Commodities fell a second day, heading for the longest weekly losing streak in 11 years, on concern a slowdown in China and the US, the world's two biggest economies , will cut demand.
Oil fell a second day in New York, heading for the longest run of weekly losses in more than 13 years, on speculation the economies of the US and China, the world's biggest crude consumers, will slow and curb fuel demand. Futures dropped 3.3%.
Oil for July delivery decreased $2.82 to $82 a barrel in electronic trading on the New York Mercantile Exchange, and was at $82.30 at 12:02 pm London time. The contract slipped 0.2 % to $84.82 on Thursday, the lowest close since June 5.
Prices are down 4.9% this month and poised for a sixth weekly decline, the longest losing streak since December 1998. Oil has fallen 17% this year. Copper traders are the most bullish in three months as China, the biggest buyer, reduced interest rates to bolster growth, increasing expectations that prices will rebound from the longest slump in two years.
Stockpiles in warehouses monitored by the London Metal Exchange, the world's largest metals bourse, declined 38% this year. China, which accounts for 41% of global demand, cut interest rates for the first time since 2008 on Thursday after growth slowed for five consecutive quarters.
Commodities headed for the longest weekly losing streak in 11 years after Federal Reserve chairman Ben S Bernanke declined to specify options for further easing and German exports fell. Sugar slipped 15% to 19.74 cents a pound on ICE Futures US in New York this year.
Prices rallied this week as rains disrupted the harvest in Brazil, the world's biggest producer. There was a marginal change in the futures prices of sugar on the NCDEX for all the traded contracts.
Oil fell a second day in New York, heading for the longest run of weekly losses in more than 13 years, on speculation the economies of the US and China, the world's biggest crude consumers, will slow and curb fuel demand. Futures dropped 3.3%.
Oil for July delivery decreased $2.82 to $82 a barrel in electronic trading on the New York Mercantile Exchange, and was at $82.30 at 12:02 pm London time. The contract slipped 0.2 % to $84.82 on Thursday, the lowest close since June 5.
Prices are down 4.9% this month and poised for a sixth weekly decline, the longest losing streak since December 1998. Oil has fallen 17% this year. Copper traders are the most bullish in three months as China, the biggest buyer, reduced interest rates to bolster growth, increasing expectations that prices will rebound from the longest slump in two years.
Stockpiles in warehouses monitored by the London Metal Exchange, the world's largest metals bourse, declined 38% this year. China, which accounts for 41% of global demand, cut interest rates for the first time since 2008 on Thursday after growth slowed for five consecutive quarters.
Commodities headed for the longest weekly losing streak in 11 years after Federal Reserve chairman Ben S Bernanke declined to specify options for further easing and German exports fell. Sugar slipped 15% to 19.74 cents a pound on ICE Futures US in New York this year.
Prices rallied this week as rains disrupted the harvest in Brazil, the world's biggest producer. There was a marginal change in the futures prices of sugar on the NCDEX for all the traded contracts.
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