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Commodities prices up again

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by Elaine Frei

Commodities prices were up on Thursday ahead of long weekends in both the US and the UK.

Copper spent some time during the day back above the $8,000 level and were up $125 to $7,955 per tonne in late afternoon trade on the London Metal Exchange. Trade volumes were light. In other base metals, nickel added $100 to $22,100 per tonne, while aluminium gained $30 to $2,770 per tonne. Zinc was up $55 to $3,520 per tonne.

Gold was $10 higher than its late quote in New York on Wednesday to trade at $649.30/$649.80.

Crude oil prices were up as well. Brent crude July contracts were up 54 cents to $69.76 per barrel by late afternoon in London on the International Petroleum Exchange. July delivery West Texas Intermediate crude on the New York Mercantile Exchange gained 64 cents to $70.50 per barrel in early afternoon trade.

The upcoming Memorial Day holiday, which marks the beginning of the summer driving season in the United States, saw gasoline prices rise as usual. June delivery Nymex unleaded gasoline was up 3.05 cents to $2.0495 per gallon.

Meanwhile, the Organisation of Petroleum Exporting Countries said it has invited Sudan into full membership in the oil cartel. Sudan would be the smallest producing member, at 500,000 barrels per day.

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News posted: May 25, 2006

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