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Tuesday 02nd of December 2008
May 23, 2006

Commodities prices rebound


by Elaine Frei

Commodities prices were up on Tuesday, with crude oil and some metals notching substantial gains.

Copper added 12.7 percent to $8,525 per tonne. The trade in copper on the New York Mercantile Exchange was halted twice during the day when the increase in the price of copper hit its daily limit.

The price of nickel was up 6.2 percent to $22,200 per tonne, a new record. The increase came on a decline of 972 tonnes in inventories in London Metal Exchange warehouses. Meanwhile, zinc gained 5.7 percent to $3,520 per tonne on a report from the International Lead & Zinc Study Group, which said that while worldwide demand was up by 5 percent in the first quarter of the year output was flat, leading to a 103,000 tonne deficit in the metal.

In precious metals, gold was up 3 percent to $669 per troy ounce, while silver added 4.9 percent to $13.06 per troy ounce, platinum was up to $1,313 per troy ounce, and palladium rose to $356 per troy ounce.

The price of crude oil was up after the US National Oceanic and Atmospheric Administration said that another active hurricane season is expected this year and the Organization for Economic Co-operation and Development said that high oil prices are expected to last for a substantial period of time. July contract Brent crude on the International Petroleum Exchange added $1.35 to $70,70 per barrel, while West Texas Intermediate on the New York Mercantile Exchange was up $1.49 to $71.45 per barrel.

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