Bloomberg News

Cotton, Cocoa Climb as Natural Gas Falls: Commodities at Close

October 16, 2012

The Standard & Poor’s GSCI Spot Index of 24 raw materials gained 0.2 percent to 664.24. Cotton and cocoa increased while natural gas decreased.

The UBS Bloomberg CMCI gauge of 26 prices rose 0.2 percent to 1,604.724 at 4:39 p.m. New York time.

SOFT COMMODITIES

Cotton futures gained the most in 10 weeks on signs that hot and dry weather eroded the quality of the crop in the U.S., the world’s biggest exporter.

Cotton for December delivery jumped 3.5 percent to settle at 74.86 cents a pound on ICE Futures U.S. in New York, the biggest advance since Aug. 3. Prices rose for the third straight session.

Cocoa futures jumped the most in five weeks after bean processing in Europe fell less than some analysts forecast. Sugar and coffee also gained.

Cocoa for December delivery rose 2.7 percent to close at $2,418 a ton on in New York, the biggest increase for a most- active contract since Sept. 5.

Raw-sugar futures for March delivery advanced 1.6 percent to 20.17 cents a pound on ICE, the biggest gain in two weeks. The price dropped in the previous four sessions, the longest slump in eight weeks.

Arabica-coffee futures for December delivery rose 1.2 percent to $1.628 a pound.

Orange-juice futures for November delivery gained 0.7 percent to $1.1305 a pound on ICE.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold futures rebounded from a four-week low as the dollar’s decline boosted demand for the metal as an alternative investment. Silver also climbed.

Gold for December delivery rose 0.5 percent to settle at $1,746.30 an ounce on the Comex in New York, the biggest advance for a most-active contract since Oct. 4.

Silver futures for December delivery climbed 0.7 percent to $32.959 an ounce. Yesterday, the metal fell 2.8 percent, the most since June 21.

Precious metal markets: NI PCMKTS

BASE METALS

Copper prices rose in London for the first time in three sessions after a report showed industrial production increased more than forecast in the U.S., the world’s second-biggest consumer of the metal.

Copper for delivery in three months gained 0.4 percent to settle at $8,125 a metric ton ($3.69 a pound) on the London Metal Exchange. Last week, the price fell 2 percent, the most since July 20, amid concern that demand will ease in the U.S. and China, the top consumer.

Copper futures for December delivery fell less than 1 percent to settle at $3.70 a pound on the Comex.

Nickel, aluminum and zinc declined in London, while lead and tin gained.

Base metals markets: NI BMMKTS

NATURAL GAS

Natural gas futures declined for a second day in New York as forecasts for mild weather signaled reduced demand for the heating fuel.

Natural gas for November delivery fell 4.9 cents to $3.437 per million British thermal units on the New York Mercantile Exchange, the lowest settlement price since Oct. 8. The futures have dropped 7.2 percent from a year ago.

U.K. natural gas: NI NUKMKT

Gas market: NI GASMARKET

Americas natural gas: NI AGASMARKET

European natural gas: NI EGASMARKET

CRUDE OIL

Oil advanced in New York after two German lawmakers said the country is open to Spain seeking a precautionary credit line from Europe’s rescue fund.

Crude oil for November delivery increased 24 cents to $92.09 a barrel on the Nymex, the highest settlement since Oct. 9. Prices are down 6.8 percent this year.

Brent oil for November settlement dropped 73 cents, or 0.6 percent, to $115.07 a barrel on the London-based ICE Futures Europe exchange. The contract expires today. The December futures slipped 40 cents, or 0.3 percent, to $114.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline fell a fourth consecutive day on speculation the U.S. inventories of the motor fuel rose as refineries returned units to production after repairs.

Gasoline for November delivery fell 0.5 cent to settle at $2.8453 a gallon on the New York Mercantile Exchange. Prices have dropped 3.9 percent since Oct. 11 in the first four-day decline since June 21.

November-delivery heating oil fell 1.06 cents, or 0.3 percent, to $3.1985 a gallon on the exchange.

Oil Products Europe: NI OPEMKT

Gasoline: NI GASOLINE

Heating oil: NI HEATOIL

LIVESTOCK

Cattle futures rose, marking the biggest gain in two weeks, on signs of increasing demand for U.S. beef. Hog prices also increased.

Cattle futures for December delivery gained 0.6 percent to settle at $1.26675 a pound on the Chicago Mercantile Exchange, the biggest increase for the most-active contract since Oct. 1. Prices are up 4.3 percent this year.

Feeder-cattle futures for November settlement rose 1.5 percent to $1.47725 a pound.

Hog futures for December settlement advanced 0.1 percent to 78.6 cents a pound in Chicago. Prices are down 6.8 percent this year.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Soybeans rose for the first time in three sessions on speculation that U.S. farmers will slow sales of recently harvested crops to boost prices, and as demand shows signs of increasing. Corn also gained.

Soybean futures for November delivery climbed 0.1 percent to settle at $14.9375 a bushel at 2 p.m. on the Chicago Board of Trade, the first gain since Oct. 11.

Corn futures for December delivery rose 0.1 percent to $7.3825 a bushel in Chicago. The most-active contract advanced 0.6 percent last week.

Wheat futures fell for the third straight session on speculation that rain in parts of Kansas, the biggest U.S. grower of winter varieties, will boost crop prospects.

Wheat futures for December delivery fell 0.1 percent to settle at $8.4775 a bushel at 2 p.m. The price has dropped 4.3 percent in three sessions.

Grain markets: NI GRMKTS

To contact the reporter on this story: Joshua Falk in New York at jfalk19@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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