Oil, metals prices down
Crude oil prices hit new highs on Monday before seeing losses as investors engaged in profit-taking. Despite the day’s declines, most analysts believe that oil can only go up in the short term on issues as diverse as geopolitics, higher Chinese imports, and the weather.
Brent crude for September delivery was up to $78.18 per barrel, a new record, before dropping $1.33 from Friday’s close to $76.25. Meanwhile, West Texas Intermediate crude was down $1.38 by midday on the New York Mercantile Exchange, to $75.65 per barrel. On Friday, WTI hit a new high of $78.40 per barrel.
In the metals markets, spot gold was up to $672.90 per troy ounce in early trade, but by the middle of the day in New York it had lost $14.80 to $648.90 per troy ounce. In base metals, copper was also down as the end of a miner’s strike in Mexico made the issue of supplies a little less urgent. Three-month copper dropped $341 to $7,739 per tonne on the London Metal Exchange.
Elsewhere, cocoa prices were down 14 percent in what analysts called an overdue correction. It was the largest one-day decline in cocoa prices in 17 years.
Visited 711 times, 2 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.