CORRECTED-COMMODITIES-Gold down 4 pct; CRB commods index hits one-year low

Wed Jun 26, 2013 9:24pm EDT

(Corrects first paragraph to say third session of declines,
corrects milestone in second paragraph to lowest since June 28,
    By Barani Krishnan
    NEW YORK, June 26 (Reuters) - Gold tumbled 4 percent on
Wednesday for its third straight session of declines, and copper
and coffee prices slipped too, pushing a benchmark commodities
index to a one-year low.
    The 19-commodity Thomson Reuters-Jefferies CRB index
 fell 0.4 percent to its lowest levels since June 28,
2012, even though oil prices rose, tracking the stock market's
    The CRB fell as the dollar jumped to a three-week high
against the euro after European Central Bank President
Mario Draghi spoke about downside risks to euro zone growth.
Most commodities are priced in the dollar and gains in the
currency add to ownership costs for such raw materials. 
    Gold slumped to its lowest price in nearly three years as
the rally in U.S. equity markets further cut into demand for
bullion as a hedge against economic uncertainty. 
    The spot price of gold hit its lowest since August
2010, reaching $1,223.54 an ounce. It was down 4 percent at
$1,225.64 an ounce by 5:00 p.m. EDT (2100 GMT).
    With two sessions left in the second quarter, gold was down
23 percent for the period, on course for its biggest quarterly
decline since Reuters began tracking such moves in 1968.
    Silver prices dropped 5 percent. Platinum group
metals  also declined sharply. 
    Copper slipped on concerns about demand from China, after
the central bank in the top copper-consuming country failed to
fully reassure investors fearing a credit crunch.
    Benchmark copper on the London Metal Exchange closed
at $6,735 per tonne, down 1 percent down from Tuesday's close.
    In coffee, futures for premium grade arabica beans fell to
just above recent multi-year lows, on pressure from the stronger
dollar. New York-traded arabica for September closed down
$2.10, or about 2 percent, at $1.1845 a lb. 
    Oil prices edged higher after shaking off early losses
caused by a large build up in U.S. gasoline inventories.
    Closely-watched Brent crude grade out of Europe's
North Sea settled up 40 cents at $101.66 a barrel. 
 Prices at 4:52 p.m. EDT (2052 GMT)      
                              LAST/      NET    PCT     YTD
                              CLOSE      CHG    CHG     CHG
 US crude                     95.50     0.18   0.2%    4.0%
 Brent crude                 101.71     0.45   0.4%   -8.5%
 Natural gas                  3.707    0.060   1.6%   10.6%
 US gold                    1229.80   -45.30  -3.6%  -26.6%
 Gold                       1226.21   -50.53  -4.0%  -26.8%
 US Copper                     3.04    -0.03  -1.0%  -16.7%
 LME Copper                 6735.00   -60.00  -0.9%  -15.1%
 Dollar                      82.940    0.359   0.4%    8.0%
 CRB                        276.792   -1.227  -0.4%   -6.2%
 US corn                     664.50     7.75   1.2%   -4.8%
 US soybeans                1534.25     9.00   0.6%    8.1%
 US wheat                    667.00    -8.75  -1.3%  -14.3%
 US Coffee                   118.15    -2.10  -1.7%  -17.8%
 US Cocoa                   2180.00   -11.00  -0.5%   -2.5%
 US Sugar                     17.01    -0.06  -0.4%  -12.8%
 US silver                   18.587   18.392   1.4%  -38.5%
 US platinum                1303.70   -46.80   0.0%  -15.3%
 US palladium                631.70   -35.45  -5.3%  -10.2%
 (Editing by David Gregorio)
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