Bloomberg News

Cotton, Cocoa Rise and Natural Gas Falls: Commodities at Close

November 15, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.5 percent to 634.1. The UBS Bloomberg CMCI index of 26 raw materials declined 0.6 percent to 1,546.819.

SOFT COMMODITIES

Cotton futures gained the most in four weeks on speculation that demand will increase for supplies from the U.S., the world’s biggest exporter. Coffee, cocoa and orange juice climbed, while sugar dropped.

Cotton for March delivery climbed 1.4 percent to settle at 72.24 cents a pound on ICE Futures U.S. in New York, the biggest advance for a most-active contract since Oct. 17.

Arabica-coffee futures for March delivery gained 0.8 percent to $1.54 a pound in New York. Earlier, the price touched $1.4945, the lowest since June 15, 2010.

Cocoa futures for March delivery advanced 1.1 percent to $2,483 a metric ton. The price climbed for the fifth straight session, the longest rally since late August.

Orange-juice futures for January delivery climbed 3.1 percent to $1.1625 a pound. Earlier, the price reached $1.18, the highest since Oct. 11.

Raw-sugar futures for March delivery fell 1 percent to 19.04 cents a pound.

Soft commodities markets: NI SOMKTS

NATURAL GAS

Natural gas futures fell from a one-year high in New York after a government report showed a stockpile drop that was short of analyst estimates.

Gas for December delivery slid 5.7 cents to settle at $3.703 per million British thermal units on the New York Mercantile Exchange after rising to $3.83, the highest intraday price since Nov. 4, 2011. The futures are up 8.8 percent from a year ago.

U.S. natural gas: NI NUSMKT

U.K. natural gas: NI NUKMKT

CRUDE OIL

Oil retreated for the third time in four days as data showed weaker U.S. economic growth and crude inventories rose to a three-month high.

Crude oil for December delivery slid 87 cents to settle at $85.45 a barrel on the Nymex. Prices are down 14 percent this year. The more active January contract dropped 88 cents, or 1 percent, to $85.87.

Brent crude for January settlement declined 47 cents, or 0.4 percent, to $108.01 on the London-based ICE Futures Europe exchange. The December contract, which expires today, gained $1.37, or 1.2 percent, to settle at $110.98.

Oil markets: NI CRMKTS

OIL PRODUCTS

Gasoline rose as the Energy Department reported that East Coast stockpiles of the motor fuel slid last week to a four-year low and U.S. demand increased.

Gasoline for December delivery rose 1.72 cents, or 0.6 percent, to settle at $2.6962 a gallon on the Nymex.

December-delivery heating oil fell 1.47 cents, or 0.5 percent, to $2.9735 a gallon on the exchange.

The average nationwide cost for regular gasoline slipped 0.5 cent to $3.438 a gallon, AAA said today on its website. 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

GRAINS, OILSEEDS

Soybean and corn futures fell for the first time in three days on forecasts for improving crop conditions in South America. Wheat declined.

Soybean futures for January delivery dropped 1.2 percent to close at $14.02 a bushel at 2 p.m. on the Chicago Board of Trade. The price climbed 1 percent in the previous two days, partly on signs of higher domestic and export demand. The oilseed has gained 16 percent this year.

Corn futures for March delivery declined 0.6 percent to $7.25 a bushel. The grain advanced 1 percent in the previous two days. The price has climbed 12 percent this year.

Wheat futures for March delivery fell 0.3 percent to $8.6125 a bushel. The commodity dropped for the fifth straight session, the longest slump since late August. The price has surged 32 percent this year.

Grain markets: NI GRMKTS

BASE METALS

Copper rose for the third time this week as the outlook for demand brightened with improved economic growth in China, the world’s biggest user of the metal, and speculation that Japan will expand stimulus measures.

Copper futures for delivery in March gained 0.2 percent to settle at $3.4735 a pound on the Comex in New York. The contract is up 0.5 percent this week. In October, prices dropped 6.4 percent, the biggest decline since May.

On the London Metal Exchange, copper for delivery in three months fell less than 0.1 percent to $7,639.50 a metric ton ($3.47 a pound). Zinc, tin and lead advanced on the LME, while aluminum and nickel were lower.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures fell to a one-week low after a report showed that global demand ebbed in the third quarter. Platinum dropped after a two-month strike at South Africa’s top producer ended.

Gold futures for December delivery retreated 0.9 percent to settle at $1,713.80 an ounce on the Comex, the biggest decline since Nov. 2. Earlier, the price touched $1,704.50, the lowest level for a most-active contract since Nov. 7.

On the Nymex, platinum futures for January delivery fell 1.1 percent to $1,573.30 an ounce, the biggest decline since Nov. 7.

Silver futures for December delivery slid 0.6 percent to $32.674 an ounce on the Comex.

Palladium futures for December delivery slumped 1.6 percent to $631.20 an ounce on the Nymex, the largest drop since Nov. 2.

Precious metal markets: NI PCMKTS

LIVESTOCK

Cattle prices rose on speculation that demand for animals is increasing at U.S. slaughtering plants. Hog futures climbed.

On the Chicago Mercantile Exchange, cattle futures for February delivery rose 0.2 percent to close at $1.29375 a pound. The price has gained 6.5 percent this year.

Feeder-cattle futures for January settlement advanced 0.2 percent to $1.4515 a pound.

Hog futures for February settlement rose 0.1 percent to 86.15 cents a pound. The price has gained 2.2 percent this year.

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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