REFILE-COMMODITIES-Copper, gold down on China cash crunch worry; oil up

Mon Jun 24, 2013 8:38pm EDT

By Barani Krishnan
    NEW YORK, June 24 (Reuters) - Copper and gold prices fell on
Monday on fears of a liquidity crunch in China, while oil
rebounded to finish higher after record flooding in Canada's
main oil-producing province threatened exports to the United
States.
    In agricultural markets, the price of new-crop corn fell for
a third straight session in Chicago as favorable growing weather
across the Midwestern United States reinforced the prospect of a
record-large harvest. 
    Among other crops, cocoa dropped to multi-month lows
in New York and London as funds kept liquidating long positions
after prices fell below key technical levels. 
    The 19-commodity Thomson Reuters-Jefferies CRB index
 fell 0.2 percent. The index lost 2.8 percent last week
for its sharpest weekly decline since October after a selloff
triggered by bleak Chinese data and plans by the U.S. Federal
Reserve to cut stimulus efforts.
    "For the time being, it seems that the path of least
resistance in most markets is lower still," Edward Meir, metals
analyst at INTL FC Stone wrote in a commentary.
    "The reverberations from last week's Fed policy statement
and concerns about credit conditions in China are too large to
ignore at this stage, and we need to see the aftershocks settle
a bit before the buyers feel it is safe enough to return."
    Copper's key three-month contract on the London Metal
Exchange touched a session low of $6,613 a tonne, its
lowest since July 2010. It closed down more than 2 percent at
$6,670. 
    The spot price of gold fell around 1 percent to below
$1,282 an ounce, extending last week's 7 percent slide. 
    Oil's benchmark Brent crude out of Europe's North Sea
 settled up 25 cents, or 0.25 percent, at $101.16 a
barrel. Last week, Brent fell 4.7 percent. 
    
 Prices at 5:09 p.m. EDT (2108 GMT)      
                              LAST/      NET    PCT     YTD
                              CLOSE      CHG    CHG     CHG
 US crude                     94.90     1.21   1.3%    3.4%
 Brent crude                 101.09     0.18   0.2%   -9.0%
 Natural gas                  3.739   -0.032  -0.8%   11.6%
 
 US gold                    1277.10   -14.90  -1.2%  -23.8%
 Gold                       1282.30   -14.45  -1.1%  -23.4%
 US Copper                     3.02    -0.07  -2.3%  -17.2%
 LME Copper                 6670.00  -148.00  -2.2%  -15.9%
 Dollar                      82.440    0.122   0.2%    7.4%
 CRB                        277.478   -0.603  -0.2%   -5.9%
 
 US corn                     653.25    -8.50  -1.3%   -6.4%
 US soybeans                1512.00    18.75   1.3%    6.6%
 US wheat                    679.00   -19.00  -2.7%  -12.7%
 
 US Coffee                   119.45     0.75   0.6%  -16.9%
 US Cocoa                   2169.00    -2.00  -0.1%   -3.0%
 US Sugar                     17.01     0.27   1.6%  -12.8%
 
 US silver                   19.493   19.293   1.5%  -35.5%
 US platinum                1329.10   -40.40   0.0%  -13.6%
 US palladium                656.10   -17.15  -2.5%   -6.7%