COMMODITIES-Down broadly; sugar's weekly slump most in a year
* Sugar down 7 pct on week, biggest drop since Sept 2011 * Copper, gold suffer biggest weekly loss in two months * Oil, grains down for the day but up on the week By Barani Krishnan NEW YORK, Oct 12 (Reuters) - Commodities mostly posted losses in trading on Friday and were generally lower on the week as slowing global growth crimped demand for raw materials. Sugar led the decline with its worst weekly drop in more than a year. Copper posted its biggest weekly fall in two months on worries that top metals consumer China might not be able to sustain its current pace of buying as growth cools in the world's second-largest economy. "There's quite a debate out there right now about the extent of the economic slowdown in China and what real impact this is having on metals demand," said Stephen Briggs, metals strategist at BNP Paribas in London. Gold prices had their biggest weekly loss since June as better U.S. consumer sentiment and improved jobs data stirred worries that the Federal Reserve might pull back its bullion-friendly stimulus program sooner than expected. Oil and grains futures also ended Friday's session lower, but were up for the week on supply concerns for Brent crude oil and corn. The Thomson Reuters-Jefferies CRB index, a global commodities benchmark, ended down 0.7 percent on the day and 0.4 percent on the week. Fifteen of the 19 markets tracked by the CRB were down for the day, with nickel losing nearly 4 percent and wheat and corn about 3 percent each. Raw sugar fell 2 percent with the front-month contract in New York settling at 20.05 cents per lb, its lowest close since Sept. 20. For the week, the market was down nearly 7 percent - its sharpest weekly decline since September 2011 - as funds once bullish on sugar turned negative after "washouts" by Chinese and Indian sugar buyers. Washouts occur when buyers pay a penalty to give up the obligation to take delivery. "The trigger was the washouts," said Michael McDougall, a vice president for brokerage Newedge USA. "It caused the funds, like a school of fish, to quickly turn around and head back down to a negative stance. They reversed course and the market's feeling it." Prices at 3:58 p.m. EDT (1958 GMT) LAST/ NET PCT YTD CLOSE CHG CHG CHG US crude 91.78 -0.29 -0.3% -7.1% Brent crude 114.72 -0.99 -0.9% 6.8% Natural gas 3.611 0.007 0.2% 20.8% US gold 1759.70 -10.90 -0.6% 12.3% Gold 1754.55 -13.64 -0.8% 12.2% US Copper 370.30 -4.85 -1.3% 7.8% LME Copper 8130.00 -109.50 -1.3% 7.0% Dollar 79.670 -0.105 -0.1% -0.6% US corn 752.75 -20.50 -2.7% 16.4% US soybeans 1522.00 -26.50 -1.7% 27.0% US wheat 869.25 -27.75 -3.1% 33.2% US Coffee 161.70 0.95 0.6% -29.1% US Cocoa 2366.00 15.00 0.6% 12.2% US Sugar 20.05 -0.40 -2.0% -13.7% US silver 33.669 -0.413 -1.2% 20.6% US platinum 1659.30 -30.30 -1.8% 18.1% US palladium 639.05 -11.85 -1.8% -2.6%
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.