Bloomberg News

Copper Futures Rise to 10-Week High: Commodities at Close

January 12, 2012

Jan. 12 (Bloomberg) -- The Standard & Poor’s GSCI Spot Index of 24 commodities fell 1.2 percent to close at 655.23 at 4:03 p.m. in New York, led down by natural gas. Copper advanced.

The UBS Bloomberg CMCI index of 26 raw materials fell 0.6 percent to 1,552.1.

NATURAL GAS

Natural gas futures in New York fell to the lowest price in more than two years after a government report showed a below- average decline in U.S. stockpiles.

Natural gas for February delivery slid 7.7 cents, or 2.8 percent, to settle at $2.697 per million British thermal units on the New York Mercantile Exchange. The futures earlier declined to $2.663, the lowest intraday price since Sept. 8, 2009.

In London, gas for next month gained as much as 0.45 pence to 55.45 pence a therm. It was at 55.2 pence at 4:45 p.m. in London, according to broker data compiled by Bloomberg.

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

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

BASE METALS

Copper rose to a 10-week high after Spain sold twice as much debt as planned and Italy’s borrowing costs fell, easing concern that euro-region governments may struggle to fund their debt.

Copper for March delivery rose 2.9 percent to settle at $3.649 a pound at 1:25 p.m. on the Comex in New York, the biggest gain for a most-active contract since Nov. 30. Earlier, the metal reached $3.671, the highest since Oct. 31.

On the London Metal Exchange, copper for delivery in three months rose 2.9 percent to $8,005 a metric ton ($3.63 a pound).

Lead, nickel, zinc and tin also gained on the LME. Aluminum fell.

Base metals markets: NI BMMKTS <GO>

SOFT COMMODITIES

Orange-juice futures fell, capping the biggest two-day drop in more than three years, as concerns eased that cold weather in Florida and a U.S. probe into a fungicide used in Brazil will curb supplies.

Orange juice for March delivery dropped by the 10-cent exchange limit, or 5.3 percent, to settle at $1.781 a pound at 2 p.m. on ICE Futures U.S. in New York. That brought the two-day plunge to more than 14 percent, the most since September 2008.

Cocoa for March delivery declined 1 percent to close at $2,326 a metric ton at 12:03 p.m. on ICE Futures U.S. in New York. Last year, the price slumped 31 percent, the most since 1999, amid ample supplies from West Africa.

Raw-sugar futures for March delivery dropped 1.8 percent to 23.27 cents in New York, the biggest decline in a week.

Arabica-coffee futures for March delivery slipped 0.4 percent to $2.339 a pound on ICE, ending a four-session rally.

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

Soft commodities markets: NI SOMKTS <GO>

CRUDE OIL

Oil dropped the most in two weeks after a six-month delay of a proposed European Union embargo of Iranian oil imports was said to be likely.

Crude for February delivery tumbled $1.77, or 1.8 percent, to settle at $99.10 a barrel on the New York Mercantile Exchange. Prices have risen 7.9 percent in the past year.

Brent oil fell 98 cents, or 0.9 percent, to settle at $111.26 a barrel on the London-based ICE Futures Europe exchange.

Gunvor Group Ltd. sold Russian Urals in northwest Europe at a higher price. No bids or offers were made for North Sea Forties crude after Royal Dutch Shell Plc sold a 12th shipment of the grade for January loading yesterday.

Reported North Sea trading typically occurs during the Platts window, which ends at 4:30 p.m. London time. Before the session, Forties loading in 10 to 25 days was 37 cents a barrel less than Dated Brent, compared with a discount of 43 cents yesterday, according to data compiled by Bloomberg.

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 slid, reversing an earlier gain, after a report that a European Union embargo on imports of Iranian oil may be delayed six months, according to an EU official with knowledge of the talks.

Gasoline for February delivery fell 3.2 cents to settle at $2.7313 a gallon on the New York Mercantile Exchange, after touching $2.8245.

February-delivery heating oil declined 1.05 cents, or 0.3 percent, to settle at $3.0541 a gallon, after touching $3.1364.

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 futures rose to a one-month high on the dollar’s drop and speculation that China may loosen monetary policy. Silver and platinum posted the longest rallies in 10 weeks.

Gold futures for February delivery advanced 0.5 percent to settle at $1,647.70 an ounce by 1:42 p.m. on the Comex in New York. Earlier, the metal reached $1,662.90, the highest level for the most-active contract since Dec. 13.

Silver and platinum rose for the fourth straight session, the longest rallies since late October.

On the Comex, silver futures for March delivery rose 0.8 percent to $30.124 an ounce.

On the New York Mercantile Exchange, platinum futures for April delivery rose 0.2 percent to $1,500.10 an ounce. Palladium futures for March delivery fell 0.7 percent to $641.25 an ounce.

Precious metal markets: NI PCMKTS <GO>

GRAINS, OILSEEDS

Corn and wheat prices plunged the most in three months, while soybeans slid, after an increase in stockpile forecasts by the U.S. government eased concern that shortages will inflate prices for food and biofuels.

Corn futures for March delivery tumbled the 40-cent limit, or 6.1 percent, to settle at $6.115 a bushel at 1:15 p.m. on the Chicago Board of Trade. That’s the biggest drop since Sept. 30. Soybean futures for March delivery fell 1.7 percent to $11.825 a bushel on the CBOT, after touching $11.50, the lowest level since Dec. 21.

Wheat futures for March delivery slid 5.6 percent to close at $6.05 a bushel on the CBOT, the biggest decline since Sept. 30. Before today, prices were down 16 percent in the past year.

Grain markets: NI GRMKTS <GO>

LIVESTOCK

Hogs rose on signs that pork demand is climbing as adverse weather in Iowa, the biggest U.S. producer, may disrupt shipments. Feeder-cattle prices rose to a record.

Hog futures for April settlement rose 0.9 percent to settle at 86.575 cents a pound at 1 p.m. on the Chicago Mercantile Exchange.

Feeder-cattle futures for March settlement gained 0.6 percent to $1.518 a pound on the CME. Earlier, the price reached a record $1.523 a pound. The price has climbed 20 percent in the past 12 months.

Cattle futures for April delivery fell 0.05 cent to $1.2525 a pound on the CME. Prices have climbed 9.3 percent in the past year.

Livestock markets: NI LVMKTS <GO>

--Editors: Richard Stubbe, Bill Banker

-0- Jan/12/2012 21:46 GMT

-0- Jan/12/2012 22:16 GMT

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 -0- Jan/12/2012 21:06 GMT


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus