Gold, most base metals prices decline
by Elaine Frei
Profit-taking and doubts among speculators about the potential for crude oil price gains sent prices lower on Monday. Brent crude for March delivery dropped $1.14 to $54.15 per barrel, while March contracts for West Texas Intermediate crude on the New York Mercantile Exchange fell $1 to $54.41 per barrel.
Despite predictions of more cold weather in the Northeast United States, Nymex February heating oil prices were also down, by 1.5 cents to $1.5760 per gallon.
Gold was lower in metals markets on Monday, trading at $645.70 per troy ounce ahead of a new decision on interest rates from the US Federal Reserve, due Wednesday.
Base metals prices were mostly lower. The major exception was tin, which added 0.4 percent to $12,250 per tonne on a drop of 375 tonnes on stockpiles and worries over a crackdown on independent smelters in Indonesia.
Nickel dropped 1.8 percent to $37,400 per tonne even though London Metal Exchange stockpiles were 600 tonnes lower to only 2,700 tonnes. Aluminium fell 3 percent to $2,710 per tonne as a strike in Guinea ended.
Copper and zinc were each down 3.8 percent, to $5,590 per tonne and $3,500 per tonne respectively. Copper inventories were up by 5,975 tonnes in LME warehouses as consumption has declined, likely as a consequence of the housing slowdown in the United States.
Discuss this in the Finance Markets forums
Story link: Gold, most base metals prices decline
Add to Bookmarks:
Related financial stories to: Gold, most base metals prices decline
- Gold lower, base metals gain on week
- Oil, metals prices decline
- Oil and precious metals up; most base metals lower
- Base metals, crude oil up; precious metals lower
- Base metals prices see gains this week
- Most metals prices, oil decline
- Crude oil prices decline; metals mixed
- Oil, gold prices decline
- Most metals prices fall
- Base metals mixed on session
Previous: « US internet sector gains on week
Next: Nikkei, Topix each add 0.3 percent »
Visited 392 times, 2 so far today
