Bloomberg News

Copper Drops to 20-Week Low on Europe: Commodities at Close

May 30, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 2.3 percent to 603.73 at 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 1.8 percent at 1,445.638.

BASE METALS:

Copper fell to a 20-week low in New York as a reduction of Spain’s credit rating fueled concern that Europe’s debt crisis will slow the economy and reduce demand for raw materials.

Copper futures for July delivery declined 2.2 percent to $3.387 a pound on the Comex in New York, after touching $3.383, the lowest since Jan. 9. Before today, prices fell 9.6 percent in May.

On the London Metal Exchange, copper for delivery in three months fell 2 percent to $7,513.75 a metric ton ($3.41 a pound).

Base metals markets: NI BMMKTS

CRUDE OIL

Oil tumbled to a seven-month low on speculation that U.S. crude stockpiles climbed to the highest level since 1990 and as the euro weakened on concern that the debt crisis will overwhelm Spain.

Oil for July delivery fell $2.82, or 3.1 percent, to $87.94 a barrel on the New York Mercantile Exchange. Futures reached $87.49, the lowest intraday level since Oct. 24. Prices are down 16 percent this month, the biggest drop since December 2008.

Brent oil for July settlement declined $2.94, or 2.8 percent, to $103.74 a barrel on the London-based ICE Futures Europe exchange. The contract touched $103.23, the lowest level since Dec. 19.

Crude oil futures: NI CRMKTS

GRAINS, OILSEEDS

Soybeans fell, extending the biggest monthly decline since September, on speculation that the worsening European debt crisis and slower growth in China will curb demand. Corn also declined.

Soybean futures for July delivery slid 1.2 percent to $13.7025 a bushel on the Chicago Board of Trade. Before today, the oilseed dropped 7.9 percent in May.

Corn futures for July delivery dropped 0.4 percent to $5.6025 a bushel in Chicago, after touching $5.535, the lowest since Dec. 8, 2010. Before today, the most-active contract lost 11 percent this month.

Grain markets: NI GRMKTS

LIVESTOCK

Cattle futures fell to the lowest in two weeks on speculation that a sluggish global economy will curb demand for commodities. Hog prices dropped for the first time in a week.

Cattle futures for August delivery fell 0.9 percent to $1.18575 a pound on the Chicago Mercantile Exchange. Earlier, the price touched $1.177, the lowest for a most-active contract since May 14. Before today, the commodity rose 4.8 percent this month.

Feeder-cattle futures for August settlement dropped 0.9 percent to $1.562 a pound.

Hog futures for July settlement declined 0.7 percent to 87.05 cents a pound in Chicago, heading for the first drop since May 23. Before today, the commodity climbed 2 percent this month.

Livestock markets: NI LVMKTS

OIL PRODUCTS

Gasoline fell for the first time in four days as the dollar surged and Brent crude weakened, reducing the cost to make the fuel.

Gasoline for June delivery declined 3.85 cents, or 1.3 percent, to $2.868 a gallon on the New York Mercantile Exchange. The price has dropped 9.9 percent in May. The more actively traded July contract fell 4.9 cents to $2.7845.

June-delivery heating oil fell 5.65 cents, or 2 percent, to $2.7523 a gallon on the exchange, a seven-month low. Prices have fallen 14 percent in May.

Regular gasoline at the pump, averaged nationwide, fell 1 cent to $3.626 a gallon yesterday, according to AAA. It was the lowest level since Feb. 22. Gasoline is down 7.9 percent since reaching a 2012 high of $3.936 on April 4.

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

SOFT COMMODITIES

Cocoa futures fell to a four-month low on speculation that slowing economies will dent demand just as supply arrives from Ivory Coast, the world’s largest grower. Coffee also slid, while sugar rose.

Cocoa for July delivery dropped 2.6 percent to $2,055 a ton on ICE Futures U.S. in New York, after reaching $2,052, the lowest for a most-active contract since Jan. 9. Before today, the commodity fell 4.9 percent this month.

Arabica-coffee futures for July delivery dropped 1.4 percent to $1.631 a pound in New York, after touching $1.623, the lowest since July 23, 2010. Before today, the price plunged 7.9 percent in May, heading for the sixth straight decline and the longest slide since November 1980.

Raw-sugar futures for July delivery rose 0.1 percent to 19.55 cents a pound on ICE.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold futures for August delivery rose $2.20, or 0.1 percent, to $1,553.20 an ounce on the Comex in New York. Earlier, the price fell as much as 1.2 percent.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures declined for the fourth straight day in New York on concern that cooler weather forecast for states east of the Rocky Mountains will reduce demand from power plants.

Natural gas for July delivery fell 6.8 cents, or 2.7 percent, to $2.417 per million British thermal units on the New York Mercantile Exchange. Gas has advanced 5.6 percent this month, climbing 27 percent after sliding to a 10-year intraday low of $1.902 per million Btu on April 19. Gas is down 20 percent this year.

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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