By Chanyaporn Chanjaroen Aug. 5 (Bloomberg) -- Commodities declined for an eighth day, the longest losing streak since December 2008, and erased their gains for the year as concern deepened that the global economic slowdown would reduce demand for raw materials. The Standard & Poor’s GSCI Spot Index of 24 commodities lost as much as 2.6 percent to 628.11 and stood at 630.99 at 2:51 p.m. Singapore time. The gauge headed for a weekly loss of 8.1 percent, the worst since May. Zinc led the drop, slumping as much as 4.3 percent in London. Oil fell 4.3 percent in New York and was set for its biggest weekly loss in three months. Copper dropped to the lowest since June and gold gained 0.6 percent. U.S. consumer confidence slid last week to the lowest level in more than two months, a report showed yesterday. More than $4.4 trillion have been cut from equity market values in a seven-day sell-off that drove the MSCI All-Country World Index down more than 10 percent from this year’s high. The U.S. added 85,000 jobs last month, leaving the 9.2 percent unemployment rate unchanged, said economists surveyed before data today that cap a week of reports showing the U.S. recovery is slowing. “The market is nervous, people are panicking,” said Jonathan Barratt, a managing director of Commodity Broking Services Pty in Sydney. “Everyone is liquidating and moving into cash and that’s understandable because every other commodity market is under pressure.” Crude, Copper Crude oil for September delivery dropped 3.4 percent to $83.68 a barrel on the New York Mercantile Exchange after slumping to $82.87, the lowest level for the most active contract since November. The price fell 5.8 percent yesterday. Gold for immediate delivery increased 0.6 percent to $1,657 an ounce. Bullion, which touched a record $1,681.72 yesterday, is up 1.8 percent this week, set for the longest run of weekly advances since the five weeks to March 4. “Gold is supported on many fronts and we remain bullish,” said Yang Shandan, a trader at Cinda Futures Co. “There’s fear spreading across all markets,” said Yang, ranked second in a Futures Daily and Securities Times poll of China gold analysts. Copper for delivery in three months fell as much as 2.2 percent to $9,148 a ton, the lowest intraday price since June 29, and a 10 percent plunge from its record $10,190 in February, a so-called correction. The metal traded at $9,166.75 a ton and has been supported by a strike at BHP Billiton Ltd.’s Escondida copper mine in Chile, the world’s largest. Most workers are now in favor of ending the action, according to an early counting of votes cast at a labor union meeting today. Wheat for December delivery dropped as much as 2 percent to $7.1075 a bushel on the Chicago Board of Trade before trading at $7.1375. Corn for December delivery dropped 1.5 percent to $6.91 a bushel after falling 1.6 percent yesterday. --With assistance from Ben Sharples in Melbourne, Glenys Sim in Singapore and Sungwoo Park in Seoul. Editors: James Poole, Ovais Subhani To contact the reporter on this story: Chanyaporn Chanjaroen in London at cchanjaroen@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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