November 26, 2013 / 10:47 PM / 6 years ago

COMMODITIES-Gold, copper down on Fed concerns after housing data

By Barani Krishnan
    NEW YORK, Nov 26 (Reuters) - Gold and copper prices fell on
Tuesday as encouraging U.S. housing activity fed expectations
that the Federal Reserve might soon decide to reduce its
bond-buying stimulus program.
    Oil  also closed down as investors awaited new
developments after a weekend nuclear deal between Iran and world
powers brought no immediate change to the freeze on crude
exports from the Middle East country. 
    Abundant supplies weighed on some commodities.
    Raw sugar futures fell for a sixth straight day,
hitting an 8-week low, after Brazil's latest harvest update
showed the top sugar grower on track to a record cane crop.
 
    Corn prices fell with 95 percent of the U.S. crop
harvested. U.S. production will set a record high of 13.989
billion bushels this year, exceeding last year's
drought-shortened harvest by 30 percent, the USDA said. 
    The Thomson Reuters/Core Commodity CRB index fell
0.1 percent to settle at 274.7724 points. Ten of the 19
commodities tracked by the CRB fell, with corn sliding 1.5
percent to become the day's biggest decliner.
    U.S. natural gas futures rose nearly 1 percent,
finishing up for a fifth session in a row and leading the CRB's
gains, as cold weather boosted heating demand in key consuming
regions.     
    The spot price of gold fell nearly 1 percent to
around $1,242 an ounce, after latest housing data suggested an
economic resilience that could make the Fed rethink its monetary
easing program. 
    Permits for future U.S. home construction hit a near 5-1/2
year high in October. Separately,a report showed the S&P/Case
Shiller composite index of home prices in 20 metropolitan areas
jumped 13.3 percent in September. 
    In copper, the metal's benchmark 3-month futures contract in
London closed at $7,065 a tonne, down from $7,099 on
Monday. 
    Prices at 5:26 p.m. EDT (2226 GMT)      
                             LAST/      NET    PCT     YTD
                             CLOSE      CHG    CHG     CHG
US crude              93.46    -0.41  -0.4%    1.8%
Brent crude         111.03     0.03   0.0%   -0.1%
Natural gas           3.818    0.029   0.8%   13.9%
                                                          
Gold                1242.10    -0.80  -0.1%  -25.8%
US Copper              3.21    -0.01  -0.3%  -12.0%
LME Copper         7065.00   -34.00  -0.5%  -10.9%
Dollar               80.639   -0.280  -0.4%    5.0%
CRB              274.772   -0.309  -0.1%   -6.9%
                                                          
US corn               418.50    -6.25  -1.5%  -40.1%
US soybeans          1329.25     0.00   0.0%   -6.3%
US wheat              646.50    -6.00  -0.9%  -16.9%
                                                          
US Coffee            108.15     0.05   0.0%  -24.8%
US Cocoa            2773.00   -35.00  -1.2%   24.0%
US Sugar              17.30    -0.02  -0.1%  -11.3%
                                                          
US silver            19.848   19.649   1.6%  -34.3%
US platinum         1371.90    -5.90   0.0%  -10.8%
US palladium         716.20    -3.70  -0.5%    1.8%

 (Editing by David Gregorio)
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