Bloomberg News

Cattle Futures Rise to Record as Oil Gains: Commodities at Close

November 21, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.3 percent to 644.41 by 4:44 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was 0.2 percent lower at 1,567.443.

LIVESTOCK

Cattle futures surged to a record on signs of increasing demand for U.S. beef.

Cattle futures for February delivery rose 0.7 percent to $1.31475 a pound on the Chicago Mercantile Exchange. Earlier, the most-active contract reached a record $1.31725. The commodity headed for the fifth straight gain, the longest rally since mid-May.

Wholesale beef gained 0.1 percent yesterday to $1.9428 a pound, the highest this month, U.S. Department of Agriculture data show.

Feeder-cattle futures for January settlement advanced 0.9 percent to $1.473 a pound in Chicago.

Hog futures for February settlement increased 0.4 percent to 88.075 cents a pound. The price headed for the fifth straight gain, the longest rally since early June.

Livestock markets: NI LVMKTS

CRUDE OIL

Oil rose for the third time in four days on concern a bus explosion in Tel Aviv will worsen the conflict in the Middle East, disrupting supplies.

Crude oil for January delivery rose 76 cents, or 0.9 percent, to $87.51 a barrel on the New York Mercantile Exchange. Prices are down 11 percent this year.

Brent for January settlement advanced $1.17, or 1.1 percent, to $111 a barrel on the ICE Futures Europe exchange in London.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline futures pared gains after the Energy Department reported inventories along the U.S. East Coast rose last week.

Gasoline for December delivery rose 2.83 cents, or 1 percent, to $2.7408 a gallon on the New York Mercantile Exchange. Prices were $2.7511 before the report’s release at 10:30 a.m. in Washington.

December-delivery heating oil gained 4.23 cents, or 1.4 percent, to $3.0815 a gallon, from $3.0801 before the report.

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

BASE METALS

Copper fell the most in two weeks in New York after European finance ministers failed to agree on debt-reduction measures for Greece, stoking concern that the sovereign-finance crisis will choke demand.

Copper futures for delivery in March declined 1 percent to $3.492 a pound on the Comex in New York. A close at that price would mark the biggest decline for a most-active contract since Nov. 7. Markets in the U.S. are closed tomorrow for the Thanksgiving holiday.

On the London Metal Exchange, copper for delivery in three months slumped 1.3 percent to $7,684.75 a metric ton ($3.49 a pound).

Aluminum, zinc, lead and tin also slid on the LME. Nickel rose.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold was poised to advance for the second time in three days as central banks increased bullion holdings and rising tension in the Middle East boosted demand for the precious metal as an alternative investment.

Gold futures for December delivery rose 0.1 percent to $1,724.60 an ounce on the Comex in New York. The precious metal gained 10 percent this year through yesterday.

Silver futures for December delivery climbed 0.3 percent to $33.035 an ounce in New York.

Precious metal markets: NI PCMKTS

SOFT COMMODITIES

Sugar futures fell the most in two weeks on signs of abundant global supplies. Cotton declined, while orange juice, coffee and cocoa advanced.

Raw sugar for March delivery fell 1.3 percent to 19.64 cents a pound on ICE Futures U.S. A close at that price would mark the biggest drop for a most-active contract since Nov. 7. Through yesterday, the commodity slumped 17 percent in the past 12 months.

Cotton futures for March delivery slid 0.2 percent to 72.34 cents a pound.

Orange-juice futures for January delivery jumped 3.2 percent to $1.2585 a pound, the highest since Sept. 21.

Arabica-coffee futures for March delivery gained 0.3 percent to $1.5295 a pound.

Cocoa futures for March delivery gained 0.3 percent to $2,464 a metric ton.

Soft commodities markets: NI SOMKTS

NATURAL GAS

Natural gas futures fluctuated near a one-year high before a government report that may show a stockpile decline for last week.

Natural gas for December delivery fell 0.1 cent to $3.831 per million British thermal units on the New York Mercantile Exchange. Prices rose to $3.832 yesterday, the highest settlement price since Oct. 31, 2011. Gas is up 13 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 gained 0.3 percent to 6.76 euros a ton on the ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

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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