COMMODITIES-Oil, copper up on U.S. budget deal hopes, China imports
NEW YORK, Oct 14 (Reuters) - U.S. crude oil, industrial metals and other commodities rose on Monday, as investors bought raw materials on signs that U.S. lawmakers have made progress on a deal to reopen the government and avert a potential default. Investors also were encouraged by strong Chinese imports of crude oil and iron ore in September. China is one of the world's largest consumers of oil and other commodities. The Thomson Reuters-Jefferies CRB index, a bellwether for commodities, settled up 0.3 percent. Volume was weak, with some traders away due to the U.S. Columbus Day holiday. The U.S. bond market was shut but the equities and commodities markets remained open. U.S. senators said they were closing in on a deal that would reopen the government and push back a possible default for several months. U.S. oil prices ended slightly higher as traders covered short positions ahead of a possible political deal. U.S. oil ended 39 cents higher at $102.41 a barrel, after trading down to $101.06. Brent crude futures ended 24 cents lower at $111.04, after trading as low as $109.87.
Gains were limited by concern that a prolonged deadlock could damage the global economy and dent oil demand in the United States, the world's largest oil consumer. "Not only is the U.S. standoff doing harm to the U.S. economy but the knock on effect is it will do harm to the global economy," said Stephen Schork, editor of the Schork Report in Villanova, Pennsylvania.
CHINA IMPORT STELLAR China's copper imports jumped 18 percent in September, reversing from a fall in August, as importers boosted orders ahead of a seasonal pickup. Copper rose as the China import data boosted optimism about the outlook for global demand. Benchmark copper on the London Metal Exchange closed at $7,255 a tonne from a close of $7,200 on Friday. In agricultural commodities, U.S. soybean futures rebounded from a 20-month low on Monday and corn rose slightly from a 37-month low as rain was expected to stall the Midwest harvest this week followed by frigid weather which could damage crops in some areas.
Prices at 3:29 p.m. EDT (1929 GMT)
LAST NET PCT YTD CHG CHG CHG US crude 102.20 0.18 0.2% 11.3% Brent crude 110.88 -0.40 -0.4% -0.2% Natural gas 3.815 0.039 1.0% 13.8% US gold 1276.10 7.90 0.6% -23.9% Gold 1276.26 3.64 0.3% -23.8% US Copper 3.30 0.03 1.0% -9.7% LME Copper 7255.00 55.00 0.8% -8.5% Dollar 80.288 -0.075 -0.1% 4.6% CRB 287.474 0.862 0.3% -2.6% US corn 436.75 3.50 0.8% -37.5% US soybeans 1272.50 5.75 0.5% -10.3% US wheat 691.75 0.25 0.0% -11.1% US Coffee 117.00 0.30 0.3% -18.6% US Cocoa 2714.00 -32.00 -1.2% 21.4% US Sugar 19.08 0.15 0.8% -2.2% US silver 21.550 0.001 0.5% -28.7% US platinum 1380.60 5.00 0.4% -10.3% US palladium 714.40 1.10 0.2% 1.6%