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Copper Falls on World Bank’s Asia Forecast: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.5 percent to settle at 656.64 at 4 p.m. New York time, led by industrial metals.

The UBS Bloomberg CMCI index of 26 prices declined 0.5 percent to 1,615.73.


Copper fell the most in two months as the World Bank cut its forecast for East Asia’s economy and European leaders meet to discuss the region’s debt crisis, fueling concern that metal demand will slow.

Growth in developing countries in East Asia will probably ease to 7.2 percent this year amid a slowdown in China, the world’s biggest copper consumer, the World Bank said. That would be the slowest pace in 11 years. Euro-area finance ministers will discuss Spain’s overhaul effort and closer banking cooperation.

Copper futures for December delivery slumped 1.6 percent to $3.718 a pound on the Comex in New York, the biggest decline for a most-active contract since Aug. 2. Earlier, the price touched $3.702, the lowest since Sept. 27.

On the London Metal Exchange, copper for delivery in three


Corn dropped to the lowest this month on signs of reduced export demand for U.S. supplies and slumping ethanol production. Soybeans declined.

On the Chicago Board of Trade, corn futures for December delivery fell 0.8 percent to $7.42 a bushel. Earlier, the price touched $7.40, the lowest since Sept. 28.

Soybean futures for November delivery fell less than 0.1 percent to $15.51 a bushel.


Gasoline fell on speculation that supplies will rise as refineries restart units. California Governor Jerry Brown directed regulators to allow production of winter-grade fuel earlier than usual.

On the New York Mercantile Exchange, gasoline futures for November delivery declined 2 percent to $2.8931 a gallon.


Crude oil declined after the World Bank said a slowdown in China will curb East Asian growth.

Oil futures for November delivery dropped 0.6 percent to $89.33 a barrel on the New York Mercantile Exchange.

Brent oil for November settlement slid 0.2 percent to $111.82 a barrel on the London-based ICE Futures Europe exchange.

Trafigura Beheer BV sold North Sea Forties blend at the highest price in two months. BP Plc didn’t manage to buy Russian Urals at a smaller discount to Dated Brent in northwest Europe.

Daily exports of Azeri Light crude from the Baku-Tbilisi-


Gold futures fell for the second straight session as the dollar’s advance curbed demand for the metal as an alternative investment.

On the Comex, gold futures for December delivery dropped 0.3 percent to $1,775.70 an ounce.

Silver futures for December delivery slumped 1.6 percent to $34.017 an ounce on the Comex, the biggest drop since Sept. 24.

Platinum futures for January delivery fell 0.5 percent to


Sugar fell the most in a week on mounting concern that production is rising in Brazil, the world’s largest grower and exporter.

On ICE Futures U.S. in New York, raw sugar for March delivery dropped 0.6 percent to 21.42 cents a pound, the biggest loss since Sept. 26.

Orange-juice futures for November delivery slumped 2 percent to $1.1275 a pound, the biggest drop since Sept. 25.

Cocoa futures for December delivery slid $1 to $2,381 a ton.

Arabica-coffee futures for December delivery rose 0.6 percent to $1.691 a pound.


Natural gas rose for the second time in three sessions after a revised U.S. government forecast showed cooler weather in late October.


Cattle rose for the second straight session on signs that supplies of U.S. beef are shrinking amid increasing demand.

On the Chicago Mercantile Exchange, cattle futures for December delivery gained 0.2 percent to $1.264 a pound.

Feeder-cattle futures for November settlement increased 0.1 percent to $1.463 a pound.

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