Bloomberg News

Soybeans Erase Yesterday’s Gain: Commodities at Close

June 21, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 1.7 percent to 565.33 at 4:31 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 1.3 percent at 1,421.471.

SOFT COMMODITIES

Cotton futures fell the exchange limit on mounting concern that demand will slow amid signs the world economy is cooling. Orange juice also slid.

Cotton for December delivery, the contract with the highest open interest, plunged 6.9 percent to 67.71 cents a pound on ICE Futures U.S. in New York, heading for the biggest drop since the contract began trading in January 2010. The futures dropped the exchange limit of 5 cents.

Orange-juice futures for September delivery, the contract with the highest open interest, declined 0.7 percent to $1.159 a pound on ICE.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold dropped for a fourth day in New York on speculation more stimulus by the Federal Reserve will be needed to boost demand for the metal as an alternative asset. Silver dropped the most in two weeks.

Gold futures for August delivery fell 1.9 percent to $1,584.60 an ounce on the Comex in New York.

Silver for July delivery declined 3.4 percent to $27.425 an ounce.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hog futures for August settlement climbed 0.3 percent to 92.425 cents a pound on the Chicago Mercantile Exchange.

Cattle futures for August delivery declined 0.1 percent to $1.1695 a pound in Chicago.

Livestock markets: NI LVMKTS

NATURAL GAS

Natural gas futures gained in New York after a report showed that U.S. stockpiles rose less than expected.

Natural gas for July delivery rose 2.8 percent to $2.588 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 for a second day in New York on concern demand may weaken in the two main users of the metal after an index showed Chinese manufacturing might shrink again and the Federal Reserve cut its U.S. growth forecast.

Copper for September delivery declined 2.2 percent to $3.322 a pound on the Comex in New York.

Copper, aluminum, zinc, lead, nickel and tin fell in London.

Base metals markets: NI BMMKTS

European Carbon Permits

European Union carbon allowances declined after a report showed that euro-area services and manufacturing output contracted for a fifth month in June, suggesting the economy may fail to grow in the current quarter.

EU carbon for December fell 0.7 percent to 7.46 euros a metric ton on the ICE Futures Europe exchange in London. Prices have declined 52 percent in the past 12 months.

EU Carbon Emissions: NI ECBMKT

GRAINS, OILSEEDS

Corn fell in Chicago on concern a record harvest in Brazil’s Mato Grosso state may add to a supply glut and on speculation slowing U.S. economic growth will cut demand for grain used to make ethanol.

Corn for December delivery slid 0.5 percent to $5.635 a bushel on the Chicago Board of Trade. Prices jumped 12 percent, the most since April 2011, in the past three days.

Wheat for September delivery gained 1 percent to $6.90 a bushel.

November-delivery soybeans fell 0.5 percent to $13.885 a bushel in Chicago.

Grain markets: NI GRMKTS

CRUDE OIL

Oil tumbled below $80 a barrel for the first time in eight months in New York as U.S. inventories surged amid concern that the European debt crisis will drag down the global economy, reducing fuel demand.

Crude futures for August delivery fell 2.5 percent to $79.38 a barrel in electronic trading on the New York Mercantile Exchange. Prices peaked at a settlement high of $109.77 on Feb. 24.

Brent oil for August settlement decreased 2.3 percent to $90.60 a barrel on the London-based ICE Futures Europe exchange. Crude oil futures: NI CRMKTS

OIL PRODUCTS

Gasoline for immediate delivery in northwest Europe traded at less than $900 a metric ton for the first time this year.

Gasoil on the ICE Futures Europe exchange in London dropped as much as 2.8 percent to trade at the lowest for 17 months as West Texas Intermediate crude tumbled below $80 a barrel for the first time since October.

Gasoline barges for loading in Amsterdam-Rotterdam-Antwerp traded from $899 to $912 a ton, according to a Bloomberg survey of traders and brokers monitoring the Argus Bulletin Board. That compares with $922 to $931 yesterday and was the first trade below $900 since Dec. 20, according to data compiled by Bloomberg.

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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