Most commodities prices lower on session

October contracts for WTI were 66 cents lower to $73.71 per barrel in early afternoon trade on the New York Mercantile Exchange, while at last report Brent crude had dropped 99 cents to $73.27 per barrel on the ICE Futures Europe exchange in London.

The declines came on profit-taking and on concerns raised by a report from the Congressional Budget Office that forecast an accumulated deficit of $7 trillion for the US over the next decade.

Additionally, worries remain as demand recovery still does not seem strong as the end of the US summer driving season approaches.

Earlier, in morning trade, Nymex September gasoline futures were trading even at $2.05 per gallon while October heating oil futures had added 2 cents to $1.95 per gallon and October natural gas was 10 cents lower to $3.24 per million British thermal units.

Lead prices were up again Tuesday, adding $36 to $2,061 per tonne on the London Metal Exchange on concerns that more smelters could close in China as some instances of lead poisoning are investigated.

Other base metals prices were lower on the session.

Copper dropped $107 to $6,311 per tonne in London and December copper was down 6 cents to $2.87 per pound in New York trade on concerns that China has built up too much inventory after gains in imports in the first half of the year, and after LME copper stockpiles were up again on the session.

Zinc was $4 lower to $1,852 per tonne while aluminium fell $27 to $1,900 per tonne and nickel dropped $245 to $19,355 per tonne.

Precious metals prices were mixed as December gold added $2.30 to $946 per troy ounce in New York trade and December silver was up 12 cents to $14.35 per troy ounce but October platinum fell 30 cents to $1,247.80 per troy ounce.

Grains prices were mixed in afternoon trade in Chicago as September soybeans added 8 cents to $10.88 per bushel but September wheat was down 3 cents to $4.68 per bushel and September corn dropped 9 cents to $3.20 per bushel.

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