Bloomberg News

Cocoa, Sugar Lead Slump as Gas Rebounds: Commodities at Close

April 03, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.2 percent to 698.74 at 5:12 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.2 percent at 1,622.201. In the GSCI, corn was up the most, at 1.1 percent, and cocoa was down the most, at 2 percent.

GRAINS, OILSEEDS

Corn rose, heading for the biggest three-session rally since May, as demand for immediate supplies climbed after inventories fell to an eight-year low in the U.S., the world’s top exporter. Soybeans gained to a six-month high.

Corn futures for May delivery rose 1.2 percent to $6.63 a bushel on the Chicago Board of Trade. A close at that price would mark a three-day rally of 9.8 percent, the most since mid- May.

Soybean futures for May delivery climbed 0.4 percent to $14.27 a bushel. Earlier, the price reached $14.3425, the highest for a most-active contract since Sept. 7.

Grain markets: NI GRMKTS

BASE METALS:

Copper dropped for the first time in four sessions in New York as increasing inventories of the metal cast doubt on the outlook for demand.

Copper futures for May delivery fell 0.1 percent to $3.9185 a pound on the Comex in New York. The metal climbed 3.4 percent in the previous three sessions on gains in U.S. and Chinese manufacturing. Prices increased 11 percent in the first quarter, the most since 2010.

On the LME, copper for delivery in three months slid 0.2 percent to $8,620 a ton ($3.91 a pound). Markets in China, the biggest global user, are shut today.

Tin and aluminum declined in London. Nickel, lead, and zinc advanced.

Base metals markets: NI BMMKTS

NATURAL GAS

Natural gas gained for a second day in New York on forecasts for cold Midwest weather next week that may boost heating-fuel demand.

Natural gas for May delivery rose 3.6 cents, or 1.7 percent, to $2.188 per million British thermal units on the New York Mercantile Exchange. The futures have slipped 27 percent this year, the worst performer on the Standard & Poor’s GSCI Index of 24 commodities.

U.K. natural gas for May was little changed amid ample supplies of the heating fuel and lower-than-normal demand even as exports to Belgium increased. Day-ahead power was stable.

The May contract was at 59.7 pence a therm, according to broker data compiled by Bloomberg. That’s equal to $9.57 a million British thermal units. A therm is 100,000 Btu.

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

CRUDE OIL

Oil pared losses in New York as U.S. stocks rebounded from today’s lows and gasoline prices gained.

Oil for May delivery fell 59 cents to $104.64 a barrel on the New York Mercantile Exchange. It climbed 2.1 percent yesterday, the most since Feb. 21, after U.S. manufacturing in March expanded at a faster pace than estimated. Oil is 5.9 percent higher this year.

Brent crude for May settlement slid 21 cents to $125.22 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to New York-traded West Texas Intermediate was at $20.58, widening from $20.20 yesterday, the biggest spread since October.

Crude oil futures: NI CRMKTS

SOFT COMMODITIES

Cocoa futures fell, heading for the the longest slump this year, on signs of ample supplies amid slowing demand. Sugar and coffee also slid.

Cocoa futures for May delivery declined 2 percent to $2,171 a metric ton in New York, heading for a fifth consecutive drop, the longest slide since the period ended Dec. 29. The price tumbled 7.2 percent in the previous four sessions.

Raw-sugar futures for July delivery fell 1.4 percent to 23.44 cents a pound in New York. The sweetener dropped 0.2 percent yesterday.

Arabica-coffee futures for May delivery retreated 1.3 percent to $1.8375 a pound on ICE. The price jumped 5.5 percent in the previous two sessions.

In London futures trading, cocoa, refined sugar and robusta coffee slid on NYSE Liffe.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold dropped for the first time in three sessions in New York on concern that physical purchases are declining and as a rise in the dollar reduces the appeal of the metal as an alternative asset.

Gold futures for June delivery fell 0.2 percent to $1,676.30 an ounce on the Comex in New York. The metal rose 1.5 percent in the past two sessions. Before today, prices were up 7.2 percent this year.

Silver futures for May delivery slid 0.3 percent to $32.995 an ounce, the first decline in four sessions. Before today, silver increased 18 percent this year, the best-performing metal on the Standard & Poor’s Spot GSCI Index of 24 commodities.

Precious metal markets: NI PCMKTS

OIL PRODUCTS

Gasoline advanced in northwest Europe to a record for the Eurobob grade as Trafigura Beheer BV purchased barge lots for at least a second day.

Gasoil rose, with April and May contracts trading at parity. The heating fuel’s crack, or premium to Brent crude, narrowed.

Gasoline for immediate loading in Amsterdam-Rotterdam- Antwerp traded at $1,202 to $1,210 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That compares with yesterday’s deals at $1,183 to $1,194.

Gasoline futures in New York climbed 0.6 percent to $3.4008 a gallon.

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

European Carbon Permits

EU allowances for December rose 3 percent to 6.53 euros a metric ton on the ICE Futures Europe exchange in London.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Hog futures fell for the first time in three sessions on speculation that U.S. pork demand is slowing. Cattle prices also declined.

Hog futures for June settlement dropped 0.6 percent to 91.6 cents a pound on the Chicago Mercantile Exchange. Before today, the commodity rose 9.3 percent this year.

Cattle futures for June delivery fell 0.9 percent to $1.161 a pound in Chicago. Prices are down 3.8 percent this year through yesterday.

Feeder-cattle futures for May settlement declined 0.8 percent to $1.4825 a pound in Chicago.

Livestock markets: NI LVMKTS

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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