Crude oil prices fall but most metals see gains

Crude oil prices were lower in late trade in New York Tuesday.

December contracts for West Texas Intermediate crude were down 20 cents to $54.75 per gallon a few minutes before the close of floor trade on the New York Mercantile Exchange, while January Brent crude contracts were down 23 cents to $52.08 per barrel.

The declines came even though Organization of Petroleum Exporting Countries member Iran called for another 1 million to 1.5 million barrel per day cut in production from the cartel.

Nymex December gasoline futures were down 3 cents to $1.15 per gallon in afternoon trade while January heating oil fell 5 cents to $1.81 per gallon and January natural gas dropped 4 cents to $6.60 per million British thermal units.

Most metals prices were higher.

March copper remained about even in New York at $1.67 per pound but three-month copper gained $90 to $3,750 per tonne on the London Metal Exchange, while aluminium gained $28 to $1,918 per tonne in London.

Zinc added $69 to $1,229 per tonne on an announcement of production cuts by the world’s largest zinc producer, while nickel was up approximately $100 as it traded at around $10,650/$10,655 per tonne.

Tin dropped about $650 to $13,000 per tonne in London.

In afternoon trade in New York, December gold was $7.50 lower to $735.50 per troy ounce but December silver added 21 cents to $9.54 per troy ounce and January platinum gained $16.40 to $837 per troy ounce.

Grains prices were lower on the Chicago Board of Trade as December wheat and January soybeans each fell 4 cents to $5.29 per bushel and $9.02 per bushel respectively and December corn dropped 5 cents to $3.80 per bushel.