Bloomberg News

Soybeans Erase Yesterday’s Gain: Commodities at Close

June 18, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.2 percent to 581.53 at 5:02 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent at 1,432.875.

SOFT COMMODITIES

Arabica coffee fell to a two-year low and cocoa slumped on concern that slowing economies in Europe will curb demand.

Arabica coffee for September delivery slid 0.7 percent to $1.5095 a pound on ICE Futures U.S. in New York. Earlier, the price touched $1.501, the lowest for a most-active contract since June 15, 2010.

Raw-sugar futures for October delivery declined 0.2 percent to 19.96 cents a pound on ICE.

Cocoa futures for September delivery slumped 2.5 percent to $2,190 a metric ton in New York.

In London futures trading, robusta coffee and cocoa fell on NYSE Liffe. Refined sugar advanced.

Soft commodities markets: NI SOMKTS

NATURAL GAS

Natural gas futures gained in New York on speculation that hotter-than-normal weather this week will boost demand from power plants to run air conditioners.

Natural gas for July delivery rose 3.6 cents, or 1.5 percent, to $2.503 per million British thermal units on the New York Mercantile Exchange. Gas futures are down 16 percent this year.

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

BASE METALS:

Copper dropped in New York as Spanish bond yields rose to a record, renewing concerns that a worsening debt crisis in Europe will erode global economic growth and demand for the metal.

Copper futures for September delivery slipped less than 0.1 percent to $3.389 a pound on the Comex in New York. The metal rose 3.2 percent last week, the first weekly gain since the five days ended April 27.

On the London Metal Exchange, copper for delivery in three months slid 0.3 percent to $7,486.25 a metric ton ($3.40 a pound).

Aluminum, nickel, tin, lead and zinc were also lower in London.

Base metals markets: NI BMMKTS

European Carbon Permits

European Union carbon allowances climbed for an eight day, the longest streak since April 2006. EU permits for December jumped 1.5 percent to 7.43 euros a metric ton on ICE Futures Europe in London.

EU Carbon Emissions: NI ECBMKT

GRAINS, OILSEEDS

Corn rose, heading for the biggest gain in more than two weeks, on concern that hot, dry weather in parts of the U.S. will hurt crops. Soybeans and wheat gained.

Corn for December delivery rose 3.9 percent to $5.2575 a bushel on the Chicago Board of Trade, and earlier today climbed as much as 4.2 percent to $5.2725, the biggest gain for a most active contract since June 1. Prices slumped 5.7 percent this month on speculation that larger crops overseas will cut export demand from the U.S.

Soybeans for November delivery gained 1.5 percent to $13.3325 a bushel. December-delivery wheat rose 2.7 percent to $6.69 a bushel. Milling wheat for November delivery traded on NYSE Liffe in Paris advanced 0.9 percent to 205.50 euros ($258.30) a metric ton.

Grain markets: NI GRMKTS

CRUDE OIL

Oil dropped for the first time in three days on concern that the worsening European debt crisis will slow global economic growth and reduce demand for crude.

Oil for July delivery fell 98 cents, or 1.2 percent, to $83.05 a barrel on the New York Mercantile Exchange. Prices are down 19 percent in the second quarter and 16 percent this year.

Brent oil for August settlement dropped $1.23, or 1.3 percent, to $96.38 a barrel on the London-based ICE Futures Europe exchange.

Crude oil futures: NI CRMKTS

PRECIOUS METALS

Gold fell for the first time in seven sessions as the dollar gained and pro-bailout parties won enough seats to control Greece’s parliament, curbing demand for a protection of wealth.

Gold futures for August delivery fell 0.5 percent to $1,619.40 an ounce on the Comex in New York. Last week, prices jumped 2.3 percent.

Silver futures for July delivery dropped 1.6 percent to $28.285 an ounce.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hog prices climbed the most this month on signs of increasing demand for U.S. pork. Cattle also rose.

Hog futures for August settlement increased 2.2 percent to 93.175 cents a pound on the Chicago Mercantile Exchange. A close at that price would mark the biggest gain for a most-active contract since May 31. The price was up 8.2 percent this year through June 15.

Last week, wholesale pork surged 11 percent to 94.12 cents a pound, the highest since Nov. 2.

Cattle futures for August delivery rose 0.2 percent to $1.169 a pound in Chicago. The price dropped in four of the past five sessions, declining 3.5 percent last week.

Feeder-cattle futures for August settlement slid 0.1 percent to $1.5585 a pound.

Livestock markets: NI LVMKTS

OIL PRODUCTS

Gasoline and heating oil futures slipped as increasing Spanish borrowing costs even after Greek elections indicated concern that Europe’s debt crisis may widen, threatening economic growth and fuel demand.

Gasoline for July delivery fell 4.68 cents, or 1.7 percent, to $2.6549 a gallon on the New York Mercantile Exchange.

Heating oil for July delivery fell 4 cents, or 1.5 percent, to $2.6065 a gallon.

Regular gasoline at the pump, averaged nationwide, fell 0.4 cent to $3.505 a gallon yesterday, according to AAA. It was the lowest price since Feb. 9.

Gunvor Group Ltd. sold gasoline for loading in northwest Europe at a lower price than the previous session. The fuel’s crack, or premium to Brent crude, rose to the highest this month.

Gasoil dropped as much as 1 percent on the ICE Futures Europe exchange in London, its third fall in four days, following losses in Brent.

Gasoline barges for immediate loading in Amsterdam- Rotterdam-Antwerp traded at $935 to $944 a metric ton, according to a survey of the Argus Bulletin Board. That compares with deals from $939 to $943 on June 15.

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


Race, Class, and the Future of Ferguson
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus