Bloomberg News

Cocoa Gains for Second Day, Oil Tops $100: Commodities at Close

December 13, 2011

Dec. 13 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities rose 1.5 percent to close at 648.24 at 3:44 p.m. in New York, led by cocoa, wheat and oil. Base metals declined.

The UBS Bloomberg CMCI index of 26 raw materials gained 0.6 percent to 1,518.82.

SOFT COMMODITIES

Cocoa rose for the second straight day after Olam International Ltd. forecast a global supply shortfall, countering estimates by other analysts for a surplus. Sugar and coffee advanced.

On ICE Futures U.S. in New York, cocoa for March delivery advanced 2.8 percent to close at $2,243 a ton at 12:10 p.m. Before yesterday, futures fell for 12 straight sessions, the longest slump in five decades.

Raw sugar for March delivery climbed 0.6 percent to settle at 23.44 cents a pound at 2 p.m. in New York. The price has dropped 27 percent this year.

Arabica-coffee futures for March delivery rose 0.9 percent to $2.2295 a pound, snapping a five-session slump. The price has declined 7.3 percent this year.

Cotton futures for March delivery rose 0.2 percent to settle at 87.31 cents a pound at 2:34 p.m. on ICE Futures U.S. in New York. The fiber has plunged 40 percent this year.

Orange-juice futures for January delivery gained 0.7 percent to $1.6735 a pound on ICE. The gain was the first in six days.

Soft commodities markets: NI SOMKTS <GO>

CRUDE OIL

Crude oil in New York rose the most in almost four weeks on speculation that supplies from the Persian Gulf would be disrupted after a report that Iran will hold drills to practice closing the Strait of Hormuz.

Oil for January delivery gained $2.37, or 2.4 percent, to $100.14 a barrel on the New York Mercantile Exchange, the biggest increase since Nov. 16. Prices have risen 26 percent in the fourth quarter and 9.6 percent this year.

Brent oil for January settlement increased $2.24, or 2.1 percent, to $109.50 a barrel on the London-based ICE Futures Europe exchange.

Crude oil futures: NI CRMKTS <GO>

Europe physical crude: NI CNSMKT <GO>

U.S. physical crude: NI CRGMKT <GO>

Asia physical crude: NI CRAMKT <GO>

PRECIOUS METALS

Gold futures slumped to a seven-week low after the Federal Reserve refrained from taking new actions to boost growth.

Gold futures for February delivery fell 0.3 percent to settle at $1,663.10 an ounce on the Comex in New York.

Silver futures for March delivery rose 0.8 percent to settle at $31.26 an ounce.

On the Nymex, palladium futures for March delivery rose 0.2 percent to $664.15 an ounce. Platinum futures for January delivery rose 0.4 percent to $1,492.30 an ounce.

Precious metal markets: NI PCMKTS <GO>

NATURAL GAS

Natural gas futures in New York advanced for the first time in three days, rebounding from a 27-month low, after forecasts showed colder weather that may increase heating-fuel demand.

Gas futures for January delivery rose 0.8 percent to settle at $3.279 per million British thermal units on the New York Mercantile Exchange. The futures have declined 26 percent this year. Prices fell to $3.254 per million Btu yesterday, the lowest settlement price since Sept. 11, 2009.

U.K. natural gas contracts rose after an outage at Norway’s largest export plant and crude gained.

Gas for January rose as much as 0.80 pence to 59.40 pence a therm, according to broker prices on Bloomberg at 4:30 p.m. in London. That’s equal to $9.17 a million British thermal units. The contract has fallen 21 percent since the start of the winter heating season on Oct. 1 because of milder-than-normal weather and high inventories.

U.S. natural gas: NI NUSMKT <GO>

U.K. natural gas: NI NUKMKT <GO>

OIL PRODUCTS

Gasoline rose with oil and maintained a gain after the Federal Reserve repeated a pledge to keep interest rates low through mid-2013 while taking no additional steps to stimulate the economy.

On the Nymex, gasoline for January delivery rose 2.4 percent to settle at $2.6254 a gallon on the New York Mercantile Exchange. Prices are up 7 percent in 2011.

January-delivery heating oil rose 1.1 percent to settle at $2.9288 a gallon on the exchange. Prices are up 15 percent this year.

U.S. oil product futures: NI OPFMKT <GO>

U.S. oil products: NI OPUMKT <GO>

Asia oil products: NI OPAMKT <GO>

Europe oil products: NI OPEMKT <GO>

BASE METALS

Copper fell for a second day on renewed concern that European leaders won’t agree on ways to expand the region’s rescue packages.

Copper futures for March delivery slid 0.6 percent to close at $3.4415 a pound at 1:16 p.m. on the Comex in New York. The metal dropped 2.6 percent yesterday, the most in three weeks, after Moody’s Investors Service said it will review the credit ratings of European Union nations.

On the London Metal Exchange, copper for delivery in three months slipped 0.1 percent to $7,600 a metric ton ($3.45 a pound).

Aluminum, zinc, nickel, tin and lead also fell in London.

Base metals markets: NI BMMKTS <GO>

GRAINS, OILSEEDS

Soybeans rose the most in more than a week and corn gained for the first time in three sessions as adverse weather threatens to reduce crop yields in South America.

Soybean futures for January delivery gained 0.6 percent to close at $11.185 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest gain since Dec. 2. Yesterday, the price touched $10.95, the lowest for a most-active contract since October 2010. The oilseed has dropped 20 percent this year on rising world production and U.S. inventories.

Corn futures for March delivery rose 0.1 percent to $5.945 a bushel. The grain has slumped 5.5 percent this year as rising global output reduced demand for U.S. supplies.

On the Chicago Board of Trade, wheat futures for March delivery rose 1.1 percent to settle at $6.005 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest gain since Dec. 2. The most-active contract has dropped 24 percent this year on increasing global supplies.

Grain markets: NI GRMKTS <GO>

LIVESTOCK

Hog futures declined for the fourth time in five sessions on speculation that demand for U.S. pork is slowing. Cattle prices were unchanged.

Hog futures for February settlement dropped 0.2 percent to settle at 86.4 cents a pound at 1 p.m. on the Chicago Mercantile Exchange. The price is up 8.3 percent in 2011.

Cattle futures for February delivery settled unchanged at $1.1865 a pound in Chicago. The commodity has gained 9.5 percent in 2011.

Feeder-cattle futures for January settlement climbed 0.6 percent to $1.439 a pound.

Livestock markets: NI LVMKTS <GO>

--Editors: Richard Stubbe, Bill Banker

-0- Dec/13/2011 21:54 GMT

-0- Dec/13/2011 22:16 GMT

To contact the reporter on this story: Richard Stubbe in Houston at rstubbe1@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net -0- Dec/13/2011 20:09 GMT


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