Commodity update

China Stocks Fall Most in 5 Months on Property, Commodity Risks China’s stocks fell, sending the benchmark index to its biggest loss in five months, after the government told local authorities to curb real estate speculation and commodity prices tumbled.

Oil Heads for Longest Run of Weekly Gains Since 2004 on Economy Oil headed for the longest run of weekly gains in more than eight years in New York before a report that may show the U.S. added jobs last month, signaling an economic recovery in the world’s biggest crude consumer.

Finance ministry official says import duty on gold increased to 6 pct immediately from 4 pct.

U.K. Finance Industry to Cut 43,000 Jobs, CBI Survey Says The U.K.’s financial industry will lose 43,000 jobs in six months, according to a forecast from the Confederation of British Industry, as companies shrink and reduce costs.

Oil Trades Near One-Week Low as U.S. Crude Inventories Increase Oil traded near the lowest level in almost a week in New York after U.S. crude stockpiles increased and a gauge of New York-area manufacturing contracted for a sixth consecutive month.

Oil Heads for Fifth Weekly Gain on Saudi Production Cut, Economy Oil traded near the highest level in almost four months, extending the longest weekly winning streak since August, as Saudi Arabia cut its oil output and investors speculated an economic recovery will boost fuel demand.

Trade Gap in U.S. Probably Narrowed as Fuel Costs Declined The trade deficit in the U.S. probably shrank in November as lower fuel costs curbed imports and exports rebounded, economists said before a report today.

China’s Stocks Fall Most in Three Months on Inflation China’s stocks fell the most among Asian markets after a report showing inflation accelerated more than forecast, limiting room for monetary easing to support an economic recovery.

Aluminum Glut No Bar to Gains as Barclays Says Sell: Commodities The record glut in aluminum will be no bar to rising prices because of delays in getting metal from warehouses, even as Barclays Plc advises investors to sell and Morgan Stanley says it has the worst outlook of any commodity.

Copper Near Lowest Level in Two Weeks on U.S. Budget Talk Copper declined to the lowest level in almost three weeks amid concerns that budget negotiations deteriorated in the U.S.

Oil Falls on U.S. Supply Forecast Oil fell for a second day as U.S. crude inventories were forecast to increase and on concern that a deal for Greece to buy back its bonds may falter.

Iran May Slash Oil Sales Outlook, Store More as Sanctions Bite Iran may base its budget for the next fiscal year on anticipated exports of 1 million barrels a day of oil, half that shipped in 2011, Fars news agency reported, citing the head of the parliament’s economic committee.