Bloomberg News

Cocoa Futures Advance Most in Five Weeks: Commodities at Close

June 05, 2012

The Standard & Poor’s GSCI gauge of 24 raw materials rose 0.1 percent to settle at 585.22 at 4:07 p.m. in New York, led by cocoa.

SOFT COMMODITIES

Cocoa futures gained the most in five weeks on speculation that supplies from Ivory Coast, the world’s top grower, may ease following a report on the amount of forward sales.

As of May 20, the West African nation sold 620,000 to 640,000 metric tons of the crop in the 12 months starting Oct. 1, Reuters reported yesterday, quoting the country’s finance minister, Drew Geraghty, a broker at ICAP Futures LLC in Jersey City, New Jersey, said in a telephone interview. The Ivorian industry plans to sell 70 percent of production before the season starts.

On ICE Futures U.S. in New York, cocoa for July delivery rose 3.3 percent to $2,163 a ton, the biggest gain for the most- active contract since May 1.

Raw-sugar futures for July delivery climbed 0.8 percent to 19.06 cents a pound.

Orange-juice futures for July delivery rose 3 percent to $1.148 a pound.

Cotton futures for December delivery tumbled 2.5 percent to 65.36 cents a pound.

Arabica-coffee futures for July delivery slid 1.4 percent to $1.562 a pound.

PRECIOUS METALS

Gold futures rose for the second time in three sessions on speculation that the world’s policy makers will take measures to stimulate economic growth.

On the Comex, gold futures for August delivery climbed 0.2 percent to $1,616.90 an ounce.

Silver futures for July delivery advanced 1.4 percent to $28.405 an ounce.

On the New York Mercantile Exchange, platinum futures for July delivery gained 0.9 percent to $1,440.50 an ounce. Palladium futures for September delivery increased 1 percent to $619.80 an ounce.

CRUDE OIL

Crude oil rose for the second straight day as a gauge of U.S. service-industry growth unexpectedly increased, reducing concern that a faltering economic recovery will cut energy demand.

On the Nymex, oil futures for July delivery gained 0.4 percent to $84.29 a barrel.

Brent oil for July settlement slipped 1 cent to $98.84 a barrel on ICE Futures Europe.

OIL PRODUCTS

Gasoline rose after a gauge of U.S. service-industry growth climbed in May and on speculation that lower pump prices will improve demand.

On the Nymex, gasoline futures for July delivery advanced 0.5 percent to $2.6847 a gallon.

Heating-oil futures for July delivery increased 0.3 percent to $2.6336 a gallon.

NATURAL GAS

Natural gas climbed for the second straight day on forecasts for hotter-than-normal weather that may increase demand for the fuel at power plants.

On the Nymex, gas futures for July delivery rose 1.3 percent to $2.446 per million British thermal units.

GRAINS, OILSEEDS

Wheat fell for the fifth time in six sessions on an improving outlook for crops in Kansas and Oklahoma, the biggest U.S. producers of winter varieties.

On the Chicago Board of Trade, wheat futures for July delivery fell 2.3 percent to $6.1325 a bushel.

Soybean futures for November delivery, the contract with the highest open interest, rose 0.7 percent to close at $12.77 a bushel.

Corn futures for July delivery slid 0.1 percent to $5.675 a bushel.

BASE METALS

Copper fell, capping the longest slump since February, as signs of faltering growth in countries using the euro added to concern that the region’s fiscal woes will hamper global economies and metal demand.

On the Comex in New York, copper futures for July delivery fell 0.5 percent to $3.289 a pound.

The London Metal Exchange was closed for a public holiday.

LIVESTOCK

Cattle futures fell from a one-week high on speculation that U.S. shoppers will buy less beef because of high costs.

On the Chicago Mercantile Exchange, cattle futures for August delivery fell 0.6 percent to $1.192 a pound.

Feeder-cattle futures for August settlement climbed 0.4 percent to $1.59175 a pound.

Hog futures for July settlement rose 0.6 percent to 91.575 cents a pound.

-- With assistance from Tony C. Dreibus, Jeff Wilson and Elizabeth Campbell in Chicago; Debarati Roy, Moming Zhou, Christine Buurma, Marvin G. Perez and Joe Richter in New York; and Barbara J. Powell in Dallas. Editors: Thomas Galatola, Patrick McKiernan

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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