US Commodity Markets
Oil fell for the first time in four days in NY after Saudi Arabia the world’s biggest crude exporter, said the global market has enough supplies to meet demand. Crude for May delivery slumped 2.3% to $107.12 a barrel.
Cocoa for July delivery declined 3.2% to $3,057 a metric ton on ICE Futures amid concern demand for commodities may slow as China fights inflation.
Sugar and coffee also fell, while wheat, silver and corn gained.
Gold for June delivery climbed 0.5% to $1,492.90. Gold futures rose to a record $1,498.60 an ounce after S&P revised its US credit outlook to negative boosting the appeal of the precious metal as an alternative to the dollar.
Copper fell for a sixth day in New York the longest streak since June after S&P put a “negative” outlook on the AAA credit rating for the US, the second-largest consumer of the metal.
