Monday, August 5, 2013

US Stocks Decline; Gold, Crude Oil and Copper Falls

U.S. Stocks Decline From Record Highs After Services Data

U.S. stocks fell, after the Standard & Poor’s 500 Index climbed to a record high last week, even as data showed service industries grew at a faster pace in July. The S&P 500 slipped 0.2 percent to 1,706.77 at 10:09 a.m. in New York. The S&P 500 is trading at 15.5 times estimated earnings, compared with an average of 13.9 over the last five years, data compiled by Bloomberg showed.

Gold Bulls Cut Wagers on Signs U.S. Growth Quickens: Commodities

Hedge funds lowered bullish gold bets for the first time in five weeks as signs of accelerating U.S. growth contributed to the longest retreat in prices in a month. Gold futures declined 0.9 percent last week, the first drop since the week ended July 5.

WTI Crude Falls for Second Day After Libya Reopens Port

West Texas Intermediate crude fell for a second day after Libya reopened a terminal closed by protests. Futures dropped as much as 1.2 percent as Libyan officials said the Marsa el Hrega port was operating and all oil fields in Libya’s western region returned to normal. WTI crude for September delivery declined 92 cents, or 0.9 percent, to $106.02 a barrel at 9:40 a.m. on the New York Mercantile Exchange. Libya, holder of Africa’s largest crude reserves, is currently pumping 700,000 barrels a day, which should rise to 800,000 barrels next month.

Copper Falls as Chinese Service Stagnation Fuels Demand Concern

Copper fell in New York after three sessions of gains as a stagnant index of service industries in China stoked concern about the outlook for demand in the world’s largest consumer of the metal. Copper for delivery in September slid 0.6 percent to $3.153 a pound by 7:51 a.m. on the Comex in New York. Copper for delivery in three months fell 0.6 percent to $6,962 a metric ton on the London Metal Exchange. Copper stockpiles monitored by the LME fell for a 14th session to 606,900 tons, daily exchange figures showed. Orders to remove the metal from warehouses rose 2.3 percent, the most since June 27, to 324,300 tons.

Aluminum, zinc and nickel slid in London. Lead and tin rose.

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