Spotlight: Crude oil fell on signs slowing U.S. economy would curb demand. Natural gas rose while gasoline fell after a 12th consecutive weekly supply rose. Cocoa soared to the highest in almost five years. Gold gained, capping the biggest monthly increase since April 2006. Platinum rose to a record. Copper jumped, capping the biggest monthly gain since April.
Energy: Crude oil fell on concern that the U.S. is on the verge of a recession, curbing fuel demand in the world's biggest energy- consuming country. Natural gas advanced on speculation colder weather would boost demand. However, gasoline fell after a 12th consecutive weekly supplies were adequate.
Agriculture: Wheat rose, as demand for U.S. supplies increased after prices declined 3.1 percent last week. Corn rose for the first time in three days, on speculation that a weakening dollar is boosting overseas demand for supplies from the U.S.. However, soybeans fell as rains in South America may boost crop.
Cocoa soared to the highest price in almost five years because dry weather in West Africa, the biggest producer of the commodity, threatened supplies as well as the U.K. pound rose against the dollar. Besides, coffee rose to a two-week high as inventories dropped. Separately, cotton fell on speculation that U.S. exports may fall short of forecast. Sugar fell as recession concerns spurred declined in oil.
Precious Metals: Gold rose, capping the biggest monthly gain since April 2006, platinum rose to a record too on concern the dollar may weaken further, boosting the appeal of the metal as an alternative investment. Notably, silver rose to the highest since 1980. Palladium rose.
Industrial Metals: Copper rose in New York, capping the biggest monthly gain since April, on speculation lower U.S. borrowing costs will bolster economic growth and spurring demand.
(Source: Bloomberg)
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