Crude oil, most metals prices fall on session

Crude oil prices fell below $70 per barrel in New York Tuesday on a report from the US Commerce Department that wholesale inventories in the US were down by 1.7 percent in June.

September contracts for West Texas Intermediate crude were down $1.16 to $69.45 per barrel around the end of the floor trade session on the New York Mercantile Exchange, while at last report Brent crude had dropped $1 to $72.50 per barrel on the ICE Futures Europe exchange in London.

A survey of analysts showed that most expected crude oil inventories to be up slightly when the US Energy Information Administration reports last week’s stockpile levels on Wednesday, but gasoline and distillates inventories are expected to be lower.

Copper prices fell Tuesday on new data showing that imports of the metal into China dropped by nearly 15 percent in July over June and after the US dollar strengthened, limiting demand for metals as an investment.

September copper was 3 cents lower to $2.74 per pound in New York trade, while three-month copper dropped $105 to $6,030 per tonne on the London Metal Exchange.

Among other base metals, zinc was down $35 to $1,815 per tonne while aluminium fell $42 to $1,930 per tonne, lead was $74 lower to $1,800 per tonne and nickel dropped $750 to $19,450 per tonne.

Precious metals prices were mixed as December gold ended the floor trade session in New York 60 cents higher to $947.50 per troy ounce but September silver fell 1 cent to $14.35 per troy ounce and October platinum dropped $5.80 to $1,245.10 per troy ounce.

Grains prices were mixed in afternoon trade in Chicago as September corn added 2 cents to $3.26 per bushel and August soybeans gained 40 cents to $12.10 per bushel but September wheat was 9 cents lower to $4.85 per bushel.

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