Bloomberg News

Gold Gains on Growth Measures Speculation: Commodities at Close

June 05, 2012

The Standard & Poor’s GSCI gauge of 24 commodities was little changed at 584.09 by 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was 0.5 percent higher at 1,422.186.

PRECIOUS METALS

Gold futures rose in New York for the second time in three sessions on speculation that the world’s policy makers will take measures to stimulate economic growth, reviving demand for the metal as an inflation hedge.

Gold futures for August delivery rose 0.4 percent to $1,621.10 an ounce on the Comex in New York.

CRUDE OIL

Oil fluctuated as a gauge of American service-industry growth unexpectedly rose in May and as data signaled the European economic outlook is worsening.

Crude for July delivery slipped 9 cents to $83.89 a barrel on the New York Mercantile Exchange.

Brent oil for July settlement fell 31 cents, or 0.3 percent, to $98.54 a barrel on the London-based ICE Futures Europe exchange.

LIVESTOCK

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

Cattle futures for August delivery fell 0.1 percent to $1.199 a pound on the Chicago Mercantile Exchange, after reaching $1.203, the highest for a most-active contract since May 25. The price rose 4.2 percent last month.

Feeder-cattle futures for August settlement climbed 0.5 percent to $1.592 a pound.

Hog futures for July settlement rose 0.2 percent to 91.225 cents a pound. Before today, the price rose 8 percent this year.

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.

Wheat futures for July delivery fell 1.2 percent to $6.2025 a bushel on the Chicago Board of Trade. Before today, the price dropped 3.8 percent this year.

Soybeans rose for the second straight day on speculation that unusually warm, dry weather during the next week will increase stress for recently planted crops in U.S., the world’s biggest producer.

Soybean futures for November delivery, the contract with the most open interest, rose 0.2 percent to $12.7125 a bushel on the Chicago Board of Trade.

BASE METALS:

Copper prices may fall as a report signaled slowing growth in countries using the euro, adding to concern that the currency union’s fiscal woes will hamper global economies and metals demand.

Copper futures for July delivery fell less than 0.1 percent to $3.3065 a pound on the Comex in New York. A drop today would be the fifth straight, the longest slide since Feb. 17. Prices touched $3.238 yesterday, the lowest since Dec. 15.

SOFT COMMODITIES

Cocoa futures for July delivery rose 3.3 percent to $2,163 a metric ton on ICE Futures U.S. in New York. A close at that price would mark the biggest gain since May 1.

Sugar futures gained the most in more than two weeks on speculation that rains will delay the harvest in Brazil, the world’s top producer and exporter. Cotton and orange juice also advanced.

Raw sugar for July delivery climbed 1.3 percent to 19.14 cents a pound on ICE Futures U.S. in New York, heading for the biggest gain since May 16.

Cotton futures for December delivery increased 0.8 percent to 67.6 cents a pound on ICE, poised for the first gain in three sessions.

Orange-juice futures for July delivery rose 3.6 percent to $1.155 a pound in New York, heading for the first advance in three days and the largest since May 24.

London’s NYSE Liffe exchange is shut for second day for a bank holiday.

OIL PRODUCTS

Gasoline fluctuated after a gauge of American service- industry growth rose in May and as Group of Seven leaders discussed Europe’s worsening sovereign-debt crisis.

Gasoline for July delivery fell 0.75 cent, or 0.3 percent, to $2.6632 a gallon on the New York Mercantile Exchange. Prices swung between a low of $2.6441 and a high of $2.6911.

July-delivery heating oil slipped 0.08 cent to $2.6261 a gallon.

NATURAL GAS

Natural gas futures climbed for a second day in New York on forecasts for hotter-than-normal weather that may increase demand for the fuel at power plants.

Natural gas for July delivery rose 3.9 cents, or 1.6 percent, to $2.454 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

To contact the reporter on this story: John Deane in London at jdeane3@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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