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Copper Falls to Five-Week Low in New York: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.7 percent to 632.28 at 5:04 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 1.2 percent at 1,531.171.

BASE METALS

Copper fell to a five-week low in New York after the European Central Bank failed to announce additional measure to stimulate the region’s flagging economic growth, eroding demand prospects for metals.

Copper futures for September delivery declined 1.5 percent to $3.3255 a pound on the Comex in New York, after touching $3.301, the lowest for a most-active contract since June 25.

On the London Metal Exchange, copper for delivery in three months slipped 1 percent to $7,349 a metric ton ($3.33 a pound).

Aluminum, zinc, tin lead and nickel were also lower in London.

Base metals markets: NI BMMKTS

SOFT COMMODITIES

Sugar slumped to the lowest in almost four weeks as dry weather eased supply concerns in Brazil, the world’s top producer. Cocoa, coffee and cotton fell. Orange juice gained.

Raw sugar for October delivery fell 1.9 percent to 22.13 cents a pound on ICE Futures U.S. in New York, after touching 22.02 cents, the lowest for a most-active contract since July 6. Prices climbed 7.8 percent last month as heavy rain delayed harvests and port loadings.

Cocoa futures for September delivery retreated 0.7 percent to $2,384 a metric ton on ICE, heading for the first drop since July 24 on ICE.

Arabica-coffee futures for September delivery lost 1.5 percent to $1.7195 a pound in New York.

Also on ICE, cotton futures for December delivery slipped 0.2 percent to 70.4 cents a pound. Orange-juice futures for September delivery jumped 4 percent to $1.12 a pound.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Crude fell in New York after European Central Bank President Mario Draghi failed to give details of a plan designed to shore up the euro by curbing rising government borrowing costs in the region.

Oil for September delivery fell 94 cents, or 1.1 percent, to $87.97 a barrel on the New York Mercantile Exchange. Prices have declined 11 percent this year.

Brent crude for September settlement rose 15 cents to $106.11 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline shipments across the Atlantic Ocean to the U.S. are poised to fall 26 percent, a Bloomberg News survey showed, as Europe’s refineries shut equipment to undergo repairs, curbing output.

Pump prices for regular gasoline reached $3.534 a gallon on yesterday, AAA data shows. That’s 10 percent below the highest price so far this year on April 4, the data show.

Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL

GRAINS, OILSEEDS

Corn fell, heading for the longest losing streak since June, as some lawmakers urged the U.S. to amend an alternative- fuel mandate, dimming prospects for demand. Soybeans and wheat also dropped.

Corn futures for December delivery dropped 1.5 percent to $7.885 a bushel on the Chicago Board of Trade. Prices headed for a third day of declines, which would be the longest slump since June 13.

Soybean futures for November delivery declined 1.7 percent to $16.02 a bushel on the CBOT, heading for the biggest loss in since July 26.

Wheat futures for September delivery fell 2.1 percent to $8.6125 a bushel in Chicago. The grain, which competes with corn in livestock feed, surged 17 percent last month.

Grain markets: NI GRMKTS

NATURAL GAS

Gasoline rose on concern a spate of refinery outages will curtail supply and a day after the Energy Department said inventories sank the most since May.

Gasoline for September delivery rose 1.17 cents, or 0.4 percent, to $2.8459 a gallon on the New York Mercantile Exchange. Prices have gained 5.9 percent this year.

Heating oil for September delivery declined 1.63 cents, or 0.6 percent, to $2.8425 a gallon.

Regular gasoline at the pump, averaged nationwide, rose 1.3 cents to $3.534 a gallon yesterday, AAA data showed. That’s the highest price since June 12. Prices have fallen 10 percent from a 2012 high of $3.936 on April 4, according to AAA, the nation’s largest motoring organization.

U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

PRECIOUS METALS

Gold fell for the third straight day amid investor disappointment with European Central Bank President Mario Draghi’s comments on efforts to fight the debt crisis.

Gold futures for December delivery fell 0.5 percent to $1,599.40 an ounce on the Comex in New York. A close at that price would mark the third straight decline.

Silver futures for September delivery tumbled 1 percent to $27.25 an ounce in New York, heading for a third straight drop.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hog prices fell for the third straight day, reaching a one- week low on speculation that U.S. pork supplies are outpacing demand. Cattle futures also declined.

Hog futures for October settlement declined 1.2 percent to 78.8 cents a pound on the Chicago Mercantile Exchange, after reaching 78.55 cents, the lowest since July 25. The price is down 5.4 percent this year through yesterday.

Cattle futures for October delivery slipped 0.2 percent to $1.23825 a pound in Chicago. Prices fell 2.2 percent in 2012 through yesterday.

Feeder-cattle futures for August settlement declined 0.4 percent to $1.4175 a pound on the CME.

Livestock markets: NI LVMKTS

EUROPEAN CARBON PERMITS

European Union carbon for December fell 17 cents, or 2.4 percent, to 7.14 euros ($8.67) on the ICE Futures Europe exchange in London.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Tom Metcalf in London at tmetcalf7@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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