COMMODITIES-Mostly down as budget impasse hampers US jobs growth
* Brent crude flat on day but down 4 pct on week * Copper up for both session and week * Gold rises for the day but ends week lower * Corn at 2-1/2 week low, biggest fall in almost a month * Arabica up on short covering, rising from 2-1/2 year low By Barani Krishnan NEW YORK, Dec 7 (Reuters) - Oil seesawed before closing lower on Friday and sharply lower for the week, while copper rose on the day as stronger-than-expected U.S. jobs growth in November offset deadlocked talks in Congress to avert a budget crisis. On the agricultural side, corn fell to a 2-1/2-week low in its steepest slide in nearly a month, pressured by technical selling and concerns that stockpiles were growing as elevated prices blunted demand. Soybeans retreated from one-month peaks, pulling wheat lower too. Coffee was one of the few crops that bucked the downtrend, with the premium arabica grade seeing a wave of short-covering in New York futures trade that closed it higher on Friday and lifted it from a 2-1/2-year low earlier this week. The Thomson Reuters-Jefferies CRB index, a global benchmark for commodities, settled 0.4 percent lower after 10 of the 19 markets it tracks ended in negative territory. Natural gas was the CRB's biggest loser, falling 3 percent, as computer weather models predict mild weather for the U.S. Northeast region. Gas is one of the key heating fuels in the region, and warmer weather naturally weighs on the commodity's prices. OIL SEESAWS ON JOBS DATA, BUDGET TALKS Oil's benchmark Brent crude in London ended just a penny lower on the day, at $107.02 a barrel. Despite that near flat finish, Brent fell nearly 4 percent on the week, due to losses in the previous four sessions, as global economic worries raised questions on oil demand in 2013 and beyond. U.S. crude, traded in New York, fell 0.4 percent to finish Friday's session at $85.93 a barrel. Oil prices initially rose on U.S. Labor Department data for November, showing the national unemployment rate at a four-year low of 7.7 percent. The rally fizzled when House of Representatives Speaker John Boehner, the top Republican in Congress and rival to President Obama, said there was "no progress to report" in budget talks aimed at averting $600 billion in tax increases and spending cuts in January that could severely hurt the U.S. economy. Also deflating sentiment, was a Thomson Reuters/University of Michigan U.S. consumer confidence poll that hit its lowest levels since early April. "Oil got a boost from the jobs numbers, but the consumer confidence pulled us back some and now traders will have to decide if they want to be short going into the weekend with the situation in the Middle East still so volatile," said Phil Flynn, analyst at Price Futures Group in Chicago. Protests surged around Egypt's presidential palace on Friday as opposition groups opposed President Mohamed Mursi's recent decree that expanded his powers, after clashes resulted in several deaths this week. COPPER, GOLD UP; CORN SLUMPS Benchmark three-month copper in London rose to a session high of $8,065.25 a tonne after the payrolls data, and ended up $35 at $8,035. For the week, copper rose half a percent. Spot gold edged up 0.3 percent to above $1,703 an ounce, rebounding from a one-month low of $1,683.79. Gold finished up for the day as upbeat U.S. nonfarm payrolls data did not alter the view that the Federal Reserve will continue to use bullion-friendly economic stimulus to boost growth. For the week, however, spot gold was down 0.7 percent. Corn, the second largest loser on the CRB, fell around 2 percent on the day, with the key March futures contract in Chicago finishing at $7.37-1/4 a bushel. For the week, the market fell 2 percent. Prices at 5:05 p.m. EST (2205 GMT) LAST/ NET PCT YTD CLOSE CHG CHG CHG US crude 85.99 -0.27 -0.3% -13.0% Brent crude 107.17 0.14 0.1% -0.2% Natural gas 3.551 -0.115 -3.1% 18.8% US gold 1704.00 3.70 0.2% 8.8% Gold 1703.64 0.60 0.0% 8.9% US Copper 364.75 2.05 0.6% 6.2% LME Copper 8035.00 35.00 0.4% 5.7% Dollar 80.417 0.159 0.2% 0.3% US corn 732.75 -15.00 -2.0% 13.3% US soybeans 1472.25 -19.00 -1.3% 22.8% US wheat 844.25 -1.00 -0.1% 29.3% US Coffee 142.10 1.65 1.2% -37.7% US Cocoa 2471.00 -2.00 -0.1% 17.2% US Sugar 19.21 -0.15 -0.8% -17.3% US silver 33.053 0.014 0.0% 18.4% US platinum 1605.50 6.30 0.4% 14.3% US palladium 696.50 0.95 0.1% 6.1%
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