Prices fall for metals, oil as crop prices recover

5/7/2013 2:15 PM
By Associated Press

Prices for metals and oil dropped Tuesday, while key crops recovered some of their losses from the previous day.

The biggest moves were in palladium, which lost more than 2 percent, and platinum, which lost nearly 2 percent. Both can trade as industrial metals, meaning they generally rise when investors feel hopeful about the economy. Their decline was a schism from the U.S. stock market, where the Dow Jones industrial average closed above 15,000 for the first time.

Palladium for June delivery fell $16.50 to $680.60 per ounce. July platinum lost $26.50 to $1,481.20 per ounce.

June gold was down more than 1 percent, losing $19.20 to $1,448.80 per ounce. July silver lost 14.9 cents to $23.806 per ounce. July copper slipped 0.8 cent to $3.3025 per pound.

Oil prices fell, partly because investors are expecting an increase in U.S. oil supplies when the Energy Department releases its weekly inventories report Wednesday.

Benchmark oil for June delivery fell 54 cents to finish at $95.62 per barrel in New York. Brent crude, which is the benchmark for international oil varieties, fell $1.06 to $104.40 per barrel in London.

In other energy futures trading, wholesale gasoline dropped 3 cents to $2.83 a gallon. Natural gas fell 9 cents to $3.92 per 1,000 cubic feet. Heating oil edged up 1 cent to $2.93 a gallon.

Prices for key agricultural crops rose slightly, after falling Monday. Wheat was up 6.25 cents, about 1 percent, to $7.09 per bushel. Soybeans were also up about 1 percent, rising 13 cents to $13.8225. Corn edged up 3.5 cents to $6.40 a bushel. All are still down for the week, including a 9 percent decline in corn.


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8/30/2014 | Last Updated: 12:30 PM