Bloomberg News

Copper Up on China Railway Spending Plans: Commodities at Close

July 31, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 1.3 percent to 636.31 by 5:21 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.9 percent at 1,554.4146.

BASE METALS

Copper rose to the highest in more than a week as plans in China to increase spending on railroads and other projects boosted the outlook for demand in the world’s largest consumer of the metal.

Copper futures for September delivery climbed 0.3 percent to $3.427 a pound on the Comex in New York, after rising to $3.457, the highest for a most-active contract since July 20.

On the London Metal Exchange, copper for delivery in three months advanced 0.2 percent to $7,561 a metric ton ($3.43 a pound).

Nickel, aluminum, lead, zinc and tin fell in London.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold, little changed in New York, may climb on speculation that central bank policy makers meeting this week will signal more stimulus efforts.

Gold futures for December delivery rose 0.1 percent to $1,625.40 an ounce on the Comex in New York. A close at that level would leave prices up 1.3 percent this month after a 2.6 percent gain in June.

Silver futures for September delivery rose 0.3 percent to $28.105 an ounce after reaching $28.335, the highest since July 5. Through yesterday, prices gained 1.5 percent this month.

Precious metal markets: NI PCMKTS

GRAINS, OILSEEDS

Corn fell from a record after livestock producers hurt by higher feed costs urged the U.S. to suspend an alternative-fuel mandate that is driving grain demand from ethanol makers. Wheat also dropped. Soybeans rose.

Corn futures for December delivery dropped 0.6 percent to $8.0925 a bushel on the Chicago Board of Trade, after touching an all-time high of $8.205. The most-active contract jumped 28 percent this month through yesterday.

Wheat futures for September delivery fell 2.1 percent to $8.9575 a bushel in Chicago. The grain, which competes with corn in livestock feed, surged 21 percent this month through yesterday.

Soybean futures for November delivery rose 0.2 percent to $16.4675 a bushel on the CBOT. The oilseed, which reached a record $16.915 on July 23, through yesterday gained 15 percent in July.

Grain markets: NI GRMKTS

SOFT COMMODITIES

Sugar fell for the first time in three sessions as dry weather allowed the harvest to quicken in Brazil, the world’s top producer. Cotton rose, while coffee, cocoa and orange juice dropped.

Raw sugar for October delivery declined 1.3 percent to 22.5 cents a pound on ICE Futures U.S. in New York.

Cotton futures for December delivery rose 0.6 percent to 71.57 cents a pound on ICE.

Arabica-coffee futures for September delivery fell 3 percent to $1.73 a pound in New York.

Also in New York, cocoa futures for September delivery declined 0.3 percent to $2,334 a metric ton, on pace for the first retreat in five sessions. Orange-juice futures for September delivery dropped 0.5 percent to $1.117 a pound.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Oil fell for a second day as speculation that the Federal Reserve will announce additional measures to stimulate the economy declined after U.S. consumer confidence and business activity unexpectedly grew.

Oil for September delivery fell 85 cents, or 0.9 percent, to $88.93 a barrel on the New York Mercantile Exchange. Prices have climbed 4.7 percent this month and have declined 10 percent this year. Earlier, futures touched $88.37.

Brent crude for September settlement decreased 62 cents, or 0.6 percent, to $105.58 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline declined as Sunoco Inc. (SUN:US) may start a fluid catalytic cracker today at the largest East Coast refinery and as Enbridge Inc. (ENB) may reopen an oil pipeline tomorrow that serves the Chicago area.

Gasoline for August delivery fell 2.17 cents, or 0.7 percent, to $2.9151 a gallon on the New York Mercantile Exchange. Futures are up 6.9 percent this month.

Heating oil for August delivery declined 1.31 cents, or 0.5 percent, to $2.866 a gallon, headed for a monthly gain of 6.3 percent. The September contract fell 1.46 cents, or 0.5 percent, to $2.8668 a gallon.

Regular gasoline at the pump, averaged nationwide, rose 1.4 cents to $3.50 a gallon, AAA said today on its website. That’s the highest price since June 17. Prices have fallen 11 percent from a 2012 high of $3.936 on April 4, according to AAA, the nation’s largest motoring organization.

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

NATURAL GAS

Natural gas futures advanced in New York, heading for the biggest July gain in six years, as meteorologists said a weather system in the Atlantic may become a tropical storm.

Natural gas for September delivery rose 4.8 cents, or 1.5 percent, to $3.262 per million Btu on the New York Mercantile Exchange. The futures are up 16 percent this month, heading for a fourth consecutive monthly gain.

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

LIVESTOCK

Cattle fell, heading for the biggest drop in more than a week, on signs of increasing beef supplies as worsening crop conditions spurred ranchers to send more animals to slaughter. Hog futures also declined.

Cattle futures for October delivery slumped 0.6 percent to $1.2505 a pound on the Chicago Mercantile Exchange. A close at that level would be the biggest drop for the most-active contract since July 20.

Hog futures for October settlement fell 0.6 percent to 81.45 cents a pound in Chicago. Earlier, the price reached 83 cents, the highest for the most-active contract since July 11. The price declined 2.8 percent in 2012 through yesterday.

Feeder-cattle futures for August settlement gained 0.5 percent to $1.3895 a pound.

Livestock markets: NI LVMKTS

European Carbon Permits

European Union carbon for December rose 32 cents, or 4.9 percent, to 6.91 euros ($8.51) on the ICE Futures Europe exchange in London.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Tom Metcalf in London at tmetcalf7@bloomberg.net

To contact the editor responsible for this story: John Deane at jdeane3@bloomberg.net


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