Bloomberg News

Copper Rises as China Stockpiles Decline: Commodities at Close

April 27, 2012

The Standard & Poor’s GSCI gauge of 24 commodities was little changed at 681.85 at 5:04 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.3 percent at 1,581.472.

BASE METALS:

Copper advanced for a fourth day in New York, the longest rally since January, as slumping inventories boosted speculation that supplies will tighten as economic growth accelerates later this year.

Copper futures for July delivery increased 1.1 percent to $3.814 a pound on the Comex in New York. The last time copper prices increased four straight days was Jan. 26.

On the London Metal Exchange, copper for delivery in three months climbed 1 percent to $8,404.25 a metric ton. Aluminum, tin, zinc, lead and nickel also rose in London.

Base metals markets: NI BMMKTS

CRUDE OIL

Oil fell as the U.S. economy expanded less than forecast in the first quarter and a cut in Spain’s credit rating renewed concern that Europe’s faltering economy may curb fuel demand.

Crude oil for June delivery dropped 29 cents, or 0.3 percent, to $104.26 a barrel on the New York Mercantile Exchange. Brent oil for June settlement slipped 36 cents, or 0.3 percent, to $119.56 a barrel on the London-based ICE Futures Europe exchange.

Crude oil futures: NI CRMKTS

GRAINS, OILSEEDS

Soybeans extended a rally to the highest since July 2008 and corn jumped to a two-week high on signs that smaller South American harvests are prompting China to buy more supplies from the U.S., the world’s top producer.

Soybean futures for July delivery rose 1.3 percent to $14.99 a bushel on the Chicago Board of Trade. Earlier, the price touched $15.0675, the highest since July 18, 2008.

Corn futures for July delivery jumped 3.2 percent to $6.27 a bushel in Chicago, heading for the biggest gain since March 30. The prices earlier reached $6.295, the highest since April 13.

Grain markets: NI GRMKTS

OIL PRODUCTS

Gasoline rose as the dollar weakened after a report that the U.S. economy expanded less than forecast in the first quarter.

Gasoline for May delivery rose 1.75 cents to $3.2008 a gallon on the New York Mercantile Exchange.

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

SOFT COMMODITIES

Sugar fell to an 11-month low amid prospects for ample supplies from Brazil and India, the world’s biggest producers. Cotton and cocoa dropped, while coffee and orange juice rose.

Raw sugar for July delivery fell 1.5 percent to 20.93 cents a pound on ICE Futures U.S. in New York. Earlier, the price touched 20.91 cents, the lowest for a most-active contract since May 12.

Cotton futures for July delivery retreated 0.4 percent to 91.75 cents a pound, and July cocoa futures slid 0.2 percent to $2,267 a ton on ICE.

Also in New York, arabica-coffee futures for July delivery rose 0.5 percent to $1.7675 a pound.

Orange-juice futures for July delivery climbed 1.6 percent to $1.481 a pound on ICE.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold futures advanced for the second straight day as the dollar declined, increasing demand for the metal as an alternative investment.

Gold futures for June delivery rose 0.4 percent to $1,667.20 an ounce on the Comex in New York.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures climbed in New York, heading for the first weekly gain in six, on forecasts of colder-than-normal weather in the eastern and central U.S. that may boost demand for the heating fuel.

Natural gas for June delivery rose 3.1 cents, or 1.5 percent, to $2.157 per million British thermal units on the New York Mercantile Exchange. The contract has advanced 7 percent this week.

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

To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net

To contact the editor responsible for this story: John Deane at jdeane3@bloomberg.net


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