Stocks fell, pulling the Standard & Poor’s 500 Index down from a record, and commodities slid as reports showed weaker growth in global manufacturing and private U.S. payrolls. Treasuries remained higher as the Federal Reserve reiterated its commitment to asset purchases.
Investors are boosting wagers on higher commodity prices at the fastest pace in almost four years, rebounding from the least bullish position since 2009, on signs that the U.S. is accelerating and Europe’s debt crisis is easing.
The Chinese entrepreneur and the Peruvian shopkeeper have never met. Yet Li Shiping’s dream of riches and success in China is uprooting Victor Raul Ancieta’s village 18,000 kilometers (11,000 miles) away in the Andes.
Copper stockpiles in warehouses monitored by the London Metal Exchange climbed to the highest level in almost 16 months on deliveries amid weak demand and incentives storage companies offer to attract metal.
Processing fees to turn copper ore into metal will likely be sustained at high levels next year after an earthquake in Japan shut smelting capacity and China imported less of the raw material, said Japan’s top smelter.
Investors expanded their platinum holdings in funds faster than for any other precious metal this year, in a bet that mining companies digging as deep as 1.4 miles underground will fail to meet record consumption.