Commodities mostly fall as storm hits East Coast

AP News
Posted: Oct 29, 2012 3:32 PM
Commodities mostly fall as storm hits East Coast

Prices for gold, copper and oil are lower as a colossal storm begins pounding the East Coast.

The commodity exchanges were closed Monday except for electronic trading as mandatory evacuations were imposed in many areas. Stock markets also closed and bond trading ended early.

Trading is light with attention focused on the storm and its potential impact on the region. Major Northeastern refineries are reducing operations or closing. That's hurt oil prices because of concerns about demand.

Meanwhile, investors had little reaction to a new government report showing that consumer spending increased in September to the highest level since February.

In other trading, prices are lower for industrial metals, corn, wheat and soybeans. Coffee and sugar are higher.