Crude prices, metals jump on good US GDP news

Crude oil prices rebounded Thursday in New York and London after the US dollar weakened and on a new report that the US gross domestic product was up at a 3.5 percent annual rate in the third quarter, and even though inventories were up last week and demand doesn’t seem to be growing in the US.

December contracts for West Texas Intermediate crude added $2.41 to $79.87 per barrel on the New York Mercantile Exchange, while December Brent crude gained $2.48 to $78.34 percent on the ICE Futures Europe exchange in London.

Nymex November gasoline futures were 3 cents higher to $2.02 per gallon and December heating oil was up 6 cents to $2.08 per gallon while December natural gas traded even at $5.06 per million British thermal units.

In metals markets, December copper was up 10 cents to $3.03 per pound in New York trade, while three-month copper added $234.50 to $6,664.50 per tonne on the London Metal Exchange as investors took the news about the US GDP as a sign that the US has emerged from the recession and on a continuing strike by mine workers in Chile.

Other base metals prices also saw gains as aluminium added $43 to $1,955 per tonne, zinc was up $75 to $2,265 per tonne, lead was $134 higher to $2,365 per tonne, tin added $350 to $15,000 per tonne, and nickel gained $890 to $18,690 per tonne.

Among precious metals, December gold added $16.60 to $1,047 per troy ounce in New York trade, while December silver was up 42 cents to $16.66 per troy ounce, January platinum was $31.30 higher to $1,338,20 per troy ounce and, in mid-morning trade, December palladium added $7.55 to $324.95 per troy ounce.

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