EU proposes to cut aluminium tariff

Crude oil prices were up slightly on Tuesday after declines earlier in the session as the US National Weather Service said that heating oil demand would likely be 25 percent below average this week as mild weather persisted in the Northeast and Midwest regions of the nation. Brent crude February contracts were up 3 cents to $62.16 per barrel by late afternoon in London after having declined by 66 cents earlier in the session. In late morning trade on the New York Mercantile Exchange, West Texas Intermediate Crude for January delivery was 10 cents higher to $62.32.

Precious metals prices were higher on Tuesday, with gold adding $5 to $620.10/$620.60 per troy ounce late in the afternoon in London, helped by a weakening US dollar. Silver gained 20 cents to $12.64/$12.71 per troy ounce, while platinum was $16 higher to $1,118/$1,123 per troy ounce.

Some base metals prices were also higher, after a proposal to cut European Union tariffs on wrought aluminium in half and then eliminate it completely in 2009. The alterations to the aluminium tariff, which currently stands at 6 percent, would have to be approved by the members of the EU, which are reportedly split on the matter. Also, there has been some confusion on 2007 pricing due to uncertainty about what will happen in regards to the tariffs. Aluminium was $22 higher to $2,810 per tonne on the session, while copper gained $5 to $6,675 per tonne.

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