Commodities mostly fall as storm hits East Coast

Topics: From the Wires,

Prices for gold, copper and oil fell Monday as a colossal storm began pounding the East Coast.

The commodity exchanges were closed except for electronic trading as mandatory evacuations were imposed in many areas. Stock markets also closed and bond trading ended early.

Trading was light with attention focused on the storm and its potential impact on the region. Investors mostly stayed away from trading commodities. The lighter volume created some volatility in prices. “It’s going to be kind of a wishy-washy interesting first few days of the week,” said analyst Matt Zeman of Kingsview Financial.

The price of oil fell on expectations that demand will decrease as the biggest refineries in the Northeast reduced or closed operations. The massive storm could affect power supplies and cause flooding, which could delay restarting the refineries. That, in turn, pushed up prices for other energy products on speculation that supplies may tighten.

Benchmark crude dropped 74 cents to end at $85.54 per barrel. Heating oil rose 1.74 cents to $3.1152 per gallon, wholesale gasoline increased 5.77 cents, or 2.1 percent, to $2.7568 per gallon and natural gas gained 7.1 cents, or 2.1 percent, to $3.471 per 1,000 cubic feet.



Meanwhile, investors had little reaction to a new government report showing that consumer spending increased in September to the highest level since February.

In December metals contracts, gold fell $3.20 to finish at $1,708.70 per ounce, silver fell 29.1 cents to $31.745 per ounce, copper dropped 5.55 cents to $3.4945 per pound and palladium ended down $5.65 at $589.75 per ounce. January platinum dropped $12.10 to $1,533.90 per ounce. In agricultural contracts, December wheat fell 5.75 cents to end at $8.58 per bushel, December corn decreased 0.75 cent to $7.37 per bushel and January soybeans dropped 34 cents to $15.2975 per bushel.

More Related Stories

Featured Slide Shows

  • Share on Twitter
  • Share on Facebook
  • 1 of 7
  • Close
  • Fullscreen
  • Thumbnails
    Dinah Fried

    Famous literary meals

    "Fear and Loathing in Las Vegas" by Hunter S. Thompson

    Dinah Fried

    Famous literary meals

    "Alice's Adventures in Wonderland" by Lewis Carroll

    Dinah Fried

    Famous literary meals

    "Moby Dick" by Herman Melville

    Dinah Fried

    Famous literary meals

    "The Bell Jar" by Sylvia Plath

    Dinah Fried

    Famous literary meals

    "The Catcher in the Rye" by J.D. Salinger

    Famous literary meals

    "The Metamorphosis" by Franz Kafka

  • Recent Slide Shows

Comments

0 Comments

Comment Preview

Your name will appear as username ( settings | log out )

You may use these HTML tags and attributes: <a href=""> <b> <em> <strong> <i> <blockquote>