Copper, Gold Decline Most in Seven Weeks: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.9 percent to settle at 657.68 at 4 p.m. in New York, led by metals.

The UBS Bloomberg CMCI gauge of 26 prices declined 1 percent to 1,609.96.

BASE METALS

Copper fell the most in seven weeks on concern that the global economic slowdown is undermining prospects for demand in China, the world’s biggest consumer of the metal.

Chinese manufacturers are less optimistic about sales than they were three months ago, according to a survey by researcher CBB International LLC. Business confidence unexpectedly slid for a fifth month in Germany, which ranks third among copper users, as Europe’s debt crisis clouded the economic outlook.

On the Comex in New York, copper futures for December delivery declined 1.5 percent to $3.7315 a pound, the biggest drop for a most-active contract since Aug. 2.

On the London Metal Exchange, copper for delivery in three

PRECIOUS METALS

Gold declined the most in more than seven weeks as the dollar gained, eroding demand for the metal as an alternative investment.

On the Comex, gold futures for December delivery fell 0.8 percent to $1,764.60 an ounce, the biggest drop since Aug. 2.

Silver futures for December delivery slid 1.9 percent to $33.984 an ounce.

On the New York Mercantile Exchange, platinum futures for October delivery declined 1 percent to $1,622 an ounce.

CRUDE OIL

Crude oil dropped for the fifth time in six sessions as discord over the handling of Europe’s debt crisis and the decline in German business sentiment renewed concern that the European crisis will reduce energy demand.

On the Nymex, oil futures for November delivery fell 1 percent to $91.93 a barrel.

Brent oil for November settlement decreased 1.4 percent to $109.81 a barrel on the London-based ICE Futures Europe exchange.

Total SA bought North Sea Forties crude at a lower price than its previous bid. Vitol Group sought to sell two cargoes of Russian Urals blend in Europe without success.

Nigeria, Africa’s largest producer, plans to increase daily

OIL PRODUCTS

Gasoline fell on concern that Europe’s debt crisis will weaken the global economy.

On the Nymex, gasoline futures for October delivery dropped 0.8 percent to $2.9176 a gallon.

NATURAL GAS

Natural gas dropped for the first time in three sessions on forecasts of moderate weather that would limit demand for electricity generation.

On the Nymex, gas futures for October delivery fell 1.7 percent to $2.837 per million British thermal units.

U.K. gas for within-day delivery dropped by the most since May as the end of North Sea maintenance boosted imports from Norway to the highest in more than two months.

Gas for today slid 2.8 pence, or 4.3 percent, to 61.6 pence a therm at 4:41 p.m. London time. The month-ahead price fell 1.4

SOFT COMMODITIES

Coffee futures fell to a two-week low as European debt concerns mounted, driving commodities and equities lower and boosting the dollar.

On ICE Futures U.S. in New York, arabica coffee for December delivery slid 0.6 percent to $1.723 a pound. Earlier, the price touched $1.6765, the lowest since Sept. 10.

Cocoa futures for December delivery declined 3 percent to $2,446 a ton.

Cotton for December delivery fell 1 percent to 72.5 cents a pound.

Orange-juice futures for November delivery sank 5.2 percent to $1.183 a pound, the biggest drop since May 17.

GRAINS, OILSEEDS

Soybeans dropped to a five-week low on speculation that demand for U.S. crops will ease after prices this month surged to a record.

On the Chicago Board of Trade, soybean futures for November delivery slid 0.7 percent to $16.10 a bushel. Earlier, the price touched $15.9025, the lowest since Aug. 14.

Corn futures for December delivery declined 0.5 percent to $7.4475 a bushel.

LIVESTOCK

Hogs rose to a four-week high on speculation that U.S. pork supplies will tighten as a drop in feed costs from a record eases pressure on farmers to sell animals earlier than normal.

On the Chicago Mercantile Exchange, hog futures for December settlement rose 0.5 percent to 75.35 cents a pound after reaching 75.6 cents, the highest since Aug. 22.

Cattle futures for December delivery slipped 0.1 percent to $1.284 a pound. The price has climbed 5.7 percent in 2012.

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