The Standard & Poor’s GSCI gause of
24 commodities fell 2.3 percent to 603.73 at 5 p.m. in London.
The UBS Bloomberg CMCI index of 26 raw materials was down 1.8
percent at 1,445.638.
Copper fell to a 20-week low in New York as a reduction of
Spain’s credit rating fueled concern that Europe’s debt crisis
will slow the economy and reduce demand for raw materials.
Copper futures for July delivery declined 2.2 percent to
$3.387 a pound on the Comex in New York, after touching $3.383,
the lowest since Jan. 9. Before today, prices fell 9.6 percent
On the London Metal Exchange, copper for delivery in three
months fell 2 percent to $7,513.75 a metric ton ($3.41 a pound).
Base metals markets: NI BMMKTS
Oil tumbled to a seven-month low on speculation that U.S.
crude stockpiles climbed to the highest level since 1990 and as
the euro weakened on concern that the debt crisis will overwhelm Spain.
Oil for July delivery fell $2.82, or 3.1 percent, to $87.94
a barrel on the New York Mercantile Exchange. Futures reached
$87.49, the lowest intraday level since Oct. 24. Prices are down
16 percent this month, the biggest drop since December 2008.
Brent oil for July settlement declined $2.94, or 2.8
percent, to $103.74 a barrel on the London-based ICE Futures
Europe exchange. The contract touched $103.23, the lowest level
since Dec. 19.
Crude oil futures: NI CRMKTS
Soybeans fell, extending the biggest monthly decline since
September, on speculation that the worsening European debt crisis and slower growth in China will curb demand. Corn also
Soybean futures for July delivery slid 1.2 percent to
$13.7025 a bushel on the Chicago Board of Trade. Before today,
the oilseed dropped 7.9 percent in May.
Corn futures for July delivery dropped 0.4 percent to
$5.6025 a bushel in Chicago, after touching $5.535, the lowest
since Dec. 8, 2010. Before today, the most-active contract lost
11 percent this month.
Grain markets: NI GRMKTS
Cattle futures fell to the lowest in two weeks on
speculation that a sluggish global economy will curb demand for
commodities. Hog prices dropped for the first time in a week.
Cattle futures for August delivery fell 0.9 percent to
$1.18575 a pound on the Chicago Mercantile Exchange. Earlier,
the price touched $1.177, the lowest for a most-active contract
since May 14. Before today, the commodity rose 4.8 percent this
Feeder-cattle futures for August settlement dropped 0.9
percent to $1.562 a pound.
Hog futures for July settlement declined 0.7 percent to
87.05 cents a pound in Chicago, heading for the first drop since
May 23. Before today, the commodity climbed 2 percent this
Livestock markets: NI LVMKTS
Gasoline fell for the first time in four days as the dollar
surged and Brent crude weakened, reducing the cost to make the
Gasoline for June delivery declined 3.85 cents, or 1.3
percent, to $2.868 a gallon on the New York Mercantile Exchange.
The price has dropped 9.9 percent in May. The more actively
traded July contract fell 4.9 cents to $2.7845.
June-delivery heating oil fell 5.65 cents, or 2 percent, to
$2.7523 a gallon on the exchange, a seven-month low. Prices have
fallen 14 percent in May.
Regular gasoline at the pump, averaged nationwide, fell 1
cent to $3.626 a gallon yesterday, according to AAA. It was the
lowest level since Feb. 22. Gasoline is down 7.9 percent since
reaching a 2012 high of $3.936 on April 4.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating
oil: NI HEATOIL
Cocoa futures fell to a four-month low on speculation that
slowing economies will dent demand just as supply arrives from Ivory Coast, the world’s largest grower. Coffee also slid, while
Cocoa for July delivery dropped 2.6 percent to $2,055 a ton
on ICE Futures U.S. in New York, after reaching $2,052, the
lowest for a most-active contract since Jan. 9. Before today,
the commodity fell 4.9 percent this month.
Arabica-coffee futures for July delivery dropped 1.4
percent to $1.631 a pound in New York, after touching $1.623,
the lowest since July 23, 2010. Before today, the price plunged
7.9 percent in May, heading for the sixth straight decline and
the longest slide since November 1980.
Raw-sugar futures for July delivery rose 0.1 percent to
19.55 cents a pound on ICE.
Soft commodities markets: NI SOMKTS
Gold futures for August delivery rose $2.20, or 0.1
percent, to $1,553.20 an ounce on the Comex in New York.
Earlier, the price fell as much as 1.2 percent.
Precious metal markets: NI PCMKTS
Natural gas futures declined for the fourth straight day in
New York on concern that cooler weather forecast for states east
of the Rocky Moutains will reduce demand from power plants.
Natural gas for July delivery fell 6.8 cents, or 2.7
percent, to $2.417 per million British thermal units on the New York Mercantile Exchange. Gas has advanced 5.6 percent this
month, climbing 27 percent after sliding to a 10-year intraday
low of $1.902 per million Btu on April 19. Gas is down 20
percent this year.