Bloomberg News

Oil, Copper, Gold and Cocoa Advance; Commodities at Close

November 29, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 1.1 percent to 649.59 at 8:53 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials advanced 0.9 percent to 1,590.67.

CRUDE OIL

Oil rose for the first time in four days in New York after U.S. stockpiles declined unexpectedly and political leaders in the world’s biggest crude consumer expressed optimism about agreeing on a federal budget.

West Texas Intermediate crude for January delivery climbed s much as $1.19 to $87.68 a barrel in electronic trading on the New York Mercantile Exchange and was at $87.60 at 12:01 p.m. London time. The contract pared a $1.82 decline yesterday to lose down 69 cents at $86.49, the lowest since Nov. 15. Prices have fallen 11 percent this year.

OIL PRODUCTS

BASE METALS

Copper advanced as an accelerating economy in China, the biggest consumer, may increase demand and on optimism U.S. lawmakers will reach a budget agreement.

PRECIOUS METALS

Gold rebounded from the biggest drop in more than three weeks as investor holdings expanded to a record and optimism returned that the so-called fiscal cliff in the U.S. will be avoided, hurting the dollar.

GRAINS, OILSEEDS, SOFT COMMODITIES

Cocoa climbed for a second day in London on speculation demand will rebound in the season that started this month just as the first shortage in three years emerges. Sugar advanced.

To contact the reporter on this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus