Bloomberg News

Copper Advances on Recovery, Gold Falls: Commodities at Close

February 24, 2012

Feb. 24 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.7 percent to 713.4 at 5:11 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.7 percent at 1,655.178. In the GSCI, aluminum was up the most, at 2.3 percent, and natural gas was down the most, at 3.6 percent.

BASE METALS

Copper climbed to a one-week high after economic reports signaled improving demand prospects in the U.S., the world’s biggest metals consumer after China.

Copper futures for May delivery gained 1.8 percent to $3.8825 a pound on the Comex in New York. Earlier, prices touched $3.889, the highest since Feb. 13.

On the London Metal Exchange, copper climbed 1.7 percent to $8,535 a metric ton ($3.88 a pound). Aluminum, nickel, lead and zinc also rose. Tin fell.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures fell for the first time in four days as demand for a haven eased amid signs of gains in the U.S. economy.

Gold futures for April delivery fell 0.4 percent to $1,779.90 an ounce on the Comex in New York. Yesterday, the metal reached $1,789.50, the highest for a most-active contract since Nov. 14.

Before today, gold gained 14 percent this year. In 2011, the price climbed 10 percent, the 11th straight annual gain.

Silver futures for May delivery fell 0.2 percent to $35.565 an ounce. Earlier, the price reached $35.80, the highest since Sept. 23.

Precious metal markets: NI PCMKTS

CRUDE OIL

Oil climbed for a seventh day, the longest streak of advances since January 2010, as escalating tension with Iran threatens supplies and on signs of a global economic recovery.

Crude oil for April delivery rose 31 cents, or 0.3 percent, to $108.14 a barrel on the New York Mercantile Exchange. The contract reached $108.99, the highest level since May 5. The front-month contract is up 4.7 percent this week.

Brent oil for April settlement gained 9 cents to $123.71 a barrel on the London-based ICE Futures Europe exchange.

Crude oil futures: NI CRMKTS

SOFT COMMODITIES

Sugar rose for the seventh straight session, heading for the longest rally in 15 months, on signs of tight supplies, as demand remains robust. Coffee and cocoa also advanced.

Raw sugar for May delivery gained 1.5 percent to 25.23 cents a pound on ICE Futures U.S. in New York, heading for the longest rally since November 2010. Earlier, the price touched 25.24 cents, the highest for a most active contract since Nov. 14.

Arabica-coffee futures for May delivery rose 0.9 percent to $2.0385 a pound in New York. Before today, the price tumbled 11 percent this year.

Cocoa futures for May delivery advanced 0.2 percent to $2,349 a metric ton in New York. The commodity plunged 35 percent in the past year through yesterday.

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

Soft commodities markets: NI SOMKTS

NATURAL GAS

U.K. within-day natural gas declined for a second day as warmer weather cut demand for the fuel.

Same-day gas fell as much as 1.25 pence a therm, before dropping 1.2 pence to 59 pence, according to broker data compiled by Bloomberg. That’s equivalent to $9.32 per million British thermal units.

Natural gas futures dropped in New York, heading for a weekly decline, as forecasts for warmer-than-usual weather east of the Rockies over the next two weeks signaled reduced purchases of the furnace fuel.

Gas futures fell 3.6 percent to $2.526 per million British thermal units on the New York Mercantile Exchange.

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

GRAINS, OILSEEDS

Soybeans rose to five-month high on signs that record exports will reduce reserves to a three-year low. Corn and wheat fell on forecasts for rising U.S. and global inventories.

Soybean futures for May delivery gained 0.4 percent to $12.8825 a bushel on the Chicago Board of Trade. Earlier, the price touched $12.9175, the highest since Sept. 22. Before today, the oilseed advanced 6.3 percent this year as hot, dry weather damaged crops in Brazil and Argentina, the two biggest growers after the U.S.

Corn futures for May delivery fell 0.6 percent to $6.3875 a bushel in Chicago. Before today, the grain declined 8.5 percent in the past 12 months as record world wheat production reduced demand for U.S. supplies in livestock feed.

Wheat futures for March delivery dropped 1.1 percent to $6.34 a bushel. Before today, the grain lost 22 percent this year on rising world production and slowing demand for U.S. supplies.

Grain markets: NI GRMKTS

European Carbon Permits

European Union carbon dioxide permits for December jumped 5 percent to 9.30 euros a metric ton on London’s ICE Futures Europe.

EU Carbon Emissions: NI ECBMKT

OIL PRODUCTS

Gasoline barges advanced in Europe as Royal Dutch Shell Plc bought four lots. The fuel’s crack, or premium to Brent crude, widened.

Gasoil rose for a fifth day as stockpiles declined for a second week. The heating oil’s premium to Brent shrank.

Gasoline for immediate loading in Amsterdam-Rotterdam- Antwerp traded at $1,091 to $1,095 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That’s the highest price since May 11 and compares with deals from $1,077 to $1,086 yesterday.

Gasoline futures fluctuated after the Energy Department reported that stockpiles fell unexpectedly last week while output increased and demand was lower than a year earlier.

March-delivery gasoline gained 0.36 cent to $3.1172 a gallon on the New York Mercantile Exchange, trading between $3.1046 and $3.1256. Gasoline has advanced 3.4 percent this week and 16 percent in 2012.

Regular gasoline at the pump, averaged nationwide, rose 3.5 cents to $3.647 a gallon yesterday, according to AAA data. Pries were 13 percent higher than a year earlier.

Heating oil for March delivery fell 1.82 cents, or 0.6 percent, to $3.2767 a gallon on the exchange. Prices have increased 2.8 percent this week and 12 percent in 2012.

Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL

LIVESTOCK

Hog futures rose 0.5 percent to 90.075 cents a pound on the Chicago Mercantile Exchange. Cattle futures gained 0.2 percent to $1.29875 a pound and feeder cattle advanced 0.2 percent to $1.5795 a pound.

Livestock markets: NI LVMKTS

--Editors: Claudia Carpenter, John Deane

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


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus