* Copper down 6 pct on week as stockpiles surprise
* Brent crude down 3.6 pct on week, gold down 5.3 pct
By Barani Krishnan
NEW YORK, April 19 Copper fell on Friday while
oil and grains prices rose as commodity markets tried to find
their feet after a turbulent trading week, rocked by global
Gold bounced back to around $1,400 an ounce, providing some
comfort to bullish investors in the precious metal. Still, the
market was down more than 5 percent for the week after Monday's
loss of nearly 9 percent.
Copper settled just below $7,000 a tonne, dropping more than
1 percent on the day and 6 percent on the week for its sharpest
weekly slide on the London Metal Exchange since December 2011.
The market continued to slide as LME stockpiles for copper
hovered around 10-year highs.
"People are increasingly realizing that copper supply has
heavily surprised on the upside," Danske Bank analyst Christin
The Thomson Reuters-Jefferies CRB index, a
bellwether for commodities, closed flat on the day and down 1.4
percent on the week.
The sharp decline on the week was largely caused by Monday's
tumble as investors reacted to surprisingly weak Chinese growth
data, evidence of slowing economic growth in the U.S., and plans
by Cyprus to sell its gold reserves to finance debt.
Since Monday's selloff, and another slump on Wednesday,
commodities have edged higher. On Friday, twelve of the 19
markets tracked by the CRB rose, with prices of crops such as
wheat, cocoa, sugar, corn, coffee and orange juice all up by
nearly 1 percent or more.
Some analysts were wary of the rebound, saying fundamentals
and the demand outlook was still weak in many markets.
OIL STOCKPILES WORRYING; GOLD OUTLOOK WEAK
In U.S. crude oil, which had worryingly-high stockpiles just
like copper, prices rose on Friday because of a run-up in Wall
Street stocks, some analysts said.
"This remains a market very much driven by the equity
markets," Kyle Cooper, managing director of research at the
Houston-based IAF Advisors, said, referring to oil.
"They've been rebounding and we're just knocking along with
U.S. crude settled at $88.01 a barrel, up 0.3 percent
on the day and down 3.7 percent on the week. London's benchmark
Brent crude finished up 0.5 percent on the session and 3.6
percent lower on the week at $99.65.
Gold also remained vulnerable, with money continuing to flow
out of exchange-traded funds of the precious metal, traders
Analysts said the potential for Federal Reserve policymakers
to suggest reductions in monetary stimulus could adversely
impact gold in the near term.
Gold traded just above $1,400 an ounce late on Friday, up
0.7 percent on the day and down 5.3 percent on the week. It
notched its biggest-ever daily loss in dollar terms on Monday,
falling nearly $130 in a tumble that caught by surprise many
veteran investors, who see the precious metal as portfolio
protection against inflation and other market risks.
In the past two sessions, bullion prices have been supported
by consumers snapping up gold bars, coins, nuggets and jewelry
after Monday's price slump unleashed some pent-up retail demand.
"Gold is rebounding off its low on a pick-up in physical
demand and short-covering," said David Meger, director of metals
trading at Vision Financial Markets.
Prices at 4:09 p.m. EDT (2009 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US crude 87.90 0.17 0.2% -4.3%
Brent crude 99.53 0.40 0.4% -10.4%
Natural gas 4.408 0.007 0.2% 31.5%
US gold 1395.30 3.30 0.2% -16.7%
Gold 1400.91 10.16 0.7% -16.3%
US Copper 316.30 -5.60 -1.7% -13.4%
LME Copper 6990.00 -98.00 -1.4% -11.9%
Dollar 82.736 0.177 0.2% 7.8%
US corn 652.00 7.50 1.2% -6.6%
US soybeans 1428.25 -2.25 -0.2% 0.7%
US wheat 709.00 6.25 0.9% -8.9%
US Coffee 141.65 2.75 2.0% -1.5%
US Cocoa 2319.00 9.00 0.4% 3.7%
US Sugar 17.97 0.28 1.6% -7.9%
US silver 22.960 -0.285 -1.2% -24.0%
US platinum 1423.30 -5.10 -0.4% -7.5%
US palladium 677.05 7.25 1.1% -3.7%