Bloomberg News

Natural Gas Leads Gains in Raw Materials: Commodities at Close

January 04, 2012

Jan. 4 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.1 percent to 667.2 as of 4:52 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.9 percent at 1,556.861.

NATURAL GAS

Natural gas futures advanced for a second day in New York on forecasts for colder-than-normal weather that may boost heating-fuel demand.

Natural gas for February delivery rose 5.1 cents, or 1.7 percent, to $3.044 per million British thermal units at 9:57 a.m. on the New York Mercantile Exchange. The futures have declined 35 percent from a year ago.

U.K. summer natural gas rose after Brent crude surged as much as 4.7 percent yesterday.

Summer gas, for delivery in the six months from April, added as much as 0.4 pence to 53.25 pence a therm. It was at 53.05 pence in London. That’s equal to $8.29 a million British thermal units. Power for the summer gained 0.6 percent to 42.35 pounds ($66.28) a megawatt-hour, according to broker data compiled by Bloomberg.

U.K. natural gas: NI NUKMKT <GO> Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

BASE METALS

Copper fell for the first time in four sessions as signs of weakening European service and manufacturing industries fueled concern that the sovereign-debt crisis may worsen, hurting demand for industrial metals.

Copper futures for March delivery declined 1.7 percent to $3.4695 a pound on the Comex in New York. A close at that price would mark the biggest drop since Dec. 27. Before today, the metal rallied 4.8 percent over three sessions.

On the London Metal Exchange, copper for delivery in three months fell 2 percent to $7,638 a metric ton ($3.46 a pound).

Lead, tin, zinc and nickel also dropped in London. Aluminum was unchanged.

Base metals markets: NI BMMKTS <GO>

CRUDE OIL

Oil declined, reversing an earlier gain of 0.8 percent.

Crude for February delivery fell 52 cents, or 0.5 percent to $102.44 a barrel on the New York Mercantile Exchange.

Brent oil for February settlement rose 49 cents, or 0.4 percent, to $112.62 on the London-based ICE Futures Europe exchange.

Crude oil futures: NI CRMKTS <GO>

PRECIOUS METALS

Gold futures for February delivery rose 0.3 percent to $1,604.80 an ounce on the Comex in New York. Earlier, the metal dropped as much as 0.4 percent after reaching a one-week high of $1,615.

Precious metal markets: NI PCMKTS <GO>

CARBON

European Union carbon allowances for December rose from a record low as utilities and airlines start purchases to comply with emission limits.

EU permits for this year rose 23 cents, or 3.5 percent to 6.83 euros ($8.90) on London’s ICE Futures Europe exchange. They closed yesterday at a record low 6.60 euros.

EU Carbon Emissions: NI ECBMKT

SOFT COMMODITIES

Orange-juice futures jumped to a five-month high in New York after frigid weather damaged citrus crops in Florida, the world’s second-biggest grower.

Orange juice for March delivery rose 2.2 percent to $1.7685 a pound on ICE Futures U.S. in New York, after gaining as much as 5 percent to $1.817, the highest for a most-active contract since Aug. 5. Prices have rallied 8.4 percent in the past two weeks.

Cocoa fell for the first time in three sessions on signs of increasing global supplies. Sugar, coffee and cotton rose.

Cocoa for March delivery dropped 1.2 percent to $2,090 a metric ton on ICE Futures U.S. in New York. In the fourth quarter, the price tumbled 19 percent, the most in three years.

Raw-sugar futures for March delivery rose 0.2 percent to 24.55 cents a pound. Earlier, the price reached 24.65 cents, the highest for a most-active contract since Nov. 16.

Arabica-coffee futures for March delivery rose 0.5 percent to $2.2825 a pound, heading for the third straight gain.

Cotton futures for March delivery gained 0.3 percent to 96.08 cents a pound. The price climbed for the sixth straight session, the longest rally since late October.

In London futures trading, refined sugar rose, while cocoa and robusta coffee declined on NYSE Liffe.

Soft commodities markets: NI SOMKTS <GO>

GRAINS, OILSEEDS

Wheat futures fell the most in three weeks on speculation that recent precipitation has boosted subsoil moisture in the U.S. Great Plains, improving prospects for dormant winter crops.

Wheat futures for March delivery fell 1.1 percent to $6.495 a bushel on the Chicago Board of Trade, heading for the biggest drop since Dec. 14. Yesterday, the price rose to a three-month high on concern dry weather in South America would curb global grain supplies and increase demand for wheat in livestock feed. The commodity advanced 6.3 percent last month.

Grain markets: NI GRMKTS <GO>

OIL PRODUCTS

European gasoil’s premium to Brent, or crack, rose to near a three-week high as the suspension of three Petroplus Holdings AG refineries curb supply. Gasoil gained to a four-week high on the ICE Futures Europe exchange.

Diesel barges advanced for the fourth time in five days. Gasoline for immediate loading in northwest Europe rose to a nine-week high as Royal Dutch Shell Plc bought barges.

Oil Products Europe: NI OPEMKT <GO>

LIVESTOCK

Cattle futures for February delivery fell 0.1 percent to $1.21475 a pound on the Chicago Mercantile Exchange.

Feeder-cattle futures for March settlement gained 0.3 percent to $1.498 a pound on the CME.

Hog futures for February settlement increased 0.1 percent to 85.6 cents a pound in Chicago.

Livestock markets: {NI LVMKTS <GO>}

--Editors: Claudia Carpenter,

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net


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