COMMODITIES-Copper at 7-mth low on China default; oil, coffee, soy up

Fri Mar 7, 2014 6:53pm EST

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(Reuters is considering dropping the daily commodities wrap
after March 10 and publishing the report on a discretionary
basis. Please send any comments on this move to Josephine Mason
at josephine.mason@thomsonreuters.com)
    By Barani Krishnan
    NEW YORK, March 7 (Reuters) - Copper tumbled 4 percent to a
seven-month low on Friday while silver and aluminum lost more
than 1 percent each after the first bond default by top metals
buyer China sparked global growth concerns.
    Gold gave back virtually all of its 1 percent gain
from the previous session after its safe-haven allure was dimmed
by surprisingly resilient U.S. jobs data for February. 
    U.S. crude oil rose 1 percent on talk of fewer oil
rail shipments from the booming Bakken shale in North Dakota.
The positive U.S. jobs data was another factor that helped
support oil, which ended the week flat after gains in seven
previous weeks. 
    Arabica coffee and soybeans had long running weekly gains
too.
    Arabica rose 0.7 percent for the session and 9
percent for the week to end with a sixth straight week of gains.
It was the market's biggest six-week rally in nearly 20 years.
 
    Soybeans rose 1.4 percent to a six-month high as
traders adjusted positions ahead of a monthly U.S. government
report that was expected to show tighter U.S. soy stockpiles and
smaller South American crops. It was also the fifth straight
weekly advance for soybeans. 
    The Thomson Reuters/Core Commodity CRB Index, a
closely watched commodity price indicator, settled down 0.1
percent on the day after losses in 10 of the 19 markets it
tracked. For the week, the CRB was up 1.6 percent.
    Aside from copper, silver and aluminum
, markets that lost about or more than 1 percent in
Friday's session were raw sugar, corn and nickel
. 

 (Editing by Lisa Shumaker)
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