Crude, grains prices see advances; metals mixed

Crude oil prices were higher in New York Monday, supported by gains in equities markets, by positive remarks on the economy from Federal Reserve Chairman Ben Bernanke, and on threats from Nigerian rebels that they will resume attacks on oil facilities in that African nation next month.

October contracts for West Texas Intermediate crude was up 31 cents to $74.20 per barrel less than half an hour before the close of floor trade on the New York Mercantile Exchange, while at last report Brent crude had dropped a cent to $74.18 per barrel on the ICE Futures Europe exchange in London.

Nymex September natural gas futures added 11 cents in afternoon trade but remained below $3 at $2.91 per 1,000 cubic centimeters as industrial demand seems to be resisting recovery.

Prices for copper were higher, helped by the improved sentiment and seemingly little bothered by new data from China’s customs office that while refined copper imports doubled and more in the first half of 2009 but were down 23 percent in July from June.

Three-month copper was up $130 to $6,400 per tonne on the London Metal Exchange, while September copper added 3 cents to $2.92 per pound in New York trade.

The price of lead also saw advances, gaining 8.2 percent to $2,016 per tonne in London after it was reported that Henan province in China, the Asian nation’s largest producer of lead, has shut down up to 240,000 tonnes of its yearly lead-smelting capacity.

Other base metals prices, meanwhile, were mixed in London.

Gold was lower on the session as the US dollar strengthened, reducing demand for the precious metal as an investment.

December gold was down $10.70 to $944 per troy ounce in New York, while October platinum was also lower, falling $11.10 to $1,248.10 per troy ounce, but December silver added 18 cents to $14.38 per troy ounce.

Grains prices were higher in afternoon trade in Chicago.

September corn was up 7 cents to $3.29 per bushel while September wheat added 11 cents to $4.71 per bushel and September soybeans gained 56 cents to $10.79 per bushel.

Story link: Crude, grains prices see advances; metals mixed