Nov. 24 (Bloomberg) -- Canadian stocks fell, led by producers of raw-materials and energy, as commodity prices declined after the U.S. said the economy grew slower than previously estimated.

Copper producer Quadra Mining Ltd. lost 3.8 percent as base-metal prices decreased. Goldcorp Inc., the country’s second-largest gold producer, dropped 2.2 percent as bullion retreated from a record before rebounding. Agrium Inc., Canada’s second-biggest fertilizer producer, declined 2.6 percent as prices of agricultural commodities slid.

“The economic numbers are on the soft side,” said Paul Gardner, a portfolio manager at Avenue Investment Management in Toronto, which handles C$125 million ($117.8 million). “As the rebates and the ‘cash for clunkers’ and the housing vouchers start to expire, you have to deal with the reality of ‘What’s the real numbers?’ People are thinking about that.”

The Standard & Poor’s/TSX Composite Index fell 84.39 points, or 0.7 percent, to 11,539.63 for the biggest drop since Oct. 30.

The S&P/TSX has risen 5.8 percent this month on reassurances from world leaders that fiscal and monetary stimulus will continue. The U.S. reported today that its economy grew 2.8 percent in the third quarter, slower than the previous estimate of 3.5 percent, as consumer spending rose less than economists forecast.

The auto-incentive program known as “cash for clunkers” boosted sales by about 700,000 vehicles before it ended in August, according to the U.S. Transportation Department. The U.S. this month extended a tax credit of as much as $8,000 for first-time homebuyers until April 30, from Nov. 30, to help stabilize the housing market.

Fuel Prices Decline

Crude oil fell 2 percent to $76.02 a barrel while natural gas declined 0.5 percent. Talisman Energy Inc., an oil and gas producer with operations on five continents, slipped 1.3 percent to C$18.36. Drilling-services company Trinidad Drilling Ltd. lost 4.9 percent to C$6.41.

Nexen Inc., which produces oil and gas in North America, Europe and the Middle East, sank 2.2 percent to C$25.44 after its rating was cut to “neutral” from “outperform” by analyst Chris Feltin at Macquarie Group Ltd.

Prices also dropped for metals used in industry, including copper, which fell 0.6 percent. Quadra, which produces the metal in the U.S., slumped 3.8 percent to C$13.32. Teck Resources Ltd., Canada’s largest base-metals company, retreated 2.9 percent to C$36.29.

HudBay Minerals Inc., which mines zinc, copper and gold, lost the most among S&P/TSX companies, plunging 5.1 percent to C$14.39. The Toronto-based company has lost 12 percent since Nov. 17, when company representatives told investors HudBay would, in the words of Bank of Nova Scotia analyst Lawrence Smith, “take a very aggressive approach to acquisitions.” HudBay later played down those comments, Smith wrote to clients yesterday.

Barrick, Goldcorp

Barrick Gold Corp., the world’s largest producer of the precious metal, slipped 1.5 percent to C$45.57 as bullion prices fluctuated before resuming their rally. Goldcorp dropped 2.2 percent to C$45.84. European Gold Ltd., which explores in southeast Europe, tumbled 2.7 percent to C$7.25.

Potash Corp. of Saskatchewan, the world’s largest fertilizer producer, fell 1.5 percent to C$118.56 as prices of corn and wheat dropped. Agrium declined 2.6 percent to C$58.14. Grain-handling company Viterra Inc. tumbled 4.1 percent to C$10.48.

Convenience-store chain Alimentation Couche-Tard Inc. jumped 4.3 percent to a two-year high of C$20.97 after reporting second-quarter profit 23 percent higher than the average analyst estimate, excluding certain items.

To contact the reporter on this story: Matt Walcoff in Toronto at mwalcoff1@bloomberg.net.

Last Updated: November 24, 2009 16:36 EST