CORRECTED-COMMODITIES-Gold down 4 pct; CRB commods index hits one-year low
(Corrects first paragraph to say third session of declines, corrects milestone in second paragraph to lowest since June 28, 2012) 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 rally. 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)
- White House reverses, says Obama met uncle and lived with him during law school
- South Africans, some fearful, wake to life without Mandela |
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Ford leans on global Mustang to burnish overseas image