Bloomberg News

Oil, Cocoa Rise as Sugar Declines: Commodities at Close

November 14, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.6 percent to 637.39. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent at 1,555.994.

CRUDE OIL

Oil advanced after Israel carried out a series of airstrikes in the Gaza Strip that killed the leader of Hamas’s militant wing, bolstering concern that unrest in the Middle East will intensify and affect supplies.

Crude oil for December delivery rose 94 cents, or 1.1 percent, to $86.32 a barrel on the New York Mercantile Exchange, the highest settlement since Nov. 6. Prices are down 13 percent this year.

Brent oil for December settlement, which expires tomorrow, gained $1.35, or 1.2 percent, to $109.61 a barrel on the London- based ICE Futures Europe exchange. The more actively traded January contract gained $1.14 to $108.48.

Oil markets: NI CRMKTS

SOFT COMMODITIES

Cocoa futures surged the most in 10 weeks after the president of Ivory Coast, the world’s largest producer, dissolved the nation’s government.

Cocoa for March delivery jumped 2.9 percent to settle at $2,457 a metric ton on ICE Futures U.S. in New York, the biggest advance since Sept. 5.

Orange juice for January delivery jumped 3 percent to close at $1.128 a pound on the ICE.

Cotton futures for March delivery advanced 0.9 percent to 71.26 cents a pound in New York.

Arabica-coffee futures for March delivery gained 1 percent to $1.5275 a pound on ICE.

Raw-sugar futures for March delivery dropped 0.6 percent to 19.24 cents a pound on ICE.

Soft commodities markets: NI SOMKTS

NATURAL GAS

Natural gas futures climbed to a one-year high in New York on forecasts of below-normal temperatures that would increase fuel demand.

Natural gas for December delivery rose 2.1 cents, or 0.6 percent, to settle at $3.76 per million British thermal units on the Nymex, the highest closing price since Nov. 4, 2011. The futures have climbed 10 percent from a year ago.

U.S. natural gas: NI NUSMKT

U.K. natural gas: NI NUKMKT

GRAINS, OILSEEDS

Soybean futures gained the most in a week after an industry report showed increased demand from makers of animal feed and cooking oil. Corn gained and wheat declined.

Soybean futures for January delivery rose 0.8 percent to $14.19 a bushel on the Chicago Board of Trade.

Corn futures for March delivery increased 0.4 percent at $7.2925 a bushel on the CBOT. Prices are down from a record $8.49 on Aug. 10 as demand slowed.

Wheat futures for March delivery slid 0.2 percent to $8.64 a bushel in Chicago.

Grain markets: NI GRMKTS

BASE METALS

Copper futures fell for the first time in three days on signs of a deepening slump in Europe and concern that the so- called fiscal cliff will hinder an economic recovery in the U.S.

Copper futures for March delivery declined 0.5 percent to settle at $3.465 a pound on the Comex in New York. The contract rose 0.8 percent in the previous two days.

On the London Metal Exchange, copper for delivery in three months fell 0.5 percent to $7,640 a metric ton ($3.47 a pound). Aluminum dropped, while zinc, nickel, lead and tin gained.

Base metals markets: NI BMMKTS

OIL PRODUCTS

Gasoline advanced as a New Jersey refinery remained shut since Hurricane Sandy’s Oct. 29 landfall and on speculation that the U.S. economy is improving and fuel demand may increase.

Gasoline for December delivery rose 2.52 cents, or 1 percent, to settle at $2.679 a gallon on the Nymex, the first gain in three days.

December-delivery heating oil rose 2.74 cents, or 0.9 percent, to settle at $2.9882 a gallon on the exchange.

The average nationwide cost for regular gasoline climbed 0.3 cent to $3.443 a gallon, AAA said today on its website. It was the second consecutive increase. The pump price reached a 2012 high of $3.936 on April 4.

U.S. oil product futures: NI OPFMKT

Oil Products Europe: NI OPEMKT

Gasoline: NI GASOLINE

Heating oil: NI HEATOIL

PRECIOUS METALS

Gold gained as signs of a weakening U.S. economy revived speculation that the Federal Reserve will need to expand monetary stimulus to spur growth.

Gold futures for December delivery rose 0.3 percent to settle at $1,730.10 an ounce on the Comex in New York. Prices have gained 10 percent this year, heading for a 12th straight annual advance.

Silver futures for December delivery rallied 1.2 percent to $32.88 an ounce in New York.

Platinum futures for January delivery rose 0.3 percent to close at $1,591.60 an ounce in New York. The metal has advanced for five straight sessions, the longest rally since Oct. 4. Palladium futures for December delivery climbed 0.8 percent to $641.55 an ounce.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hog futures declined in Chicago on signs of reduced demand for U.S. pork.

Hog futures for February settlement fell 0.9 percent to 86.05 cents a pound on the Chicago Mercantile Exchange.

Cattle futures for February delivery dropped 0.5 percent to $1.29125 a pound on the CME.

Feeder-cattle futures for January settlement declined 0.9 percent to $1.44875 a pound.

Livestock markets: NI LVMKTS

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

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


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