Bloomberg News

Gas Extends Rebound, Coffee Climbs: Commodities at Close

May 11, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.4 percent to 644.92 at 4:52 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.5 percent at 1,514.495, the eighth consecutive decline and the longest streak since April 2002.

SOFT COMMODITIES

Cotton plunged to a 21-month low, trimming costs for clothing retailers including Gap Inc., after the U.S. forecast rising inventories and as industrial output slowed in Asia.

Cotton for July delivery fell 2.2 percent to 79.98 cents a pound on ICE Futures U.S. in New York, after reaching 77.16 cents, the lowest for a most-active contract since July 2010. Futures declined for an eighth day, the longest losing streak since June 4, 2010.

Cocoa fell for the first time in three days after Ghana stepped up sales and a recalculation of trader holdings left speculators’ bets on higher prices bigger than estimated. Sugar and coffee also dropped.

Cocoa for July delivery retreated 0.7 percent to $2,321 a ton on ICE Futures U.S. in New York. On NYSE Liffe in London, cocoa futures for July delivery fell as much as 1.4 percent.

Also on ICE, raw-sugar futures for July delivery slid 0.3 percent to 20.39 cents a pound. Arabica-coffee futures for July delivery declined 0.6 percent to $1.7755 a pound.

In London futures trading, refined sugar dropped, and robusta coffee gained.

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Soybean futures for July delivery dropped 1.2 percent to $14.385 a bushel on the Chicago Board of Trade, down 2.7 percent since May 4, which would be the biggest weekly slump since Jan. 13.

Grain markets: NI GRMKTS

LIVESTOCK

Cattle futures fell to a one-week low on concern that a slowing global economy will reduce demand for raw materials. Hog prices rose.

Cattle futures for June delivery fell 0.5 percent to $1.1525 a pound on the Chicago Mercantile Exchange after reaching $1.148, the lowest for a most-active contract since May 4. Before today, prices lost 4.6 percent this year.

Feeder-cattle futures for August settlement declined 0.8 percent to $1.577 a pound in Chicago.

Hog futures for June settlement rose 0.7 percent to 85.1 cents a pound in Chicago. A close at that level would leave prices up 1.6 percent for the week, the first gain since April 6.

Livestock markets: NI LVMKTS

CRUDE OIL

Oil was little changed in New York, erasing a decline of 1.5 percent.

Crude oil for June delivery fell 1 cent to $97.07 a barrel on the New York Mercantile Exchange.

Brent oil for June settlement was unchanged at $112.73 a barrel on the London-based ICE Futures Europe exchange.

Crude oil futures: NI CRMKTS

NATURAL GAS

U.K. natural gas for next working-day delivery snapped a two-day gain after demand for the fuel dropped to the least in seven months and the nation’s biggest storage facility was unavailable for injections.

Gas for delivery on May 14, the first working day of next week, fell as much as 0.65 pence a therm.

Natural gas futures fell in New York amid forecasts for mild weather that may limit cooling demand.

Natural gas for June delivery dropped 0.3 percent to $2.48 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

BASE METALS:

Copper fell in New York, heading for a second weekly drop, on further signs of slowing in China, the world’s biggest consumer of the metal.

Copper futures for July delivery retreated 1.1 percent to $3.6510 a pound on the Comex in New York. A close at that level would leave prices down 1.9 percent this week. The metal touched a three-week low of $3.61 on May 9.

On the LME, copper for delivery in three months declined 0.9 percent to $8,033 a ton ($3.64 a pound).

Lead, zinc, nickel and tin fell in London. Aluminum advanced.

Base metals markets: NI BMMKTS

European Carbon Permits

European Union carbon permits for December rose 0.4 percent to 6.79 euros a metric ton on ICE Futures Europe, the first gain in three days.

EU Carbon Emissions: NI ECBMKT

OIL PRODUCTS

European gasoline slumped as Total SA sold barges for a second day. Gasoil dropped, while the spread between first and second-month contracts narrowed on the ICE Futures Europe exchange in London.

Falling demand for oil products in Europe and the U.S. will probably lead to more refineries closing and the cancellation of existing projects even as new entrants buy shuttered sites, the International Energy Agency said today.

Gasoline barges for loading in Amsterdam-Rotterdam-Antwerp traded at $1,013 to $1,022 a metric ton, according to a survey of traders and brokers monitoring the Argus Bulletin Board. That’s lower than deals from $1,028 to $1,045 yesterday. A total of 28,000 tons changed hands.

Gasoline fell for a second day on speculation that China’s slowing industrial production and Europe’s worsening debt crisis will curtail global fuel demand.

Gasoline for June delivery fell 2.09 cents, or 0.7 percent, to $2.9893 a gallon on the New York Mercantile Exchange.

June-delivery heating oil sank 1.48 cents, or 0.5 percent, to $2.9686 a gallon on the exchange.

Regular gasoline at the pump, averaged nationwide, fell 0.5 cent to $3.734 a gallon yesterday, according to AAA. That’s the lowest level since Feb. 28. Prices are down 20.2 cents since reaching a 2012 high of $3.936 on April 4. Gasoline peaked in 2011 at $3.985 on May 4.

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

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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