Oil, most metals see price gains on session

Crude oil prices rose back over $80 per barrel Monday on a weaker dollar and on worries that Hurricane Ida, later reduced to tropical storm status, could cause supply interruptions as some oil companies cut production ahead of the storm as they evacuated some workers from offshore platforms in the Gulf of Mexico and kept watch at Gulf Coast refineries.

December contracts for West Texas Intermediate crude added $2 to $79.43 per barrel on the New York Mercantile Exchange while December Brent was up $2.22 to $78.43 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline futures and December heating oil futures each added 6 cents on the session, to $1.98 per gallon and $2.06 per gallon respectively, while December natural gas gained 8 cents to $4.67 per million British thermal units.

Gold set another record high price at $1,111.70 per troy ounce in early trade before backing off to a gain of $5.70 on Decmeber contracts in New York, to $1,101.40 per troy ounce.

December silver added 11 cents to $17.48 per troy ounce while January platinum was up $19 to $1,367.20 per troy ounce and, in mid-morning trade, December palladium gained $2.50 to $333.20 per troy ounce.

Among base metals, copper added 2 cents to trade at $2.97 per pound in New York while three-month copper on the London Metal Exchange was $50 higher to $6,540 per tonne after Codelco, the Chilean state-owned copper company, raised its term premium for some Asian customers.

New data on German industrial activity also helped prices rise even though LME copper inventories were higher once again, adding nearly 4,000 tonnes to stockpiles during the session.

Elsewhere, tin traded even at $14,750 per tonne in London, while aluminium added $42 to $1,952 per tonne as stockpiles dropped by 2,475 tonnes in London warehouses, lead added $50 to $2,300 per tonne and nickel was up $80 to $17,430 per tonne but zinc dropped $14 to $2,160 per tonne on the session.

Story link: Oil, most metals see price gains on session