Bloomberg News

Cocoa Falls Most in 3 Weeks as Lead Drops: Commodities at Close

November 16, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.2 percent to 635.60 by 4:56 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.1 percent at 1,546.772.

SOFT COMMODITIES

Cocoa futures fell the most in three weeks as supply concerns eased in Ivory Coast, the world’s largest producer. Coffee and cotton dropped, while sugar gained.

Cocoa for March delivery dropped 3.4 percent to $2,399 a ton on ICE Futures U.S. in New York. A close at that price would mark the biggest decline for a most-active contract since Oct. 24.

Arabica-coffee futures for March delivery decreased 1.5 percent to $1.517 a pound on ICE.

Raw-sugar futures for March delivery dropped 0.2 percent lower at 19.02 cents a pound.

Cotton for March delivery slid 0.4 percent to 71.92 cents a pound.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper fell the most in more than a week in New York as U.S. industrial production unexpectedly dropped and equities declined ahead of talks among lawmakers on the so-called fiscal cliff.

Copper futures for delivery in March slid 0.7 percent to $3.4485 a pound on the Comex in New York. A close at that price would mark the biggest decline since Nov. 7. Prices are up 0.1 percent this week after falling for five straight weeks, the longest run of declines since June.

On the LME, copper for delivery in three months fell 0.7 percent to $7,586 a metric ton ($3.44 a pound).

Aluminum, tin, lead and zinc also dropped in London. Nickel advanced.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Soybean fell to the lowest in almost five months on reports of China canceled of previous purchases as improved planting progress in South America boosted potential for record crops. Corn and wheat fell.

Soybean futures for January delivery dropped 2 percent to $13.78 a bushel on the Chicago Board of Trade, heading for the biggest weekly drop since Sept. 21. The oilseed touched $13.7225, the lowest level since June 22.

Corn futures for March delivery dropped 0.9 percent to $7.1825 a bushel. Prices are down 3.2 percent this week, headed for the first drop in three weeks.

Wheat futures for March delivery fell 1.4 percent to $8.4925 a bushel in Chicago, the sixth straight decline and the longest losing streak since September 2011.

Grain markets: NI GRMKTS

PRECIOUS METALS

Gold futures were little changed New York as a stronger dollar curbed demand for the precious metal as an alternative investment.

Gold futures for December delivery fell 0.1 percent to $1,711.60 an ounce on the Comex.

Silver futures for December delivery fell 0.4 percent to $32.535 an ounce in New York.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures rose for the fourth time in five days on speculation that colder weather in late November will help reduce a supply surplus.

Gas for December delivery rose 2.7 cents, or 0.7 percent, to $3.73 per million British thermal units on the New York Mercantile Exchange. The futures climbed to $3.83 yesterday, the highest intraday price since Nov. 4, 2011. Gas has gained 6.5 percent this week and is up 12 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

OIL PRODUCTS

Gasoline rose, following crude futures higher on concern that the clash between Israel and Hamas may escalate into a wider conflict that would endanger Middle East oil exports.

Gasoline for December delivery rose 1.94 cents, or 0.7 percent, to $2.7156 a gallon on the New York Mercantile Exchange. December crude futures climbed $1, or 1.2 percent, to $86.45 a barrel.

December-delivery heating oil gained 0.91 cent, or 0.3 percent, to $2.9826 a gallon on the exchange.

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

CRUDE OIL

Oil rose on concern that the clash between Israel and Hamas will escalate into a wider conflict that would endanger Middle East crude shipments.

Crude oil for December delivery, which expires today, rose $1.10, or 1.3 percent, to $86.55 a barrel on the New York Mercantile Exchange. The more-actively traded January contract gained $1.05, or 1.2 percent, to $86.92.

Brent oil for January settlement increased 59 cents, or 0.6 percent, to $108.60 a barrel on the London-based ICE Futures Europe exchange, boosted by disruptions in the North Sea.

Oil markets: NI OILMARKET

European Carbon Permits

European Union carbon permits for December dropped 2.8 percent to 6.93 euros a ton on the ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Hog futures climbed for a second day on speculation that pork supplies in the U.S. are declining. Cattle dropped.

Hog futures for February settlement rose 0.1 percent to 86.275 cents a pound on the Chicago Mercantile Exchange. As of yesterday, prices advanced 2.2 percent in 2012.

Cattle futures for February delivery fell 0.2 percent to $1.291 a pound. Through yesterday, the price climbed 6.5 percent this year.

Livestock markets: NI LVMKTS

To contact the reporter on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net

To contact the editor responsible for this story: John Deane at jdeane3@bloomberg.net


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