* Crude oil down about 3 pct, sharpest dip in 2 weeks
* Copper down first time in 5 sessions
* Arabica coffee, raw sugar join slide after recent strength
* Gold stays near 11-month highs on safe-haven demand
By Barani Krishnan
NEW YORK, Oct 3 (Reuters) – Oil prices fell the most in two
weeks on Monday and agricultural markets took another pounding
as European economic data pointed to a recession, which could
hurt global demand for commodities.
Even raw materials like copper, arabica coffee and raw sugar
— which rose in the past two sessions — joined the sell-off.
Gold retained its robust fourth quarter start, staying near
this week’s 11-month high as more investors turned to the
precious metal, which usually becomes a haven in times of
economic and political trouble.
“Gold has certainly got a bit of spring in its step at the
end of the summer break,” said Ross Norman, chief executive at
gold-broking firm Sharps Pixley. “There is good physical buying
coming through and central bank buying is firm so the market
will support it.”
Continued…
