Bloomberg News

Oil Caps Monthly Gain as Gold Extends Drop: Commodities at Close

November 30, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.1 percent to 650.05 at 3:57 p.m. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent at 1,592.801.

CRUDE OIL

Oil capped its first monthly increase since August on signals that economic expansion in the U.S. is accelerating.

Crude oil for January delivery advanced 84 cents to $88.91 a barrel on the New York Mercantile Exchange, the highest settlement since Nov. 19. Futures increased 0.7 percent this week and gained 3.1 percent this month. Prices are down 10 percent this year.

Brent oil for January settlement rose 47 cents, or 0.4 percent, to $111.23 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI CRMKTS

NATURAL GAS

Natural gas futures declined for a third day in New York, capping the biggest weekly loss since June, on speculation that an unusually warm start to December will reduce heating needs.

Natural gas for January delivery dropped 8.7 cents, or 2.4 percent, to settle at $3.561 per million British thermal units on the Nymex. Gas tumbled 8.7 percent this week, the biggest decline since the seven days ended June 1. The futures dropped 3.5 percent in November.

U.S. natural gas: NI NUSMKT

U.K. natural gas: NI NUKMKT

OIL PRODUCTS

Gasoline fell as a pipeline and a refinery restarted and consumer spending in the U.S. unexpectedly declined.

December-delivery gasoline, which expired at the end of trading today, fell 2.56 cents to settle at $2.7614 a gallon on the Nymex, leaving the market down 0.04 cent in November.

Heating oil for December delivery rose 0.07 cent to settle at $3.0413 a gallon, for a 0.9 percent drop this month.

U.S. oil product futures: NI OPFMKT

Oil Products Europe: NI OPEMKT

Gasoline: NI GASOLINE

Heating oil: NI HEATOIL

SOFT COMMODITIES

Arabica-coffee futures fell, capping the second straight monthly drop, on forecasts for higher production in Brazil, the world’s top producer, and Colombia, the second-biggest. Orange juice slid, and cocoa and cotton rose.

Arabica-coffee for March delivery tumbled 3.7 percent to settle at $1.506 a pound on ICE Futures U.S. in New York, the biggest drop for a most-active contract since Nov. 13. This month, the commodity dropped 2.6 percent, following an 11 percent plunge in October.

Orange juice futures for January delivery slid 0.7 percent to $1.2325 a pound. This month, the price surged 16 percent, the most since January.

Cocoa futures for March delivery advanced 0.3 percent to $2,498 a metric ton. In November, the price gained 4.6 percent, ending a two-month slump.

Cotton futures for March delivery climbed 0.8 percent to 73.91 cents a pound. This month, the fiber jumped 5.5 percent, the first increase since August.

Raw-sugar futures for March delivery were unchanged at 19.34 cents a pound. The price declined 0.6 percent in November, following a 4.7 percent slump in October.

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Soybean and corn futures dropped the most in two weeks as rallies since mid-November slowed overseas demand for U.S. supplies and encouraged Midwest farmers to offer more for sale.

Soybean futures for January delivery dropped 0.6 percent to close at $14.3875 a bushel on the Chicago Board of Trade, the largest decline since Nov. 16. The price fell 7.1 percent this month and is down 20 percent from a record $17.89 on Sept. 4.

Corn futures for December delivery slid 0.8 percent to $7.5275 a bushel, the biggest decline since Nov. 12. The grain fell 0.4 percent in November and is down 11 percent from a record $8.49 on Aug. 10.

Wheat futures for March delivery tumbled 2.5 percent to settle at $8.635 a bushel, the biggest drop since Oct. 12 and erasing gains for the month. The most-active contract slid 0.1 percent in November.

Grain markets: NI GRMKTS

BASE METALS

Copper futures advanced, capping the biggest weekly gain in more than two months, on optimism that demand will increase in China, the world’s top user of industrial metal.

Copper futures for March delivery rose 1.2 percent to settle at $3.65 a pound on the Comex in New York. Earlier, the price reached $3.6515, the highest for a most-active contract since Oct. 22. This week, the metal gained 3.1 percent, the most since mid-September.

On the LME, copper for delivery in three months rose 1.2 percent to $7,995 a ton ($3.63 a pound). Aluminum, nickel, zinc and lead gained, while tin dropped.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold capped its biggest weekly drop in more than five months on concern that U.S. lawmakers may fail to reach a settlement in talks aimed at avoiding self-imposed tax increases and budget cuts known as the fiscal cliff.

Gold futures for February delivery slid 1 percent to settle at $1,712.70 an ounce on the Comex. Prices retreated 0.4 percent this month, the second straight loss.

Silver futures for March delivery fell 3.3 percent to $33.279 an ounce on the Comex. Prices dropped 2.7 percent this week, the most since Nov. 2.

On the Nymex, platinum futures for January delivery slipped 0.9 percent to $1,604.60 an ounce, extending the weekly loss to 0.8 percent.

Palladium futures for March delivery gained 0.1 percent to $688.20 an ounce. Prices rose 3.1 percent this week, the fifth straight gain.

Precious metal markets: NI PCMKTS

LIVESTOCK

Cattle futures tumbled the most in two months on speculation that a weaker U.S. economy will curb demand for beef. Hog prices also dropped.

Cattle futures for February delivery slid 1.3 percent to settle at $1.304 a pound on the Chicago Mercantile Exchange, the biggest decline for a most-active contract since Sept. 28. For the week, prices slipped 1.8 percent, the first drop since the five days ended Sept. 28.

Feeder-cattle futures for January settlement slipped 0.8 percent to $1.45625 a pound on the CME.

Hog futures for February settlement dropped 0.2 percent to close at 86.925 cents a pound in Chicago, paring the monthly gain to 11 percent, the most since March 2011.

Livestock markets: NI LVMKTS

To contact the reporter on this story: Mario Parker in Chicago at mparker22@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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