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Tuesday 23rd of June 2009
May 11, 2006

Oil, metals continue rise


by Elaine Frei

Supply concerns sent crude oil prices higher on Thursday. While Congress considered lifting import tariffs on ethanol in order to ease the pump price of gasoline, the Energy Information Administration said that such a move would only increase supplies by a little bit. June contract West Texas Intermediate crude on the New York Mercantile Exchange added $1.22 to $73.35 per barrel. Brent crude for June delivery on the International Petroleum Exchange was up 85 cents to $73.29 per barrel. Nymex unleaded gasoline for June was up 2.8 cents to $2.1975 per gallon.

In the metals markets, meanwhile, copper was up 6.2 percent to $8,575 per tonne, sliding back slightly after going as high as $8,790 per tonne earlier in the day, as inventories declined yet again in Europe and South Korea. In addition, Europe’s largest copper producer said that copper shortages were likely to continue.

Zinc hit a record $4,000 per tonne before falling back to $3,880 per tonne. Nickel added 3.7 percent to $21,200 per tonne on a decline in London Metal Exchange inventories of 594 tonnes. Aluminium gained 3.1 percent to $3,300 per tonne.

Among precious metals, gold was up 2.2 percent to $722.30 per troy ounce after going as high as $726.00 per troy ounce earlier in the day. Silver went as high as $15.17 per troy ounce before settling back to $14.93 per troy ounce. Platinum settled at $1,283 per troy ounce after hitting a new record of $1,293 per troy ounce during the day.

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