COMMODITIES-Oil up, but weak euro pressures other raw materials

Mon Mar 25, 2013 6:36pm EDT

* Cyprus deal provides relief but eurozone worries follow
    * US crude up 1 pct, most other markets little changed
    * CRB index virtually unchanged

    By Barani Krishnan
    NEW YORK, March 25 (Reuters) - Crude oil futures rose up to
1 percent on Monday after a bailout deal for Cyprus went through
smoothly, but many other commodities slipped or stayed flat as
lingering worries about the euro zone weakened the single
currency.
    Jeroen Dijsselbloem, head of the Eurogroup for euro zone
finance ministers, said the Cyprus bailout represents a new
template for resolving regional banking problems and other
nations may have to restructure their banking sectors to
adapt. 
    His remarks drove the dollar to a four-month high against
the euro, weakening demand for dollar-denominated
commodities from buyers holding the European currency. 
    Gold and copper fell . Raw sugar prices 
slipped to a three-week low. Grains prices  
also eased as crop and supply prospects improved. 
    The Thomson Reuters-Jefferies CRB index, a
bellwether for commodities, closed virtually unchanged at
294.7041 points from Friday's settlement of 294.6950.
    The Cyprus bailout removed the immediate risk of financial
meltdown that could have ejected the Mediterranean island from
the euro zone, but investors worried about more potential
problems for the country and euro zone going ahead. 
    "The deal puts the fire out for now. The question is whether
it is sustainable," said Thorbjorn Bak Jensen, an analyst at AS
Global Risk Management in Copenhagen. 
    "The story is not finished yet; there will still need to be
more haircuts ... The positive is that something has been agreed
on, but there is still some time to go."
    U.S. crude oil rose $1.10 to settle at $94.81 a
barrel, above the 50-day moving average at $94.38. It reached
$95.65 during the session.  
    London's benchmark Brent crude rose 51 cents to
settle at $108.17 a barrel, having traded from $106.80 to
$109.07.
    The spot price of gold was down 0.2 percent at
$1,603.96 an ounce by 6:10 p.m. EDT (2216 GMT), having earlier
traded as low as $1,589.49, which marked a one-week low.
    Three-month month copper on the London Metal
Exchange (LME) ended at $7,620 a tonne, down from Friday's close
of $7,655.
    Copper was also weighed down LME data showing stockpiles of
the metal in official warehouses rising 2,875 tonnes to a near
10-year high of 565,350 tonnes. 
    
 Prices at 6:14 p.m. EDT (2214 GMT)      
                             LAST/      NET    PCT     YTD
                             CLOSE      CHG    CHG     CHG
 US crude                    94.79    -0.02   0.0%    3.2%
 Brent crude                108.18     0.52   0.5%   -2.6%
 Natural gas                 3.865    0.000   0.0%   15.3%
 
 US gold                   1604.50    -1.60  -0.1%   -4.3%
 Gold                      1604.04    -0.86  -0.1%   -4.2%
 US Copper                  343.50    -1.90  -0.6%   -6.0%
 LME Copper                7620.00   -35.00  -0.5%   -3.9%
 Dollar                     82.895    0.366   0.4%    8.0%
                              
 
 US corn                    733.25     7.00   1.0%    5.0%
 US soybeans               1437.25    -3.25  -0.2%    1.3%
 US wheat                   727.25    -2.50  -0.3%   -6.5%
 
 US Coffee                  135.60     0.30   0.2%   -5.7%
 US Cocoa                  2130.00   -29.00  -1.3%   -4.7%
 US Sugar                    17.97    -0.23  -1.3%   -7.9%
 
 US silver                  28.815    0.117   0.4%   -4.7%
 US platinum               1582.90     1.20   0.1%    2.9%
 US palladium               757.35    -4.20  -0.6%    7.7%
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