Crude oil trades lower, but most metals prices rise

Crude oil prices were lower Monday by late morning in New York after having been up slightly earlier in the session on demand from China, a weaker dollar and cold weather in the United States, but the retail price for gasoline in the US continued its upward spiral overnight.

February contracts for West Texas Intermediate crude was 32 cents lower to $82.42 per barrel at around 11:30 a.m. on the New York Mercantile Exchange.

February Brent crude, meanwhile, was 34 cents lower to $81.03 per barrel on the ICE Futures Europe exchange in London.

Retail prices for gasoline in the United States added another 1.4 cents overnight to $2.749 per gallon on average,, but Nymex February gasoline futures were about even in late morning trade at $2.15 per gallon while February heating oil futures had dropped 2 cents to $2.18 per gallon.

Metals prices were mostly higher on the session.

Copper prices were higher Monday as the US dollar weakened and on new data showing that China imported significantly more copper and copper products in December.

March copper added 4 cents to $3.44 per pound in New York trade while three-month contracts for copper added $102.50 to $7,567.50 per tonne on the London Metal Exchange.

China imported 27 percent more copper and copper products in December than it did in November and imports of the metal used in manufacturing and construction were 29 percent higher in December 2009 than they were in December 2008 although another gain in LME-monitored copper inventories grew by another 4,575 tonnes, putting in question demand outside of China.

Lead traded even at $2,532 per tonne in London and nickel prices dropped $35 to $17,890 per tonne as inventories grew by 810 tonnes, but aluminium added $50 to $2,330 per tonne on lower stockpiles and on warnings of power shortages to smelters in Henan province in China, while zinc was up $52 to $2,573 per tonne and tin gained $560 to $17,900 per tonne.

Meanwhile, among precious metals, February gold was up $12.50 to $1,151.40 per troy ounce, March silver gained 23 cents to $18.70 per troy ounce and April platinum added $25.40 to $1,596 per troy ounce.

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