Spotlight: OPEC is likely to maintain oil output targets today because supplies are sufficient and prices near $100 a barrel are high enough for the OPEC members. Commodities plunged the most in almost six weeks, as oil, gold and corn fell from records. However, platinum continued this year’s rally to record highs. Copper fell.
Energy: Crude oil fell more than $2 a barrel on signs that the OPEC will leave production targets unchanged at a time of year when demand declines. Gasoline fell the most since October 2006 as supplies increased. However, natural gas in New York advanced after updated forecasts called for lower temperatures, signaling higher demand.
Agriculture: Soybeans oil tumbled the most on speculation that China will increase sales of vegetable oil from inventories to slow food inflation. Corn fell the most in almost six weeks on speculation that overseas demand and U.S. animal-feed consumption will slow after grain prices reached a record yesterday. Wheat fell on speculation that U.S. growers will harvest more grain because fewer fields are being used to graze cattle.
Sugar fell the most in nine months as investors sold commodities on renewed concerns that the U.S. economy is slowing. Cocoa fell from a 28-year high as commodities slump. Likewise coffee fell on speculation U.S. recession may hurt consumer demand.
Precious Metals: Gold fell the most in four weeks after crude-oil futures dropped from a record, reducing the appeal of the precious metal as a hedge against inflation. Platinum continuing this year's rally to record highs, on concern over supplies from South Africa, which accounted for 78 percent of world shipments of the metal last year. Silver fell.
Industrial Metals: Copper tumbled the most in six weeks on speculation this year's rally will curb demand in China, the world's biggest metals buyer.
(Source: Bloomberg)
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