COMMODITIES-U.S. oil drops as supply builds, other commods tumble

Wed Aug 21, 2013 5:48pm EDT

NEW YORK, Aug 21 (Reuters) - U.S. oil prices tumbled for a
second straight day on Wednesday on signs that companies are
replenishing depleted inventory in America's Midwest, and gold
was little changed, as minutes from a Federal Reserve meeting
gave few clues about when the U.S. central bank may cut back on
economic stimulus. 
    Prices for cotton, cocoa, nickel,
coffee and copper fell sharply as the dollar
rallied after the Fed minutes were released. Investors still
expect the central bank to curtail its stimulus in September,
which should boost the U.S. currency.   
    Cotton prices fell the most, by around 5 percent, and cocoa
 dropped by more than 2 percent while the rest lost about
1 percent about 1 percent or more.
    Soybeans was one of the few markets that bucked the broadly
lower trend in commodities, hitting a two-month high on
forecasts for warmer and drier weather that posed a threat to
the developing U.S. crop. 
    The 19-commodity Thomson Reuters-CRB index closed
down 0.7 percent, sliding for a second day in a row after a
run-up in fourth earlier sessions.
    In oil, U.S. crude settled down 1.2 percent at
$103.85 a barrel, extending Tuesday's 2 percent slide. The
market fell on indications that oil was flowing back into the
Cushing storage hub in the U.S. Midwest which seemed depleted
earlier.
    Benchmark Brent crude out of Europe's North Sea
closed down 0.3 percent at $109.81 a barrel. Brent is not
a component of the CRB index.
    Gold fell much less than other commodities, with the
spot price down just 0.3 percent to $1,366.28 an ounce by 5:20
p.m. EDT (2120 GMT). The decline came after the  Fed's July
meeting minutes showed a few policymakers thought it would soon
be time to slow the pace of their bond buying "somewhat" while
others counselled patience.  
    
 Prices at 5:23 p.m. EDT (2123 GMT)      
                              LAST/      NET    PCT     YTD
                              CLOSE      CHG    CHG     CHG
 US crude                    103.84    -1.27  -1.2%   13.1%
 Brent crude                 109.76    -0.39  -0.4%   -1.2%
 Natural gas                  3.460    0.016   0.5%    3.3%
 
 US gold                    1370.60    -2.50  -0.2%  -18.2%
 Gold                       1366.28    -4.39  -0.3%  -18.4%
 US Copper                     3.31    -0.03  -0.9%   -9.4%
 LME Copper                 7240.00   -80.00  -1.1%   -8.7%
 Dollar                      81.315    0.409   0.5%    5.9%
 CRB                        288.235   -2.106  -0.7%   -2.3%
 
 US corn                     498.00    14.25   3.0%  -28.7%
 US soybeans                1333.00    23.75   1.8%   -6.0%
 US wheat                    638.75     6.75   1.1%  -17.9%
 
 US Coffee                   113.50    -1.45  -1.3%  -21.1%
 US Cocoa                   2420.00   -57.00  -2.3%    8.2%
 US Sugar                     16.32    -0.15  -0.9%  -16.4%
 
 US silver                   22.963   22.732   1.7%  -24.0%
 US platinum                1519.10    -6.40   0.0%   -1.3%
 US palladium                746.90    -2.75  -0.4%    6.2%
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