Newswire: Commodities

[Energy] -- Crude Oil Falls on Speculation U.S. Supplies Climbed Last Week

May 5 (Bloomberg) -- Crude oil fell from a five-month high on speculation a government report will show that U.S. supplies climbed to the highest level in more than 18 years.

The Energy Department tomorrow will probably say that crude-oil inventories increased 2.5 million barrels last week, according to a Bloomberg News survey. Prices surged yesterday as the Standard & Poor’s 500 Index gained 3.4 percent and pending sales of existing U.S. homes jumped.



[Base Metals] -- Copper Tumbles From Two-Week High on Renewed Growth Concerns

May 5 (Bloomberg) -- Copper fell from the highest price in two weeks on concern that government stress tests may show some of the largest U.S. banks need more capital and that financial losses will continue to curb growth.

The tests may show that about 10 banks need additional capital to weather a deeper recession, people familiar with the matter said. The Federal Reserve is expected to deliver the results of the tests to executives today. Copper surged 12 percent in the previous four sessions on speculation that the global contraction may be bottoming.



[Precious Metals] -- Gold Climbs to One-Week High as Dollar Declines; Platinum Gains

May 5 (Bloomberg) -- Gold rose to a one-week high in New York and London as the dollar declined against the currencies of major trading partners. Platinum and silver also climbed.

Gold jumped 1.8 percent yesterday as the dollar fell to a four-week low against the euro. Some investors have bought gold betting on “negative data” about U.S. banks in a report from the Federal Reserve scheduled in two days, said Manqoba Madinane at Standard Bank Group Ltd. in Johannesburg. The dollar index has slid 0.9 percent this week.



[Agriculture] -- Wheat Gains as Wet, Cold Weather Delays U.S. Planting Progress


May 5 (Bloomberg) -- Wheat prices rose as wet, cold weather delayed planting and the emergence of crops in the U.S., the biggest exporter of the grain.

About 23 percent of the spring wheat was planted as of May 3, down from 55 percent at the same time last year and an average of 59 percent from 2004 to 2008, the Department of Agriculture said yesterday in a report. Planting was 3 percent completed in North Dakota, the crop’s biggest producer, down from 54 percent at this time last year, USDA data show.