Bloomberg News

Sugar Climbs Most Since June as Oil Gains: Commodities at Close

November 19, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 1.9 percent to 648.89 by 4:34 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 1.6 percent at 1,574.339.

SOFT COMMODITIES

Sugar futures rose the most in five months on concern that rain this week will disrupt the harvest in Brazil, the world’s biggest producer. Coffee and cocoa gained, while cotton and orange juice fell.

Raw sugar for March delivery jumped 3.8 percent to 19.88 cents a pound on ICE Futures U.S. A close at that price would mark the biggest increase for a most-active contract since June 19.

Arabica-coffee futures for March delivery rose 1.5 percent to $1.5485 a pound on ICE.

Cocoa futures for March delivery advanced 0.7 percent to $2,414 a metric ton.

Cotton futures for March delivery fell 0.5 percent to 72.27 cents a pound.

Orange-juice futures for January delivery dropped 2.3 percent to $1.1455 a pound.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Oil rose to the highest level in almost two weeks amid concern that Middle East unrest will disrupt supply and on optimism that a deal can be reached to avoid automatic U.S. spending cuts and tax increases.

Crude for January delivery rose $2.13, or 2.5 percent, to $89.05 a barrel on the New York Mercantile Exchange. Earlier, prices touched $89.14, the highest intraday level since Nov. 6. Futures are down 9.9 percent this year.

Brent for January settlement gained $2.72, or 2.5 percent, to $111.67 a barrel on the ICE Futures Europe exchange in London.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline jumped to the highest this month, boosted by concerns that unrest in the Middle East may spread.

Gasoline for December delivery rose 4.13 cents, or 1.5 percent, to $2.7514 a gallon on the New York Mercantile Exchange.

December-delivery heating oil rose 6.32 cents, or 2.1 percent, to $3.05 a gallon on the exchange.

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

BASE METALS

Copper rose in the most nine weeks in New York on bets that lawmakers in the U.S., the second-biggest user of the metal, will strike a deal to avoid automatic tax increases and spending cuts known as the fiscal cliff.

Copper futures for delivery in March climbed 2.1 percent to $3.5335 a pound on the Comex in New York. A close at that price would mark the biggest increase since Sept. 14.

On the London Metal Exchange, copper for delivery in three months rose 2.3 percent to $7,779 a metric ton ($3.53 a pound).

Nickel, tin, aluminum and lead gained in London.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Soybeans rose the most in a month and grains advanced on speculation that politicians in the U.S. and Europe will avoid a financial crisis, boosting economic growth and commodities demand.

Soybean futures for January delivery rose 1.2 percent to $14.0025 a bushel on the Chicago Board of Trade, heading for the biggest gain since Oct. 18. As of Nov. 16, the oilseed had fallen 23 percent since touching a record $17.89 in September.

Wheat futures for March delivery gained 0.6 percent to $8.5875 a bushel in Chicago after sixth straight declines, the longest losing streak since September 2011.

The U.S. was the biggest shipper of all three commodities last year. Corn is the biggest crop, valued at $76.5 billion in 2011, followed by soybeans at $35.8 billion, government figures show. Wheat is the fourth-largest at $14.4 billion, behind hay.

Grain markets: NI GRMKTS

PRECIOUS METALS

Gold gained most in a week, tracking gains in commodities and equities, and as concern about unrest in the Middle East spurred demand for the metal as an alternative investment.

Gold futures for December delivery rose 0.9 percent to $1,729.80 an ounce on the Comex in New York, heading for the biggest gain for a most-active contract since Nov. 6.

Silver for December delivery climbed 1.7 percent to $32.93 an ounce, the biggest jump since Nov. 8.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures slid in New York for the second time in three days on forecasts of warmer-than-normal weather that may cut heating-fuel consumption.

Natural gas for December delivery fell 2.7 cents, or 0.7 percent, to $3.763 per million British thermal units on the New York Mercantile Exchange. The futures are up 13 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

European Carbon Permits

European Union carbon permits for December dropped 2 percent to 6.76 euros a ton on the ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Hog futures rose to a four-month high on signs of increased demand for U.S. pork. Cattle prices also rose.

Hog futures for February settlement climbed 1.2 percent to 87.475 cents a pound on the Chicago Mercantile Exchange, the highest since July 9.

Cattle futures for February delivery gained 0.4 percent to $1.30575 a pound on the CME, rising for the third straight session.

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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