Crude oil, metals, grains prices all decline

Crude oil prices were lower again Monday amid analyst predictions that prices could drop even more and despite the possibility that the year’s first hurricane could strike the East Coast of the United States but will probably miss the Gulf of Mexico.

At just before 1:30 p.m. in New York, September contracts for West Texas Intermediate crude had dropped $1.69 to $65.82 per barrel on the New York Mercantile Exchange, while at last report Brent crude was down $2.18 to $69.26 per barrel on the ICE Futures Europe exchange in London.

Nymex September gasoline was down 4 cent to $1.90 per gallon in morning trade in New York, while September heating oil had fallen 5 cents to $1.79 per gallon and September natural gas had dropped 3 cents to $3.21 per million British thermal units.

September copper was down 7 cents to $2.77 per pound in New York trade, while three-month copper fell $190 to $6,050 per tonne on the London Metal Exchange as LME inventories added 1,175 tonnes during the day to 294,050 tonnes.

Nickel prices fell $600 to $18,900 per tonne on higher inventories while aluminium dropped $30 to $1,960 per tonne as stockpiles fell but remained close to record highs.

Additionally, zinc was down $55 to $1,770 per tonne, lead fell $82 to $1,780 per tonne and tin dropped $545 to $13,905 per tonne.

Among precious metals, December gold was down $12.990 to $935.80 per troy ounce in New York trade on the dollar’s strength, while September silver fell 75 cents to $13.98 per troy ounce, October platinum was $39.10 lower to $1,222.60 per troy ounce and in earlier, morning trade September palladium dropped $5.25 to $272 per troy ounce.

Following other commodities prices, grains lost ground in afternoon trade in Chicago as September corn was down 4 cents to $3.14 per bushel, September wheat fell 10 cents to $4.71 per bushel and September soybeans dropped 38 cents to $9.86 per bushel.

Story link: Crude oil, metals, grains prices all decline