COMMODITIES-Copper down as other markets recover from tough week
* Copper down 6 pct on week as stockpiles surprise * Brent crude down 3.6 pct on week, gold down 5.3 pct By Barani Krishnan NEW YORK, April 19 (Reuters) - Copper fell on Friday while oil and grains prices rose as commodity markets tried to find their feet after a turbulent trading week, rocked by global economic worries. Gold bounced back to around $1,400 an ounce, providing some comfort to bullish investors in the precious metal. Still, the market was down more than 5 percent for the week after Monday's loss of nearly 9 percent. Copper settled just below $7,000 a tonne, dropping more than 1 percent on the day and 6 percent on the week for its sharpest weekly slide on the London Metal Exchange since December 2011. The market continued to slide as LME stockpiles for copper hovered around 10-year highs. "People are increasingly realizing that copper supply has heavily surprised on the upside," Danske Bank analyst Christin Tuxen said. The Thomson Reuters-Jefferies CRB index, a bellwether for commodities, closed flat on the day and down 1.4 percent on the week. The sharp decline on the week was largely caused by Monday's tumble as investors reacted to surprisingly weak Chinese growth data, evidence of slowing economic growth in the U.S., and plans by Cyprus to sell its gold reserves to finance debt. Since Monday's selloff, and another slump on Wednesday, commodities have edged higher. On Friday, twelve of the 19 markets tracked by the CRB rose, with prices of crops such as wheat, cocoa, sugar, corn, coffee and orange juice all up by nearly 1 percent or more. Some analysts were wary of the rebound, saying fundamentals and the demand outlook was still weak in many markets. OIL STOCKPILES WORRYING; GOLD OUTLOOK WEAK In U.S. crude oil, which had worryingly-high stockpiles just like copper, prices rose on Friday because of a run-up in Wall Street stocks, some analysts said. "This remains a market very much driven by the equity markets," Kyle Cooper, managing director of research at the Houston-based IAF Advisors, said, referring to oil. "They've been rebounding and we're just knocking along with that." U.S. crude settled at $88.01 a barrel, up 0.3 percent on the day and down 3.7 percent on the week. London's benchmark Brent crude finished up 0.5 percent on the session and 3.6 percent lower on the week at $99.65. Gold also remained vulnerable, with money continuing to flow out of exchange-traded funds of the precious metal, traders noted. Analysts said the potential for Federal Reserve policymakers to suggest reductions in monetary stimulus could adversely impact gold in the near term. Gold traded just above $1,400 an ounce late on Friday, up 0.7 percent on the day and down 5.3 percent on the week. It notched its biggest-ever daily loss in dollar terms on Monday, falling nearly $130 in a tumble that caught by surprise many veteran investors, who see the precious metal as portfolio protection against inflation and other market risks. In the past two sessions, bullion prices have been supported by consumers snapping up gold bars, coins, nuggets and jewelry after Monday's price slump unleashed some pent-up retail demand. "Gold is rebounding off its low on a pick-up in physical demand and short-covering," said David Meger, director of metals trading at Vision Financial Markets. Prices at 4:09 p.m. EDT (2009 GMT) LAST/ NET PCT YTD CLOSE CHG CHG CHG US crude 87.90 0.17 0.2% -4.3% Brent crude 99.53 0.40 0.4% -10.4% Natural gas 4.408 0.007 0.2% 31.5% US gold 1395.30 3.30 0.2% -16.7% Gold 1400.91 10.16 0.7% -16.3% US Copper 316.30 -5.60 -1.7% -13.4% LME Copper 6990.00 -98.00 -1.4% -11.9% Dollar 82.736 0.177 0.2% 7.8% US corn 652.00 7.50 1.2% -6.6% US soybeans 1428.25 -2.25 -0.2% 0.7% US wheat 709.00 6.25 0.9% -8.9% US Coffee 141.65 2.75 2.0% -1.5% US Cocoa 2319.00 9.00 0.4% 3.7% US Sugar 17.97 0.28 1.6% -7.9% US silver 22.960 -0.285 -1.2% -24.0% US platinum 1423.30 -5.10 -0.4% -7.5% US palladium 677.05 7.25 1.1% -3.7%
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