The Standard & Poor’s GSCI gauge of 24 raw materials fell 2.4 percent to settle at 605.15 at 4:17 p.m. in New York, led by natural gas.
The UBS Bloomberg CMCI index of 26 prices declined 1.9 percent to 1,497.39.
Natural gas declined the most in four weeks on forecasts for milder weather. Earlier, the price reached $3 per million British thermal units for the first time in six months.
MDA EarthSat Weather in Gaithersburg, Maryland, predicted mostly normal temperatures in the southern and eastern U.S. following warmer-than-normal weather through July 10.
On the New York Mercantile Exchange, gas futures for August delivery slumped 5.7 percent to $2.776 per million Btu, the biggest drop since June 7.
U.K. gas was little changed as Norway’s Ministry of Labor summoned unions and the industry’s employer group in an attempt to settle a dispute that threatens a production slowdown.
July 9 gas traded at 58.4 pence a therm at 4:23 p.m. London time, versus 58.45 pence a therm yesterday. August gas weakened 0.8 percent to 56.95 pence. That’s equivalent to $8.82 per million Btu. A therm is 100,000 Btu.
Crude oil fell for the second straight day after a report showed U.S. employers hired fewer workers than forecast in June, increasing concern that slower economic growth will reduce energy demand.
On the Nymex, oil futures for August delivery slid 3.2 percent to $84.45 a barrel.
Brent oil for August declined 2.5 percent to $98.19 a barrel on the London-based ICE Futures Europe exchange.
Morgan Stanley bought one cargo of North Sea Forties after the blend rose to a three-month high amid a drop in August shipments. Exports of the crude for next month will be at the lowest in at least five years, a loading program obtained by Bloomberg News showed.
BP Plc failed to sell Russian Urals crude in northwest Europe at a higher price.
Gasoline slid as U.S. employers added fewer jobs than projected in June, increasing concerns that the economic recovery is stalling and fuel demand won’t improve.
On the Nymex, gasoline futures for August delivery dropped 1.8 percent to $2.716 a gallon.
Heating-oil futures for August delivery fell 2.1 percent to $2.7099 a gallon.
Corn futures fell from a nine-month high and wheat dropped on speculation that grain demand will ebb. Soybeans slid.
On the Chicago Board of Trade, corn futures for December delivery fell 2.2 percent to $6.93 a bushel, the first drop in a week and the biggest since June 21. Prices yesterday reached $7.13, the highest for a most-active contract since Sept. 15.
Wheat futures for September delivery tumbled 3.8 percent to $8.0625 a bushel.
Soybean futures for November delivery declined 1.4 percent to $15.0575 a bushel.
Copper slumped the most in two weeks as a report showing slower-than-forecast job gains in the U.S. fueled concern that the economic recovery will falter, eroding demand for raw materials.
On the Comex in New York, copper futures for September delivery fell 2.4 percent to $3.4095 a pound, the biggest drop since June 21.
On the London Metal Exchange, copper for delivery in three months tumbled 2.1 percent to $7,531 a metric ton ($3.42 a pound).
Aluminum, nickel, lead, zinc and tin also slid on the LME.
Gold declined the most in two weeks as the dollar’s rally eroded demand for the metal as an alternative investment.
On the Comex, gold futures for August delivery fell 1.9 percent to $1,578.90 an ounce, the biggest drop for a most- active contract since June 21.
Silver futures for September delivery slipped 2.7 percent to $26.92 an ounce.
On the Nymex, platinum futures for October delivery dropped 1.9 percent to $1,449.50 an ounce. Palladium futures for September delivery fell 0.9 percent to $580.35 an ounce.
Sugar rose, capping the second straight weekly gain, on speculation that supplies will remain limited after rain hurt crops in Brazil, the world’s biggest producer.
On ICE Futures U.S. in New York, raw sugar for October delivery advanced 1.5 percent to 22.25 cents a pound. The price jumped 5.9 percent since June 29 after climbing 6.4 percent the previous week.
Arabica-coffee futures for September delivery retreated 2.2 percent to $1.7645 a pound.
Cocoa futures for September delivery fell 3.3 percent to $2,252 a ton.
Cotton futures for December delivery increased 0.1 percent to 70.62 cents a pound.
Orange-juice futures for September delivery jumped 1.8 percent to $1.271 a pound.
Hog futures rose on speculation that pork supplies will decline as excessive heat across the U.S. causes animals to lose weight.
On the Chicago Mercantile Exchange, hog futures for August settlement climbed 0.5 percent to 93.3 cents a pound. The price has risen 11 percent in 2012.
Cattle futures for August delivery rose less than 0.1 percent to $1.192 a pound.
Feeder-cattle futures for August settlement advanced 0.4 percent to $1.46525 a pound.
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