines coming on the possibility that demand will not recover as quickly as had been hoped after new numbers showing that automobile sales in the United States dropped 34 percent in May compared to the same month last year.

The biggest use of platinum, which was $7.10 lower to $1,286.20 per troy ounce in New York, is in the manufacture of pollution-control devices for motor vehicles.

Earlier, platinum had dropped more than $30, while in morning trade September palladium, also used in the manufacture of pollution-control devices, had added 75 cents to trade at $256.15 per troy ounce in morning trade in New York.

August gold fell $962.60 per troy ounce on a stronger dollar, while July silver dropped 51 cents to trade at $15.39 per troy ounce in New York.

Among base metals, July copper fell 2 cents to $2.28 per pound in New York trade, while three-month copper dropped $30 to $4,995 per tonne on the London Metal Exchange.

Aluminium prices were higher, but nickel, lead and zinc all decline and tin held steady in London trade.

Grains prices fell on the Chicago Board of Trade, where July corn was 4 cents lower to $4.43 per bushel, July soybeans fell 5 cents to $12.25 per bushel and July wheat dropped 12 cents to $6.23 per bushel.

Story link: Most commodities prices end week with declines