Crude oil futures fell in New York, paring the biggest weekly gain since February, as a drop in Japan’s industrial output prompted traders to lock in profits from yesterday’s rally.
-- Sugar futures fell for the third time in four sessions on forecasts that output will recover in India, the world’s top consumer and second-biggest producer. Orange juice rose to a three-week high.
Crude oil climbed the most in five weeks as the dollar tumbled to a 15-year low against the yen and a government report showed a smaller-than-forecast U.S. stockpile gain.
Raw-sugar prices fell from a three- month high as slumping U.S. equities revived concern that a slowing economy will limit demand for commodities. Cotton and orange juice climbed.
Silver had its biggest three-day drop since March 1983, crude oil tumbled to a two-week low and gold, copper and grains fell after money managers made near-record bets on high commodity prices in April.
Copper futures fell the most in six weeks on speculation that manufacturers have enough metal to meet demand.
Crude oil declined to a one-month low after a gauge of U.S. manufacturing showed growth at the slowest pace in two years, a sign the economic expansion is faltering.
Copper fell, capping the first weekly drop in a month, on signs of slowing demand.
Copper rose to the highest price in four months as manufacturing grew at a faster pace in China and the U.S., the world’s largest metal users.
Crude oil fell to a four-week low as fuel demand from China slowed and Standard & Poor’s cut Greece’s credit rating to the lowest level held by a country.
"Japan is part of the story that's driving down oil prices."
- Richard Ilczyszyn on Oct 28, 2011