September 27, 2013 / 8:49 PM / 4 years ago

COMMODITIES-Gold, wheat rally; commods in for year's best quarter

By Barani Krishnan
    NEW YORK, Sept 27 (Reuters) - Gold and wheat rallied on
Friday and a few other commodities rose slightly, adding to what
was shaping to be the sector's best quarterly performance in a
year when the third quarter closes next week.
    The spot price of gold rose 1 percent as jitters over
the U.S. budget and the outlook for Federal Reserve policy
boosted the safe-haven appeal of bullion. 
    Benchmark copper on the London Metal Exchange rose
0.7 percent, on improved demand from top buyer China. 
    Wheat also gained 0.7 percent, hitting 2-month highs,
on data showing brisk U.S. exports of the grain. 
    Benchmark Brent crude oil fell as supply risk
concerns in the Middle East continued to diminish from fewer
tensions in the region. 
    Other commodities that closed down were raw sugar,
which plunged the most in nearly a year amid worries about a
glut, and robusta coffee, which hit 3-year lows. 
    The Thomson Reuters-Jefferies CRB index, a closely
followed indicator for commodities prices, finished flat after
two sessions of gains and two sessions of losses during the
week. The index was on track to end the quarter up 4 percent,
its most since an 8 percent rise in the third quarter of 2012.
    "There are many factors from geopolitics to supply scares
that could be pinned on this rally, but I think the main driver
was the weak dollar," said Adam Sarhan, founder of Sarhan
Capital, an investment advisory firm in New York.
    The dollar fell nearly 3.5 percent against a basket of
currencies over the past three months, for the currency's worst
performance since the first quarter of 2011. A weak dollar
almost always boost commodities priced in the currency.
    
 Prices at 4:18 p.m. EDT (2018 GMT)      
                              LAST/      NET    PCT     YTD
                              CLOSE      CHG    CHG     CHG
 US crude                    102.71    -0.32  -0.3%   11.9%
 Brent crude                 108.43    -0.78  -0.7%   -2.4%
 Natural gas                  3.589    0.022   0.6%    7.1%
 
 US gold                    1339.20    15.10   1.1%  -20.1%
 Gold                       1335.91    12.81   1.0%  -20.2%
 US Copper                     3.33     0.02   0.6%   -9.0%
 LME Copper                 7300.00    49.00   0.7%   -8.0%
 Dollar                      80.264   -0.259  -0.3%    4.6%
 CRB                        286.975    0.210   0.1%   -2.7%
 
 US corn                     454.00    -2.75  -0.6%  -35.0%
 US soybeans                1319.75     3.00   0.2%   -7.0%
 US wheat                    683.00     4.75   0.7%  -12.2%
 
 US Coffee                   113.70    -1.95  -1.7%  -20.9%
 US Cocoa                   2639.00    42.00   1.6%   18.0%
 US Sugar                     16.87    -0.64  -3.7%  -13.5%
 
 US silver                   21.720   21.503   1.6%  -28.1%
 US platinum                1414.90     4.20   0.0%   -8.0%
 US palladium                722.15     0.00   0.0%    2.7%

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