Bloomberg News

Coffee Leads Drop as Cocoa Gains: Commodities at Close

September 05, 2012

The Standard & Poor’s GSCI gauge of 24 commodities declined 0.5 percent to 669.39 at 6:15 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials fell 0.2 percent at 1,600.33.

SOFT COMMODITIES

Cocoa rose the most in a week in New York on concern that dry weather will dent crop prospects in West Africa, the world’s largest producing region. Sugar and coffee fell.

Cocoa for delivery in December climbed 2.4 percent to $2,612 a metric ton at 10:32 a.m. on ICE Futures U.S. in New York. A close at that price would mark the biggest gain for a most-active contract since Aug. 28.

Cocoa futures in New York set a monthly trading record at 627,854 contracts in August, Intercontinental Exchange Inc. said today in an e-mailed statement.

Raw-sugar futures for delivery in October dropped 0.2 percent to 19.31 cents a pound on ICE.

Arabica-coffee futures for delivery in December fell 1.1 percent to $1.6345 a pound in New York.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold may decline for the first time in three sessions as a European Central Bank plan to buy bonds as part of an economic- stimulus program lowered demand for the precious metal as a hedge against inflation.

Gold futures for December delivery fell 30 cents to $1,695.70 at 10:52 a.m. on the Comex in New York. Earlier, the price dropped as much as 0.4 percent. The commodity gained 2.3 percent in the previous two sessions.

In August, the metal jumped 4.5 percent, the most since January, on speculation that the Federal Reserve and ECB will increase steps to bolster their economies.

Silver futures for December delivery fell 0.4 percent to $32.285 an ounce.

Precious metal markets: NI PCMKTS

GRAINS, OILSEEDS

Corn fell to a three-week low and soybeans dropped on increased sales of supplies from last year’s harvest, after a U.S. drought sparked rallies since June that sent prices to record highs.

Corn futures for December delivery fell 1.1 percent to $7.9625 a bushel at 11:08 a.m. on the Chicago Board of Trade after dropping to $7.915, the lowest since Aug. 15. Through yesterday, corn prices surged 45 percent since the end of May.

Soybean futures for November delivery declined 1 percent to $17.50 a bushel on the CBOT after yesterday touching a record $17.89.

Corn for immediate delivery in U.S. cash markets yesterday was more than double the average price for this date in the past eight years, and soybeans were 97 percent higher, data from the Minneapolis Grain Exchange shows.

Grain markets: NI GRMKTS

NATURAL GAS

Natural gas futures dropped in New York for the first time in five days on forecasts of cooler weather that would limit demand from power plants.

Natural gas for October delivery fell 3.4 cents, or 1.2 percent, to $2.82 per million British thermal units at 11:41 a.m. on the New York Mercantile Exchange. The futures have declined 5.7 percent this year.

U.K. natural gas prices increased as pipeline deliveries to Belgium from Norway resumed after a two-day maintenance halt, drawing fuel away from Britain.

Within-day gas climbed as much as 0.7 pence to 60.1 pence a therm, according to broker prices compiled by Bloomberg. It was at 60 pence at 5:04 p.m. in London, equal to $9.54 a million British thermal units.

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

BASE METALS

Copper rose to a six-week high on speculation that a European Central Bank plan to buy bonds will help stem the region’s debt crisis, improving prospects for metal demand.

Copper futures for December delivery gained 1.7 percent to $3.595 a pound at 11:51 a.m. on the Comex in New York. Earlier, the price reached $3.534, the highest for a most-active contract since July 19.

On the LME, copper for delivery in three months gained 1.5 percent to $7,748 a ton ($3.51 a pound). Aluminum, nickel, tin, lead and zinc also rose.

Base metals markets: NI BMMKTS

CRUDE OIL

Oil fluctuated as European Central Bank policy makers meet to discuss a plan involving unlimited purchases of government debt to ease the region’s debt crisis.

Crude oil for October delivery decreased 10 cents to $95.20 a barrel at 11:54 a.m. on the New York Mercantile Exchange. Prices rose as much as 37 cents to $95.67 earlier today and fell as low as $94.26. Futures have retreated 3.7 percent this year.

Brent oil for October settlement decreased 51 cents, or 0.4 percent, to $113.67 a barrel on the London-based ICE Futures Europe exchange. Oil markets: NI OILMARKET

LIVESTOCK

Cattle futures climbed to the highest price in almost three weeks on signs that U.S. meat processors are boosting animal purchases amid prospects for shrinking supplies. Hog futures reached a two-week high.

Cattle futures for delivery in October rose 0.3 percent to $1.26525 a pound at 9:34 a.m. on the Chicago Mercantile Exchange, after reaching $1.26725, the highest for the most- active contract since Aug. 16. The commodity increased 3.9 percent this year through yesterday.

Feeder-cattle futures for October settlement gained 0.4 percent to $1.475 a pound on the CME.

Hog futures for October settlement climbed 0.9 percent to 74.9 cents a pound in Chicago, after reaching 75.225 cents, the highest since Aug. 22. Through yesterday, the price declined 12 percent this year.

Livestock markets: NI LVMKTS

European Carbon Permits

European Union carbon permits for December rose 0.5 percent to 8.25 euros a metric ton on the ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

OIL PRODUCTS

New York gasoline weakened as Delta Air Lines Inc. prepared to start the Trainer refinery in Pennsylvania.

Conventional gasoline to be blended with ethanol, or CBOB, in New York Harbor, dropped 1.25 cents to 13.75 cents a gallon over futures traded on the New York Mercantile Exchange at 8:58 a.m., according to data compiled by Bloomberg. Prompt delivery rose 0.06 cent to $3.1028 a gallon.

Heating oil fell as Gulf Coast refineries started up after Hurricane Isaac last week knocked out 13 percent of that region’s fuel-making capacity.

Heating oil for October delivery fell 2.19 cents, or 0.7 percent, to $3.1249 a gallon at 10:21 a.m. on the New York Mercantile Exchange.

European gasoline prices dropped from yesterday’s four- month peak as Brent crude declined. Gasoil fell on the ICE Futures Europe exchange in London.

The Zeeland refinery in Vlissingen in the Netherlands, a joint venture between France’s Total SA and Russia’s OAO Lukoil, will halt a hydrocracker for two weeks of planned maintenance from tomorrow.

Gasoline for immediate loading in Amsterdam-Rotterdam- Antwerp traded at $1,138 a metric ton on the barge market, according to a survey of traders and brokers monitoring the Argus Bulletin Board. That compares with transactions from $1,134 to $1,150 yesterday, which was the highest since April 16, 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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