Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Commodities Drop Most in Three Weeks on Greek Bailout Concern

Feb. 10 (Bloomberg) -- The Standard & Poor’s GSCI Index of 24 commodities tumbled the most in three weeks, led by declines in gold, copper and crude oil, on concern that a Greek bailout plan was may unravel.

The index slipped 1 percent to 673.91 as of 1:28 p.m. New York, the steepest decline since Jan. 20, after Luxembourg Prime Minister Jean-Claude Juncker, chairman of the group of euro-area finance chiefs, said Greece won’t get financial aid until it implements an austerity plan.

“It’s just negative news,” said Dan Flynn, a trader at PFGBest in Chicago. “The market’s looking at what’s going on in Greece and saying it’s a negative. It’s just a bad Friday.”

Gold futures for April delivery dropped 0.9 percent to $1,725.30 an ounce on the Comex in New York. The contract has climbed 9.9 percent this year.

Copper futures for March delivery fell 11.65 cents, or 2.9 percent, to $3.862 a pound on the Comex, heading for the biggest decline since Dec. 14.

Crude oil for March delivery declined $1.23, or 1.2 percent, to $98.61 a barrel on the New York Mercantile Exchange, the steepest decline since Feb. 2. Futures have dropped 0.2 percent this year.

Gasoline for March delivery fell 4.23 cents, or 1.4 percent, to $2.9705 a gallon in New York, the biggest drop since Jan. 30.

To contact the reporter on this story: Mario Parker in Chicago at mparker22@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.