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Silver Drops on Outlook for U.S. Stimulus: Commodities at Close

Nov. 12 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.8% to 609.25 in New York. The UBS Bloomberg CMCI index of raw materials fell 0.5% to 1,426.964.

PRECIOUS METALS

Gold and silver futures fell to four-week lows on speculation that a recovering U.S. economy will spur the Federal Reserve to taper stimulus. * Gold fell 0.8% to $1,271.20/oz on Comex * Silver dropped 2.4% to $20.778/oz * Palladium fell 1.6% to $742.35/oz on Nymex * Platinum rose 0.5% to $1,439.60/oz

BASE METALS

Copper futures fell for the first time in four sessions as output increased to a monthly record in China, the world’s largest user of the metal. * Copper retreated 0.8% to $3.234/lb on Comex * Aluminum, zinc, lead, tin and nickel also declined on LME

CRUDE OIL

West Texas Intermediate crude fell to a five-month low, widening its discount to Brent, on estimates that U.S. inventories rose to the most since June. * WTI dropped 2.2% to $93.04/bbl on Nymex * Brent slipped 0.6 percent to $105.81/bbl on ICE

OIL PRODUCTS

Ultra-low-sulfur diesel declined as West Texas Intermediate crude slid to a five-month low on speculation that U.S. oil stockpiles rose an eighth week. * Ultra-low-sulfur diesel fell 1.3% to $2.8532/gal on Nymex * Gasoline declined 0.4% to $2.5864/gal

NATURAL GAS

Natural gas futures climbed for a sixth day in New York, capping the longest bullish streak in more than a year, as meteorologists predicted colder-than-normal weather that would stoke heating-fuel demand. * U.S. natural gas gained 1.2% to $3.617/mmbtu on Nymex

SOFT COMMODITIES

Orange-juice futures posted the longest rally in four months on signs that a crop disease is cutting fruit production in Florida, the world’s second-biggest citrus grower. * Orange juice advanced 1.1% to $1.3535/lb on ICE * Raw sugar slipped 0.6% to 17.87c/lb * Arabica coffee climbed 2.4% to $1.088/lb * Cocoa rose 0.8% to $2,622/t * Cotton gained less than 0.1% to 78.22c/lb

GRAINS, OILSEEDS

Soybean futures rose, capping the longest rally in five months, on surging sales by the U.S. to China, the world’s biggest buyer. * Soybeans advanced 1% to $13.145/bu on CBOT * Corn fell 0.6% to $4.3225/bu * Wheat declined 0.2% to $6.4525/bu

LIVESTOCK

Hog futures fell to a four-week low as lower costs for livestock feed boosted animal weights, increasing prospects for pork supplies. * Hog futures fell 1% to 87.2c/lb on CME * Cattle dropped 0.1% to $1.34275/lb * Feeder-cattle rose less than 0.1% to $1.642/lb

To contact the reporter on this story: Lucia Kassai in Houston at lkassai@bloomberg.net

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

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