Crude prices higher; metals mixed on session

Crude oil prices were up slightly Tuesday, held back by a stronger US dollar and questions about demand growth raised by new economic data from the United States that showed both industrial production and producer prices up less than expected last month.

December contracts for West Texas Intermediate crude were up 24 cents to $79.14 per barrel on the New York Mercantile Exchange, while at last report December Brent crude had added 52 cents to $79.28 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline futures were 2 cents higher to $2 per gallon, while January heating oil also added 2 cents, to $2.09 per gallon, but January natural gas futures fell 8 cents to $4.91 per million British thermal units.

Prices for both base and precious metals were mixed.

March copper ended essentially even in New York at $3.13 per pound while three-month copper was $29 lower to $6.826 per tonne on the London Metal Exchange, with declines coming as LME inventories added 3,550 tonnes on the session to 410,000 tonnes.

Other base metals seeing declines included lead, which was down $5 to $2,385 per tonne in London while zinc fell $10 to $2,263 per tonne and tin dropped $35 to $14,950 per tonne.

Aluminium added $6 to $2,036 per tonne after going as high as $2,053.75 per tonne earlier in the session despite an increase in inventories, while nickel prices were also up, adding $100 to $16,900 per tonne even though stockpiles were up 1,032 tonnes their highest level in at least 14 years.

Precious metals prices were also mixed as December gold traded even around the close of floor trade in New York at $1,139.40 per troy ounce while December silver fell a cent to $18.39 per troy ounce but January platinum added $17.90 to $1,462.50 per troy ounce.

Story link: Crude prices higher; metals mixed on session