Bloomberg News

Sugar, Cocoa Rise as Copper Falls: Commodities at Close

October 19, 2012

The Standard & Poor’s GSCI Spot Index of 24 raw materials gained 1.4 percent to 656.05. Sugar and cocoa increased while copper decreased.

The UBS Bloomberg CMCI gauge of 26 prices fell 1.3 percent to 1,595.679 at 4:19 p.m. New York time.

SOFT COMMODITIES

Cocoa climbed to the highest level in almost three weeks after a report showed bean usage in North America was higher than forecast. Sugar and coffee also gained, while cotton and orange juice fell.

Cocoa for December delivery jumped 2.1 percent to settle at $2,489 a ton on ICE Futures U.S. in New York after touching $2,498, the highest since Oct. 1. The price posted a weekly gain of 5.2 percent, the first since Sept. 7.

Raw-sugar futures for March delivery rose 2.2 percent to 20.23 cents a pound in New York, and arabica coffee futures for December delivery jumped 1.9 percent to $1.6165 a pound.

Also on ICE, cotton futures for December delivery slid 1.1 percent to 76.88 cents a pound. The fiber surged 7.7 percent this week, the most since March 2011.

Orange-juice futures for January delivery dropped 0.9 percent to $1.1325 a pound.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper futures in New York dropped by the most in more than six months as slower investment in China, the world’s biggest user of the metal, fueled concern that demand will falter.

Copper futures for December delivery slumped 2.8 percent to $3.6375 a pound on the Comex in New York, the biggest decline since April 4. Prices fell 1.8 percent this week.

Copper for delivery in three months fell 2.5 percent to $8,015 a metric ton ($3.64 a pound) on the London Metal Exchange.

Aluminum, tin, nickel, zinc and lead dropped in London.

Base metals markets: NI BMMKTS

NATURAL GAS

Natural gas advanced to a 10-month high on speculation that above-normal demand from electricity generators will help reduce a supply surplus.

Natural gas for November delivery gained 3 cents to settle at $3.617 per million British thermal units on the New York Mercantile Exchange. The futures have jumped 21 percent this year.

U.K. natural gas: NI NUKMKT

Gas market: NI GASMARKET

Americas natural gas: NI AGASMARKET

European natural gas: NI EGASMARKET

GRAINS, OILSEEDS

Wheat futures climbed for a third day on signs that Ukraine will limit exports and on expectations that dry weather will curb production in the U.S. Corn advanced. Soybeans fell.

Wheat futures for December delivery rose 0.5 percent to settle at $8.725 a bushel on the Chicago Board of Trade. The price has gained 34 percent this year and rose 1.8 percent this week.

Corn futures for December delivery climbed 0.1 percent to $7.615 a bushel, ending the week up 1.1 percent. Soybean futures for November slid 0.7 percent to $15.3425 a bushel, paring this week’s gain to 0.8 percent.

Grain markets: NI GRMKTS

OIL PRODUCTS

Gasoline sank to the lowest level in more than three months as equities slid.

Gasoline for November delivery retreated 4.88 cents, or 1.8 percent, to $2.6963 a gallon on the Nymex, the lowest settlement since July 2. Prices fell 6.8 percent this week, the third consecutive weekly decline.

November-delivery heating oil fell 5.21 cents, or 1.6 percent, to settle at $3.1345 a gallon on the exchange. Prices declined 2.8 percent this week.

Oil Products Europe: NI OPEMKT

Gasoline: NI GASOLINE

Heating oil: NI HEATOIL

PRECIOUS METALS

Gold futures slumped to a six-week low as signs of slowing growth in China dimmed the outlook for demand.

Gold futures for December delivery fell 1.2 percent to settle at $1,724 an ounce on the Comex. Earlier, the metal touched $1,716, the lowest price since Sept. 7.

Silver futures for December delivery slid 2.3 percent to $32.097 an ounce in New York, extending the weekly drop to 4.7 percent.

On the Nymex, platinum futures for January delivery slipped 1.7 percent to $1,615.50 an ounce. Palladium futures for December delivery retreated 3.7 percent to $623 an ounce.

Precious metal markets: NI PCMKTS

CRUDE OIL

Oil tumbled the most in two weeks as Microsoft Corp. and General Electric Co. missed quarterly sales forecasts, raising concern that slowing economic growth will reduce oil demand.

Crude for November delivery fell $2.05, or 2.2 percent, to settle at $90.05 a barrel on the Nymex, the biggest decline since Oct. 3. Futures slipped 2 percent this week and are down 8.9 percent this year.

Brent for December settlement dropped $2.28, or 2 percent, to end the session at $110.14 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

LIVESTOCK

Hog prices rallied to an 11-week high on signs of shrinking supplies of animals and rising demand for U.S. pork. Cattle futures slid.

Hog futures for December settlement rose 1 percent to 79.625 cents a pound on the Chicago Mercantile Exchange after reaching 79.8 cents, the highest price since Aug. 2. Prices are down 5.5 percent this year.

Cattle futures for December delivery fell 0.6 percent to settle at $1.27275 a pound on the CME.

Feeder-cattle futures for January settlement dropped 0.3 percent to $1.50225 a pound in Chicago.

Livestock markets: NI LVMKTS

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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