Gold Drops to $1,200/oz for First Time Since June in New York
Ethanol Caps Third Weekly Decline on Global Consumption Concerns
Futures dropped 1 percent as the European Central Bank bought sovereign debt for a fifth day in an attempt to halt turmoil in the continent’s bond markets.
“Everything was lower here,” said Matt Janney, a trader at Citigroup Global Markets Inc. in Chicago. “Corn was down, crude oil was down. Mainly it’s been the European debt crisis and worries that it’s spreading.”
Denatured ethanol for December delivery slipped 2.7 cents to $2.60 a gallon on the Chicago Board of Trade, the lowest price since Oct. 10. Futures have gained 9.3 percent this year.
In cash market trading, ethanol in the U.S. Gulf rose 5 cents, or 1.7 percent, to $3.025 a gallon and in New York the biofuel increased 6 cents, or 2 percent, to $3.06, according to data compiled by Bloomberg.
Ethanol on the West Coast added 4 cents, or 1.3 percent, to $3.075 a gallon and in Chicago the additive climbed 1.5 cents, or 0.5 percent, to $3.165.
Corn futures for March delivery sank 5.25 cents, or 0.8 percent, to $6.18 a bushel in Chicago. One bushel makes at least 2.75 gallons of ethanol.
Crude oil for December delivery dropped $1.41, or 1.4 percent, to $97.41 a barrel on the New York Mercantile Exchange. Futures are up 6.6 percent this year.
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