Crude Tumbles on Economic Outlook, Supply: Commodities at CloseMoming Zhou
The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.9 percent to 633.00. The UBS Bloomberg CMCI gauge of 26 prices slid 0.1 percent to 1,506.776.
Crude tumbled almost $4 in two days as more Americans than projected filed applications for unemployment benefits, raising concern that slower U.S. growth may weaken fuel demand and boost supplies.
WTI oil for May delivery dropped $1.19, or 1.3 percent, to $93.26 a barrel on the New York Mercantile Exchange, the lowest settlement since March 21. Prices are down $3.97 in the past two sessions. The consecutive two-day decline was the steepest since October.
Brent crude for May settlement declined 77 cents, or 0.7 percent, to end the session at $106.34 a barrel on the London-
Gasoline slid to a five-week low, following crude after U.S. unemployment benefits claims rose more than forecast.
Gasoline for May delivery fell 1.53 cents, or 0.5 percent, to settle at $2.8987 a gallon on the Nymex.
Gold dropped to the lowest level since May, nearing a bear market, on signs that investors are seeking higher returns in equities as the global economic recovery cuts demand for haven assets.
Gold futures for June delivery fell 0.1 percent to settle at $1,552.40 an ounce on the Comex in New York, after dropping to $1,539.40, the lowest for a most-active contract since May 30.
Silver futures for May delivery slid 0.1 percent to $26.767 an ounce on the Comex.
On the Nymex, palladium futures for June delivery retreated 4 percent to $725.45 an ounce, the biggest loss since Oct. 23.
Copper rallied the most in almost two weeks in New York after a Chilean government official said a strike at a port is curtailing shipments from the country, the world’s biggest producer of the metal.
Copper futures for delivery in May added 0.6 percent to settle at $3.3515 a pound on the Comex, the biggest gain since March 22.
Soybeans fell on concern that a new bird-flu strain in China will hurt meat consumption, reducing demand for livestock feed.
Soybean futures for May delivery declined 0.6 percent to $13.72 a bushel on the Chicago Board of Trade.
Corn futures for delivery in May fell 1.8 percent to $6.30 a bushel on the CBOT.
Cattle futures fell for the third time this week on signs of weak demand for U.S. beef.
Cattle futures for June delivery dropped 0.7 percent to settle at $1.2235 a pound on the Chicago Mercantile Exchange.
Feeder-cattle futures for May settlement slid 0.4 percent to $1.4595 a pound.
Sugar rose for the first time in three days on speculation that more of the new-cane harvest in Brazil, the world’s top producer, will be used to make ethanol.
Raw sugar for May delivery jumped 1 percent to settle at 17.67 cents a pound on ICE Futures U.S. in New York.
Arabica-coffee futures for delivery in May gained less than 0.1 percent to $1.395 a pound, while orange-juice futures for delivery in the same month advanced 1 percent to $1.408 a pound.
Cotton futures for delivery in May fell 1 percent to 88.33