COMMODITIES- Markets fall on economic data, roiled by bogus tweet
* Brent near $100 a barrel on economic data from China, Germany * Gold spikes, oil sinks after false AP tweet * Corn down as rains improve U.S. growing conditions NEW YORK, April 23 (Reuters) - Commodities markets fell for a second session on Tuesday with Brent crude settling near $100 a barrel and copper hitting a 1-1/2-year low as weaker-than-expected economic data out of China and Germany raised concerns about global economic health. Oil prices sank and gold spiked briefly as markets for stocks, bonds, oil and commodities were sent spinning after a fake tweet sent via the Associated Press said that there had been explosions at the White House. U.S. crude for June delivery fell as much as 70 cents a barrel in a three-minute period following the false tweet. The contract closed down 1 cent at $89.18 a barrel. June Brent crude recovered after falling by more than $1.50, settling down 8 cents at $100.31 a barrel. U.S. gold futures jumped by more than $5 an ounce, or 0.4 percent, after the false tweet, but were soon trading lower. "It puts into perspective our increasing dependence on technology and communications," said Bill Baruch, senior market strategist at iitrader.com in Chicago. "It brings us back to reality in the sense that these communications are easily misconstrued, easily hacked, so not only can people put out false information, but they can capitalize on it." U.S. stocks also fell steeply on the tweet, but recovered shortly after news the tweet was false. The Thomson Reuters-Jefferies CRB index, a benchmark for global commodities, was down for a second straight session. CHINA, GERMANY DATA PRESSURE OIL, METALS Gold fell 1.4 percent to a session low of $1,405.44 an ounce and had pared losses to $1,412.70 by 3:14 EDT (1914 GMT), off 0.87 percent, under pressure as the dollar index gained against a basket of currencies and by outflow from the world's biggest gold exchange-traded fund. Three-month copper closed at $6,870 a tonne, down 1 percent from a close of $6,935 on Monday. Earlier in the session, it fell to $6,762.2 a tonne, its lowest level since October 2011. China's factory sector's growth slowed in April due to a slowdown in new export orders, according to a preliminary survey of factory managers. The data came on the heels of weaker-than-expected GDP data in China that sparked concern over demand in the world's largest consumer of many commodities and prompted a broad commodities sell-off last week. Economic data out of Germany that the country's private sector shrank in April for the first time in five months added to the macroeconomic worries on Tuesday. "I think the whole commodities space came off because of the weak PMI out of China and the weak PMI out of Europe, especially Germany," said Heraeus Precious Metals Management metals trader David Lee. "That combination is dragging everything from copper to silver to platinum and palladium down. And gold is going down in sympathy because it's part of the basket." Goldman Sachs lowered its 2013 Brent price forecast to $105.00 from $110.00, citing a possible slowdown in Chinese demand, weaker-than-expected European demand, and higher European refinery activity. CORN DOWN ON IMPROVED SUPPLY PROSPECTS Chicago Board of Trade (CBOT) corn futures fell for a second session, with the new-crop December futures contract hitting a 10-month low, trading down 10-1/4 cents per bushel at $5.22-3/4. CBOT corn for May delivery was down 7-1/4 cents per bushel at $6.38-1/2. U.S. corn plantings have been delayed by cold, wet weather but the recent rainfall has added valuable moisture to drought-stricken soils. The improved moisture supply prospects pressured prices. "The story has been delayed plantings and now the focus is shifting to the weekend and next week and much better planting weather," said Rich Nelson, chief strategist for Illinois-based research and advisory firm Allendale Inc. Prices at 5:15 p.m. EST (2115 GMT) LAST/ NET PCT YTD CLOSE CHG CHG CHG US crude 89.57 0.38 0.4% -2.5% Brent crude 100.44 0.05 0.1% -9.6% Natural gas 4.238 -0.029 -0.7% 26.5% US gold 1408.60 -12.40 -0.9% -15.9% Gold 1412.44 -12.70 -0.9% -15.6% US Copper 310.40 -4.00 -1.3% -15.0% LME Copper 6870.00 -65.00 -0.9% -13.4% Dollar 83.019 0.343 0.4% 8.1% #DIV/0! US corn 638.50 -7.25 -1.1% -8.6% US soybeans 1419.75 2.50 0.2% 0.1% US wheat 697.50 -4.75 -0.7% -10.3% US Coffee 137.55 -4.95 -3.5% -4.3% US Cocoa 2316.00 17.00 0.7% 3.6% US Sugar 17.74 -0.13 -0.7% -9.1% US silver 22.817 -0.507 -2.2% -24.5% US platinum 1416.80 -19.00 -1.3% -7.9% US palladium 673.35 -8.55 -1.3% -4.3%
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.