Bloomberg News

Cocoa Advances Most Since October 2009: Commodities at Close

January 09, 2012

Jan. 9 (Bloomberg) -- The Standard & Poor’s GSCI Spot Index of 24 commodities rose 0.1 percent to close at 662.57 at 4:01 p.m. in New York, led by cocoa.

The UBS Bloomberg CMCI index of 26 raw materials gained 0.5 percent to 1,551.462.

NATURAL GAS

Natural gas futures declined in New York on concern that mild weather this month will widen a surplus of the heating fuel.

Gas declined as much as 2.8 percent after forecasters including MDA EarthSat Weather in Bethesda, Maryland, predicted mild weather across the U.S. over the next 11 to 15 days. Goldman Sachs Group Inc. and RBC Capital Market cut their price forecasts for gas, citing high inventories.

Natural gas for February delivery fell 5.1 cents, or 1.7 percent, to settle at $3.011 per million British thermal units on the New York Mercantile Exchange. Gas has declined 32 percent from a year ago.

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

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

BASE METALS

Copper fell to a one-week low after German industrial production declined more than forecast, spurring concern that the euro region’s sovereign-debt crisis is weighing on the economy.

Copper futures for March delivery fell 0.6 percent to close at $3.416 a pound at 1:12 p.m. on the Comex in New York.

On the London Metal Exchange, copper for delivery in three months declined 1.1 percent to $7,496 a metric ton ($3.40 a pound).

Tin also fell in London. Aluminum, nickel, zinc and lead gained.

Base metals markets: NI BMMKTS <GO>

SOFT COMMODITIES

Cocoa surged the most since October 2009 as a labor stoppage threatened to disrupt supplies from Nigeria, the world’s fourth-biggest producer.

Cocoa for March delivery jumped 7 percent to settle at $2,170 a metric ton at on ICE Futures U.S. in New York, the biggest gain since Oct. 5, 2009.

Raw-sugar futures for March delivery rose 0.2 percent to close at 23.34 cents a pound in New York. The sweetener tumbled 27 percent last year as output climbed in Europe and Asia.

Arabica-coffee futures for March delivery increased less than 0.1 percent to $2.2185 a pound on ICE. The commodity fell 2.2 percent last week.

Soft commodities markets: NI SOMKTS <GO>

CRUDE OIL

Oil dropped a third day as German industrial output declined and as concern eased that Iran will block crude shipments from the Persian Gulf.

Oil for February delivery fell 25 cents to $101.31 a barrel on the New York Mercantile Exchange, the lowest settlement of 2012. Futures are up 15 percent in the past year.

Brent oil for February settlement decreased 61 cents, or 0.5 percent, to $112.45 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>

OIL PRODUCTS

Gasoline rose for a second day in New York, reversing an earlier loss, on speculation that refinery shutdowns may reduce inventories.

Gasoline for February delivery increased 0.74 cent, or 0.3 percent, to settle at $2.759 a gallon on the New York Mercantile Exchange. Gasoline has risen six of the past seven days, gaining 4.1 percent.

February-delivery heating oil rose 0.28 cent to settle at $3.073 a gallon on the exchange.

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>

PRECIOUS METALS

Gold dropped the most in more than a week as European leaders discussed plans for rescuing the euro, curbing demand for the metal as a haven.

Gold futures for February delivery declined 0.5 percent to settle at $1,608.10 an ounce at 1:47 p.m. on the Comex in New York. That’s the biggest loss since Dec. 29.

Silver futures for March delivery rose 0.3 percent to $28.782 an ounce in New York.

On the New York Mercantile Exchange, palladium futures for March delivery advanced 0.6 percent to $617.85 an ounce, the first gain in four sessions. Platinum futures for April delivery rose 1.5 percent to $1,429.60 an ounce.

Precious metal markets: NI PCMKTS <GO>

GRAINS, OILSEEDS

Wheat futures posted their biggest rally in almost two weeks on speculation that global demand for the grain for use in livestock feed will increase as hot, dry weather threatens to reduce corn crops in South America.

Wheat futures for March delivery rose 2.7 percent to settle at $6.4175 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest gain for a most-active contract since Dec. 27.

Corn futures for March delivery rose 8.5 cents, or 1.3 percent, to $6.52 a bushel in Chicago, gaining for the first time since Jan. 3. One bushel makes at least 2.75 gallons of ethanol.

Soybean futures for March delivery advanced 3.1 percent to close at $12.33 a bushel at 1:15 p.m. on the Chicago Board of Trade, the largest gain since Dec. 27. Last week, the oilseed dropped 0.9 percent.

Grain markets: NI GRMKTS <GO>

LIVESTOCK

Hog futures dropped to the lowest level in more than three weeks on signs of ebbing demand from U.S. pork processors. Cattle prices also fell.

Hog futures for February settlement fell 0.6 percent to settle at 83.375 cents a pound at 1 p.m. on the Chicago Mercantile Exchange. The commodity has climbed 5 percent in the past 12 months.

Cattle futures for February delivery declined 0.3 percent to settle at $1.1995 a pound after reaching $1.1975, the lowest level since Dec. 19. The commodity has risen 13 percent in the past year.

Feeder-cattle futures for March settlement dropped 0.1 percent to settle at $1.4975 a pound in Chicago.

Livestock markets: NI LVMKTS <GO>

--Editors: Richard Stubbe, Charlotte Porter

To contact the reporter on this story: Paul Burkhardt in New York at pburkhardt@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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