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COMMODITIES-US oil up; metals, crops down as investors await ECB, Fed
June 5, 2012 / 10:52 PM / 5 years ago

COMMODITIES-US oil up; metals, crops down as investors await ECB, Fed

 * Worries over Spain square off with US stimulus hopes
 * U.S. oil prices rise as energy sell-off consolidates
 * Copper prices down for 2nd day in New York
 * Grains futures in Chicago down more than 2 pct
 By Barani Krishnan	
 NEW YORK, June 5 (Reuters) - Metals and agricultural
commodities fell o n T uesday on mounting worries about Spain and
the euro zone, while U.S. oil prices rose as traders hoped the
Federal Reserve will decide to launch a new stimulus plan for
the United States.	
 The 19-commodity Thomson Reuters-Jefferies CRB index 
rose slightly as bets for a more favorable Fed view on the
stimulus hit the dollar, making it advantageous for investors
using the euro to buy dollar-denominated commodities.	
 Federal Reserve Chairman Ben Bernanke is due to testify
before a congressional panel on Thursday and investors are
awaiting clues on whether the Fed has any plans to bolster a
faltering economic recovery. 	
 Some were also hoping that Wednesday's European Central Bank
(ECB) policy meeting will yield a solution for the worsening
concerns over Spain's banks. But a teleconference held by the
Group of Seven finance ministers on Tuesday dashed expectations
for any dramatic initiatives.      	
 "The market appears to be in holding pattern awaiting
tomorrow's ECB indications," Jim Ritterbusch, president at
Ritterbusch & Associates, said in a commentary circulated to
energy market investors.	
                     	
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 2012 commodities performance: link.reuters.com/faz36s
  	
 Interactive timeline on euro zone debt crisis:  	
 link.reuters.com/xuw36s  	
 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^	
 	
 Copper prices in New York fell for a fifth straight day
after a series of declining business surveys across Europe
underscored a bleaker outlook for the global economy and
industrial metal demand.  	
 The euro zone's private-sector economy shrank in May at the
fastest pace in nearly three years, purchasing managers
indexes(PMIs) showed.	
 "The first place you see a slowing in business is in the
PMIs ... it's important to take note, and clearly the copper
market is responding," said Jason Schenker, president of
Prestige Economics, LLC in Austin, Texas.  	
 New York-traded copper for July delivery shed 1.80
cents to settle at $3.2890 per lb. On Monday, the contract fell
to its lowest since last October at $3.2380.	
 The London copper futures market was shut for a second day
in a row for a market holiday. 	
 U.S. wheat futures fell more than 2 percent, declining for
the sixth time in seven sessions, as harvest of the grain
progressed at a record pace.	
 The July wheat contract traded in Chicago settled
14-1/2 cents lower at $6.13-1/4 per bushel, just off the
two-week low notched on Friday. 	
 In oil, U.S. crude ended 31 cents up at $84.29 while
North Sea crude closed a penny lower at $98.84.	
Analysts and traders said the sell-off that rocked oil
markets last week was expected to stabilize with Brent reaching
new support below $100 -- a major retreat from its 2012 high
above $128 in March.  	
 "It has come off a long way, maybe now it's time to
consolidate," said Tony Machacek, oil futures broker at
Jefferies Bache. 	
 	
 Prices at 6:34 p.m. EDT (2234 GMT)      
                          LAST/      NET    PCT     YTD
                          CLOSE      CHG    CHG     CHG
 US crude                    84.10    -0.19  -0.2%  -14.9%
 Brent crude                 98.69    -0.01   0.0%   -8.1%
 Natural gas                 2.446    0.000   0.0%  -18.2%
 
 US gold                   1615.20     3.00   0.2%    3.1%
 Gold                      1616.79    -0.45   0.0%    3.4%
 US Copper                  328.90    -1.80  -0.5%   -4.3%
                           
 Dollar                     82.798    0.241   0.3%    3.3%
 CRB                       270.380    0.380   0.1%  -11.4%
 
 US corn                    567.50    -0.50  -0.1%  -12.2%
 US soybeans               1349.50     9.50   0.7%   12.6%
 US wheat                   613.25   -14.50  -2.3%   -6.1%
 
 US Coffee                  156.20    -2.25  -1.4%  -31.6%
 US Cocoa                  2163.00    69.00   3.3%    2.6%
 US Sugar                    19.06     0.16   0.8%  -18.0%
 
 US silver                  28.405    0.398   1.4%    1.8%
 US platinum               1440.50    13.20   0.9%    2.5%
 US palladium               618.05     5.80   0.9%   -5.8%
 	
 (Reporting By Barani Krishnan; Editing by David Gregorio)	
 

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