* Brent up 2 pct, halting 3-day slide as gasoline supports
* Metals slip; copper retreats from Wednesday's 4-mth peak
* Soybeans down after speedy harvest, encouraging yields
By Barani Krishnan
NEW YORK, Sept 20 (Reuters) - Prices of Brent crude oil rose
on Thursday, halting a three-day selloff that followed last
week's enlarged U.S. stimulus plan, while metals and crop
markets mostly fell in another mixed performance for
commodities.
The dollar surged to a one-week high against the euro
, pressuring commodities priced in the U.S. currency,
after weak data from the United States, Europe and China stoked
global growth worries.
Copper prices shed 1 percent, retreating from a 4-1/2 month
high hit the previous session. Gold backed away from a 6-1/2
month high in Asian trade before ending little changed in New
York.
Soybean and corn futures slipped as well as the brisk pace
of the domestic harvest and global economic worries dampened
investor sentiment.
Coffee also lost ground, for a second straight day,
settling down 3 percent to lead losses on the bellwether Thomson
Reuters-Jefferies CRB commodities index.
The CRB itself fell half a percent, finishing down for a
fourth day. Eight of its 19 components ended in positive
territory, with gasoline leading gains, with a 3 percent rise.
Fresh bearish sentiment came upon metals and crop markets
after data showing the downturn in the euro zone's service
sector steepened this month at the fastest pace since July 2009.
U.S. manufacturing also closed out its weakest quarterly growth
rate in 3 years in September.
"That (data) is certainly going to limit how bullish the
market can get, irrespective of the supportive policy action
from the ECB and Fed," Barclays analyst Nicholas Snowdon said,
referring to stimulus measures of the European Central Bank and
the U.S. Federal Reserve.
In base metals, three-month copper futures on the London
Metal Exchange dropped $85 to end at $8,265 a tonne,
after hitting a 4-1/2-month peak at $8,422 on Wednesday.
A rapid start to the U.S. soybean harvest and reports of
better-than-expected yields weighed on grains markets, even
though analysts believe U.S. and global supply will remain
extremely tight after the worst drought in the United States in
half a century slashed yield potential.
U.S. soybean futures for November delivery lost 3
percent, or 50-3/4 cents, in Chicago trade, settling at
$16.18-3/4 a bushel.
On the energy front, Brent crude closed up $1.84 at
$110.03 per barrel, supported partly by a rally in gasoline.
U.S. gasoline futures jumped 2.6 percent, after a
fire at Venezuela's 146,000 barrel per day El Palito refinery
and a decline in the U.S. gasoline inventory reported by the
government on Wednesday.
The Venezuelan fire followed last month's blaze at the OPEC
member's Amuay 645,00 bpd refinery. The U.S. Energy Information
Administration (EIA) said domestic gasoline stocks fell 1.41
million barrels last week.
Prices at 5:21 p.m. EDT (2121 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US crude 92.14 -0.11 -0.1% -6.8%
Brent crude 110.33 2.14 2.0% 2.7%
Natural gas 2.797 0.035 1.3% -6.4%
US gold 1770.20 -1.50 -0.1% 13.0%
Gold 1766.20 -2.99 -0.2% 12.9%
US Copper 377.25 -5.65 -1.5% 9.8%
LME Copper 8270.00 -80.00 -1.0% 8.8%
Dollar 79.421 0.368 0.5% -0.9%
CRB 306.930 -1.480 -0.5% 0.5%
US corn 749.50 -9.25 -1.2% 15.9%
US soybeans 1617.75 -51.50 -3.1% 35.0%
US wheat 891.50 -2.25 -0.3% 36.6%
US Coffee 168.60 -5.80 -3.3% -26.1%
US Cocoa 2519.00 -19.00 -0.7% 19.4%
US Sugar 19.21 0.25 1.3% -17.3%
US silver 34.618 0.099 0.3% 24.0%
US platinum 1623.40 -16.50 -1.0% 15.6%
US palladium 659.60 -11.40 -1.7% 0.5%
© Thomson Reuters 2012 All rights reserved
