Bloomberg News

Aluminum Leads Gains, Natural Gas Falls: Commodities at Close

April 11, 2012

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.6 percent to 678.18 at 4:49 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent at 1,576.488. In the GSCI, aluminum was up the most, at 1.6 percent, and natural gas was down the most, at 1.1 percent.

BASE METALS:

Copper may fall for a third day in New York as signs of a worsening debt crisis in Europe and slowing growth in China fuel concern that demand will stall.

Copper futures for May delivery rose 0.1 percent to $3.653 a pound on the Comex in New York. In the previous two days, the price dropped 3.8 percent, the most in a month.

On the London Metal Exchange, copper for delivery in three months rose 0.5 percent to $8,071 a metric ton ($3.66 a pound).

Also in London, aluminum rose 1.6 percent to $2,097.25 a ton.

Base metals markets: NI BMMKTS

NATURAL GAS

Natural gas fell to a decade low amid concern that there won’t be enough weather-driven demand for the fuel in coming weeks to reduce an inventory surplus.

Natural gas for May delivery dropped 1 percent to $2.010 per million British thermal units on the New York Mercantile Exchange after falling to $2.007, the lowest intraday price since January 2002.

U.K. natural gas for next-month delivery snapped a five-day decline as temperatures were forecast to remain below normal levels. Power for tomorrow fell.

Next-month gas climbed 0.3 pence to 58.5 pence a therm. That’s equivalent to $9.30 per million British thermal units. Gas for within-day delivery traded at 59.5 pence a therm, up from 59.3 pence for the day-ahead contract yesterday.

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

PRECIOUS METALS

Gold may drop for the first time in four sessions as U.S. equities halted the longest slump of the year, eroding demand for the precious metal as a haven.

Gold futures for June delivery declined 0.1 percent to $1,659.70 an ounce on the Comex in New York. Before today, prices gained 6 percent in 2012 after advancing for 11 consecutive years.

Silver futures for May delivery fell 0.1 percent to $31.635 an ounce on the Comex.

Precious metal markets: NI PCMKTS

GRAINS, OILSEEDS

Wheat rose on speculation that cold weather in U.S. growing areas may slow development of plants that have begun to emerge from the ground.

Wheat futures for July delivery climbed 0.1 percent to $6.325 a bushel on the Chicago Board of Trade. Before today, the price dropped 3.2 percent this year on speculation that production in the U.S., the world’s biggest shipper, will increase because of favorable weather.

Grain markets: NI GRMKTS

CRUDE OIL

Oil rose after the U.S. Energy Department said that fuel stockpiles declined and as a European Central Bank official signaled the lender may act to stem the spread of the region’s debt crisis.

Crude oil for May delivery rose 92 cents, or 0.9 percent, to $101.94 a barrel on the New York Mercantile Exchange. Oil traded at $101.50 before release of the inventory report.

Crude oil futures: NI CRMKTS

SOFT COMMODITIES

Orange-juice futures tumbled to a 19-month low on speculation that citrus crops in Florida face no weather threat until the start of the hurricane season in June, leaving ample supply as U.S. demand slows. Cotton rose.

Orange juice for May delivery plunged 5 percent to $1.3965 a pound on ICE Futures U.S. in New York, after touching $1.391, the lowest for a most-active contract since Sept. 9, 2010. Prices have plunged 38 percent from a record $2.2695 on Jan. 23, as concerns eased that a U.S. probe would lead to a ban on imports containing a banned fungicide.

Cotton futures for July delivery rose 1.5 percent to 89.6 cents a pound on ICE.

Raw sugar advanced 0.2 percent to 23.2 cents a pound, arabica coffee gained 1.1 percent to $1.8015 a pound and cocoa jumped 2.1 percent to $2,113 a metric ton.

Soft commodities markets: NI SOMKTS

OIL PRODUCTS

Gasoline futures reversed a loss after the Energy Department reported stockpiles declined more than projected last week.

May-delivery gasoline gained 1.82 cents, or 0.6 percent, to $3.2678 a gallon on the New York Mercantile Exchange. Prices traded at $3.247 before the report’s release.

Heating oil for May delivery rose 1.75 cents, or 0.6 percent, to $3.1132 a gallon, from $3.1025 before the report.

BP Plc bought barges of European gasoline from OAO Lukoil’s Litasco unit within yesterday’s trading range.

Royal Dutch Shell Plc, Europe’s largest oil company, said it plans to carry out maintenance at its 141,000 barrel-a-day Wesseling refinery in Germany from April 10 to May 3.

Gasoline barges in Amsterdam-Rotterdam-Antwerp traded from $1,150 to $1,155 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That compares with $1,148 to $1,183 yesterday. The grade surged to a record $1,220 on April 3. BP bought 6,000 of the 7,000 tons that changed hands of the Eurobob grade, to which ethanol is added to make finished fuel.

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

European Carbon Permits

EU permits for December rose 2.5 percent to 7.08 euros a metric ton on London’s ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

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


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus