Bloomberg News

Coffee Falls Most in a Week as Oil Drops: Commodities at Close

November 20, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.9 percent to 645.01 by 4:44 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.3 percent at 1,572.032.

SOFT COMMODITIES

Coffee futures fell the most in a week on signs of improving output in Brazil, the world’s top grower. Cocoa climbed while sugar declined.

Arabica coffee for March delivery declined 2.6 percent to $1.533 a pound ICE Futures U.S. in New York. A close at that price would mark the biggest drop for a most-active contract since Nov. 13.

Cocoa futures for March delivery advanced 1.1 percent to $2,448 a metric ton on ICE, heading for the seventh gain in eight sessions.

Raw-sugar futures for March delivery slid 0.2 percent to 19.9 cents a pound in New York.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Oil fell from a one-month high in New York after Egyptian President Mohamed Mursi said that efforts to end a week of fighting between Israel and Palestinian groups in the Gaza Strip will succeed within hours.

Crude oil for January delivery fell $1.75, or 2 percent, to $87.53 a barrel on the New York Mercantile Exchange. The contract surged to $89.28 yesterday, the highest settlement since Oct. 19. Prices have declined 11 percent this year.

Brent oil for January settlement slipped $1.44, or 1.3 percent, to $110.26 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline fell as Hess Corp. returned its New Jersey refinery to full production and on optimism that U.S. Secretary of State Hillary Clinton can broker a truce between Israel and members of the Islamist Hamas movement.

Gasoline for December delivery fell 1.18 cents, or 0.4 percent, to $2.7427 a gallon on the New York Mercantile Exchange.

December-delivery heating oil gained 0.19 cent to $3.077 a gallon on the exchange, after settling yesterday at the highest level since Oct. 30. The department will probably report that supplies of distillates, including heating oil and diesel, declined 1 million barrels, according to the survey.

The average nationwide cost for regular gasoline slipped 0.4 cent to $3.412 a gallon, AAA said today on its website. That’s the lowest price since July 16. The pump price reached a 2012 high of $3.936 on April 4.

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

BASE METALS

Copper advanced for a second day in New York after an unexpected jump in U.S. housing starts to a four-year high signaled rising demand for the metal used in wiring and pipes.

Copper futures for delivery in March advanced 0.1 percent to $3.5405 a pound on the Comex in New York, erasing a decline of 0.6 percent. Prices climbed 2.2 percent yesterday, the biggest gain for a most-active contract since Sept. 14, on optimism that U.S. lawmakers will reach a deal to avoid the tax increases and spending cuts known as the fiscal cliff.

On the London Metal Exchange, copper for delivery in three months fell 0.1 percent to $7,795 a ton ($3.54 a pound).

Zinc and lead also declined in London, while aluminum, nickel and tin were higher.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Corn futures rebounded in Chicago, while soybeans and wheat erased losses.

The March corn contract rose 0.6 percent to $7.4675 a bushel on the Chicago Board of Trade, after slipping 0.6 percent. March wheat was up 0.5 percent at $8.6225 a bushel. The January soybean contract gained 0.1 percent at $13.96 a bushel.

Grain markets: NI GRMKTS

PRECIOUS METALS

Gold declined from a one-week high as Egyptian President Mohamed Mursi said international efforts to end fighting in the Gaza Strip will succeed within hours, crimping demand for the metal as an investment haven.

Gold futures for December delivery fell 0.2 percent to $1,730.30 an ounce on the Comex in New York, after reaching $1,736, the highest since Nov. 12. The price gained 11 percent this year through yesterday.

Silver futures for December delivery dropped 0.3 percent to $33.085 an ounce, after touching $33.26, the highest since Oct. 18.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures climbed in New York for the second time in three days on forecasts of colder-than-normal December weather that may increase heating demand.

Natural gas for December delivery rose 3.8 cents, or 1 percent, to $3.757 per million British thermal units on the New York Mercantile Exchange. The futures are up 13 percent from a year ago. Prices have climbed 24 percent since Sept. 26 on speculation that colder weather will increase heating demand.

U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

LIVESTOCK

Cattle futures rose, heading for the longest rally in four weeks, on speculation that demand for beef will accelerate as U.S. consumers boost purchases for the Christmas holiday. Hog prices climbed.

Cattle futures for February delivery rose 0.1 percent to $1.30275 a pound on the Chicago Mercantile Exchange. The price headed for the fourth straight gain, the longest rally since mid-October.

Feeder-cattle futures for January settlement dropped less than 0.1 percent to $1.4595 a pound.

Hog futures for February settlement rose 0.3 percent to 87.65 cents a pound. Through yesterday, the price gained 3.7 percent this year.

Livestock markets: NI LVMKTS

To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net;

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


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