Bloomberg News

Hog Drop Most Since May on China Concern: Commodities at Close

April 13, 2012

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.8 percent to settle at 682.17 at 3:53 p.m. New York time.

The UBS Bloomberg CMCI Index of 26 prices declined 1.2 percent to 1,575.95.

LIVESTOCK

Hogs tumbled the most in 10 months on speculation that demand will decline in China, the world’s biggest pork consumer.

China’s gross domestic product in the first quarter expanded 8.1 percent from a year earlier, the slowest since 2009, government data showed today. Yesterday, wholesale pork fell 0.9 percent to 78.82 a pound, the biggest drop in a week, according to U.S. Department of Agriculture figures.

On the Chicago Mercantile Exchange, hog futures for June settlement slumped by the limit of 3 cents, or 3.2 percent, to 90.225 cents a pound, the biggest drop for the most-active contract since May 23.

Cattle futures for June delivery declined 0.9 percent to $1.16075 a pound.

Feeder-cattle futures for August settlement rose 0.1 percent to $1.55225 a pound.

BASE METALS

Copper fell, capping the biggest weekly decline since mid- December, on concern that demand may falter amid slowing economic growth in China, the world’s top consumer.

On the Comex in New York, copper futures for May delivery dropped 2.5 percent to $3.627 a pound. This week, the metal dropped 4.4 percent.

Copper for delivery in three months fell 2.8 percent to $7,990 a metric ton ($3.62 a pound) on the London Metal Exchange,.

Aluminum, zinc, lead, nickel and tin also dropped in London.

PRECIOUS METALS

Gold fell the most in a week amid concern that a slowdown in China may curb demand for the precious metal.

On the Comex, gold futures for June delivery slid 1.2 percent to $1,660.20 an ounce, the biggest drop since April 4.

Silver futures for May delivery fell 3.5 percent to $31.39 an ounce.

On the New York Mercantile Exchange, platinum futures for July delivery dropped 1.1 percent to $1,587.90 an ounce. Palladium futures for June delivery declined 0.9 percent to $647.20 an ounce.

CRUDE OIL

Crude oil fell as China’s economic growth slowed and Saudi Arabia’s petroleum minister said that there is no supply shortage.

On the Nymex, oil futures for May delivery fell 0.8 percent to $102.83 a barrel.

Brent oil for May settlement climbed 0.1 percent to $121.83 a barrel on the London-based ICE Futures Europe exchange.

Royal Dutch Shell Plc sold a North Sea Forties cargo for less than a deal yesterday. No bids or offers were made for Russian Urals in northwest Europe as the differential of the blend to dated Brent fell to the lowest in 11 months.

Daily exports of the 12 main grades of North Sea crude for loading in May will increase 4 percent from this month, according to figures obtained by Bloomberg News.

OIL PRODUCTS

Gasoline fell for the first time in three days as slower growth in China and lower U.S. fuel consumption raised concern that demand may ebb.

On the Nymex, gasoline futures for May delivery fell 0.3 percent to $3.3461 a gallon. The price rose 3.3 percent in the previous two days.

Heating-oil futures for May delivery climbed 0.3 percent to $3.1746 a gallon.

GRAINS, OILSEEDS

Wheat fell for the first time in three days as warmer weather in the U.S. Great Plains and Midwest eases the risk of damage from a late-season freeze, while rain may aid newly seeded crops in North Dakota.

On the Chicago Board of Trade, wheat futures for July delivery fell 2.2 percent to $6.3025 a bushel.

Corn futures for July delivery dropped 1.3 percent to $6.2075 a bushel.

Soybean futures for July delivery fell 0.3 percent to $14.4075 a bushel.

SOFT COMMODITIES

Cocoa rose the most in three weeks on speculation that demand will rebound after prices fell to the lowest since early January.

On ICE Futures U.S. in New York, cocoa for July delivery climbed 2.7 percent to $2,200 a metric ton, the biggest increase since March 20.

Orange-juice futures for July delivery rose 1.1 percent to $1.464 a pound.

Arabica-coffee futures for July delivery slid 2.2 percent to $1.802 a pound.

Cotton futures for July delivery dropped 0.1 percent to 89.73 cents a pound.

Raw-sugar futures for July delivery slumped 3 percent to 22.81 cents a pound.

NATURAL GAS

Natural gas extended a slump to a 10-year low on speculation that a supply glut won’t ease during a seasonal lull in demand.

On the Nymex, gas futures for May delivery fell 0.1 percent to $1.981 per million British thermal units, the lowest settlement since Jan. 28, 2002. This week, the price dropped 5.2 percent, the fourth straight decline.

U.K. gas rose as Royal Dutch Shell Plc’s Sean field closed for maintenance and flows from storage and liquefied natural gas terminals declined.

Gas for within-day delivery climbed 0.5 pence to 61.75 pence a therm at 4:53 p.m. London time, broker data showed. A therm is 100,000 Btu.

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net


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