Bloomberg News

Orange Juice Falls as Supply Concern Eases: Commodities at Close

August 06, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.2 percent to 649.22 at 5:27 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.1 percent at 1,557.896.

SOFT COMMODITIES

Orange juice headed for the biggest drop in three weeks on signs that citrus groves in Florida won’t be harmed by Tropical Storm Ernesto, easing supply concerns. Cocoa fell, while coffee, cotton and sugar rose.

Orange juice for September delivery retreated 3.2 percent to $1.086 a pound on ICE Futures U.S. in New York, heading for the biggest slide since July 16. The beverage slumped 34 percent this year through Aug. 3 amid ample supplies and sluggish demand.

Cocoa futures for December delivery fell 0.4 percent to $2,402 a metric ton in New York.

Also on ICE, arabica-coffee futures for September delivery gained 1.2 percent to $1.759 a pound, while cotton futures for December delivery climbed 1.8 percent to 75.3 cents a pound. Raw-sugar futures rose 0.3 percent to 22.07 cents a pound in New York.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Oil fluctuated as U.S. stocks gained and as Tropical Storm Ernesto moved away from producing regions in the Gulf of Mexico.

Oil for September delivery gained 31 cents, or 0.3 percent, to $91.71 a barrel on the New York Mercantile Exchange. It rallied 4.9 percent on Aug. 3, the biggest gain since June 29, sending prices to the highest settlement since July 20. Prices are 7.2 percent lower this year.

Brent crude for September settlement fell 1 cent to $108.93 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline fell as Tropical Storm Ernesto appeared to be less of a threat to U.S. Gulf Coast oil refining and on concern that Europe’s debt crisis is deepening.

Gasoline for September delivery declined 4.01 cents, or 1.4 percent, to $2.8909 a gallon on the New York Mercantile Exchange.

Heating oil for September delivery fell 0.72 cent, or 0.3 percent, to $2.9189 a gallon.

Regular gasoline at the pump, averaged nationwide, rose 0.9 cent to $3.619 a gallon yesterday, AAA data showed. That’s the highest price since May 30. Prices have fallen 8.1 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 dropped for a fifth day in New York as forecasts for cooler weather signalled reduced demand for the fuel to generate electricity.

Natural gas for September delivery fell 4.9 cents, or 1.7 percent, to $2.828 per million British thermal units on the New York Mercantile Exchange. It declined earlier to $2.801, the lowest intraday price since July 18. The futures are down 5.4 percent this year, after falling 36 percent to $1.902 on April 19, the lowest intraday price since January 2002.

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

BASE METALS

Copper futures rose 0.6 percent to $3.387 a pound on the Comex in New York. Industrial metals gained on the London Metal Exchange except for lead, tin and steel billett.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures gained for a second session in New York on speculation that the Federal Reserve will take additional measures to support economic growth, spurring demand for the metal as an inflation hedge.

Gold futures for December delivery rose 0.2 percent to $1,612.30 an ounce on the Comex in New York. Before today, the metal gained 2.7 percent this year.

Silver futures for September delivery fell 0.2 percent to $27.755 an ounce in New York.

Precious metal markets: NI PCMKTS

LIVESTOCK

Cattle futures rose for the second time in three sessions on speculation that U.S. beef demand will rebound as the economy recovers while meatpackers face tighter supplies in coming weeks. Hogs fell.

Cattle futures for October delivery rose 0.2 percent to $1.24625 a pound on the Chicago Mercantile Exchange. Before today, prices gained 2.4 percent in 2012.

Feeder-cattle futures for October settlement increased 0.5 percent to $1.4085 a pound on the CME.

Hog futures for October settlement dropped 0.2 percent to 75.725 cents a pound in Chicago after falling to 75.6 cents, the lowest since Dec. 21, 2010.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Soybeans declined the most in a week as rain fell in parts of the U.S. Midwest, improving crop prospects. Corn also dropped, while wheat was little changed.

Soybean futures for November delivery fell 2.2 percent to $15.9325 a bushel on the Chicago Board of Trade, heading for the biggest loss since July 26. The oilseed touched a record $16.915 on July 23.

Corn futures for December delivery dropped 0.6 percent to $8.03 a bushel in Chicago. The price gained 27 percent last month.

Wheat futures for December delivery added less than 0.1 percent to $9.04 a bushel on the CBOT. Futures climbed 17 percent in July.

Grain markets: NI GRMKTS

EUROPEAN CARBON PERMITS

European Union carbon allowances rose as German power advanced, stimulating demand for pollution rights in the world’s biggest emissions market.

European Union carbon for December rose 1.6 percent to 7.22 euros on the ICE Futures Europe exchange in London.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Jessica Abrahams in London at Jabrahams7@bloomberg.net

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


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus