Bloomberg News

Soybeans Lead Drop as Nickel Extends Gain: Commodities at Close

September 17, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.6 percent to 689.87 at 4:46 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.9 percent to 1,658.773.

GRAINS, OILSEEDS

Soybean futures fell, heading for the biggest drop since July, on speculation that rain in South America will improve soil moisture for planting and early crop development. Corn plunged the most since June.

Soybean futures for November delivery dropped 3.8 percent to $16.735 a bushel on the Chicago Board of Trade, the largest decline for the most-active contract since July 23. Through Sept. 14, the oilseed gained 44 percent this year.

Corn futures for December delivery fell 3.5 percent to $7.5425 a bushel on the CBOT, heading for the biggest drop since June 12. Earlier, the price touched $7.5525, the lowest since July 24.

Wheat declined 3.6 percent to $8.9075 a bushel.

Grain markets: NI GRMKTS

BASE METALS

Copper futures fell on speculation that the Chinese government won’t ease monetary policy as quickly as anticipated, spurring concern that metal demand may be muted.

Copper futures for December delivery declined 0.7 percent to $3.8055 a pound at 10:30 a.m. on the Comex in New York. The price jumped 5.1 percent last week as the Federal Reserve announced a third round of monetary stimulus to bolster the economy in the U.S., the second-biggest consumer of the metal.

On the London Metal Exchange, copper for delivery in three months fell 0.4 percent to $8,346 a metric ton ($3.79 a pound.) Nickel jumped 2.4 percent. Aluminum, zinc and lead dropped while tin gained.

Base metals markets: NI BMMKTS

NATURAL GAS

U.K. natural gas for same-day delivery rose for a fourth day as forecasts for cooler weather raised demand for the fuel. Power for tomorrow also advanced.

Gas for today rose 0.8 pence, or 1.3 percent, to 62.6 pence a therm at 12:16 a.m. London time. October gas dropped 0.8 percent to 60.3 pence a therm. That’s equivalent to $9.79 per million British thermal units and compares with $2.98 per million Btu of front-month U.S. gas.

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

SOFT COMMODITIES

Coffee futures rose for the third straight session in New York on concerns that supplies of high-quality beans are limited in Brazil, the world’s biggest producer. Cocoa and sugar fell.

Arabica coffee for December delivery rose 0.1 percent to $1.8135 a pound at 10:57 a.m. on ICE Futures U.S. in New York. On Sept. 14, the price touched $1.837, the highest for a most- active contract since July 24.

Through Sept. 14, coffee slumped 32 percent in the past year on forecasts for bigger crops in Brazil.

Cocoa futures for December delivery dropped 2 percent to $2,591 a metric ton in New York.

Raw-sugar futures for March delivery slid 0.3 percent to 20.71 cents a pound on ICE.

Soft commodities markets: NI SOMKTS

OIL PRODUCTS

Gasoline fluctuated as New York-region manufacturing contracted and concern increased that tensions in the Middle East will disrupt oil supplies.

October-delivery gasoline fell 0.78 cent, or 0.3 percent, to $3.0078 at 9:57 a.m. on the New York Mercantile Exchange. Prices swung between $2.997 and $3.0279.

European gasoline prices rose as Cargill Inc. bought a barge. Hedge funds and other money managers boosted net-long positions in ICE gasoil futures to the highest since at least January 2011.

October gasoil’s spread versus the second month, or backwardation, widened to the most since July on the ICE Futures Europe exchange in London.

Gasoline for immediate loading in Amsterdam-Rotterdam- Antwerp traded at $1,127 a metric ton, according to a survey of traders and brokers monitoring the Argus Bulletin Board. That compares with a deal at $1,122 on Sept. 14.

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

LIVESTOCK

Hog futures fell for the first time in four sessions as U.S. farmers sent more animals to slaughter after livestock-feed costs jumped. Cattle were little changed.

Hog futures for December settlement dropped 0.6 percent to 73.45 cents a pound at 10:07 a.m. on the Chicago Mercantile Exchange. The price rose 3.5 percent in the previous three sessions, partly on signs the demand for U.S. pork exports may increase.

Cattle futures for December delivery fell less than 0.1 percent to $1.29875 a pound on the CME.

Feeder-cattle futures for October settlement rose 0.8 percent to $1.4785 a pound.

Livestock markets: NI LVMKTS

PRECIOUS METALS

Gold was seen gaining for a third day in New York on speculation stimulus by the Federal Reserve will boost demand for the metal as a protection of wealth.

Gold for December delivery was little changed at $1,772.40 an ounce by 7:53 a.m. on the Comex in New York. Prices reached $1,780.20 on Sept. 14, the highest since Feb. 29. Bullion for immediate delivery was little changed at $1,770.03 in London.

Silver for December delivery fell 0.2 percent to $34.57 an ounce after reaching $34.985 on Sept. 14, the highest level since March 2. Platinum for October delivery was 1 percent lower at $1,697.40 an ounce after climbing to $1,716.50 on Sept. 14, the highest since Feb. 29. Palladium for December delivery slid 1.6 percent to $688.35 an ounce. It reached $705.80 on Sept. 14, the highest in almost six months.

Precious metal markets: NI PCMKTS

CRUDE OIL

Oil gained for a third day on concern that tension in the Middle East will disrupt supplies and as the euro rose to a four-month high against the dollar.

Oil for October delivery gained 32 cents, or 0.3 percent, to $99.32 a barrel at 9:56 a.m. on the New York Mercantile Exchange. The contract rose to $99 on Sept. 14, the highest settlement since May 3. Prices are up 0.5 percent this year.

Brent for November settlement fell 35 cents to $116.31 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

European Carbon Permits

European Union carbon permits for December dropped 1.6 percent to 7.33 euros a metric ton on the ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

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 at ccarpenter2@bloomberg.net


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