Bloomberg News

Coffee Tumbles on Ample Supplies in Brazil: Commodities at Close

December 10, 2012

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.2 percent to 631.4 at 5:06 p.m. New York time, led by agriculture and energy.

The UBS Bloomberg CMCI gauge of 26 prices rose 0.1 percent to 1,578.131.

SOFT COMMODITIES

Coffee futures slumped the most in four months on signs of ample supplies in Brazil, the world’s top grower. Cocoa, sugar and cotton also slid, while orange juice advanced.

Brazil’s coffee production may rise 2.2 percent next season from a year earlier, Terra Forte Exportacao e Importacao de Cafe Ltda, an exporter, said today. Output usually drops in alternate years because of growing cycles, and the 2013 crop was due to be smaller.

Arabica coffee for March delivery tumbled 4.5 percent to settle at $1.47 a pound at 2 p.m. on ICE Futures U.S. in New York, the biggest slide for a most-active contract since July 24.

Cocoa futures for March delivery dropped 1.4 percent to $2,379 a metric ton in New York. Earlier, the price touched $2,372, the lowest since Nov. 14.

Orange-juice futures for January delivery gained 0.6 percent to $1.2535 a pound.

Raw sugar for delivery in March slid 2.3 percent to settle at 18.76 cents a pound.

Cotton futures for March delivery dropped 0.5 percent to 73.4 cents a pound in New York.

CRUDE OIL

Oil declined for a fifth day in New York on concern a leadership change in Italy will disrupt efforts to curb Europe’s debt crisis.

West Texas Intermediate crude for January delivery slid 37 cents, or 0.4 percent, to $85.56 a barrel on the New York Mercantile Exchange, the lowest settlement since Nov. 15.

Brent for January settlement rose 31 cents, or 0.3 percent, to $107.33 a barrel on the London-based ICE Futures Europe exchange.

NATURAL GAS

Natural gas futures declined to a six-week low in New York on forecasts for moderate temperatures that would curb demand for the heating fuel.

Natural gas for January delivery fell 9.1 cents to settle at $3.46 per million British thermal units on the Nymex. The closing price was the lowest since Oct. 26.

OIL PRODUCTS

Heating oil tumbled to a four-month low as forecasts for mild temperatures indicated weaker demand for the home heating fuel.

Heating oil for January delivery fell 1.91 cents to $2.8962 a gallon on the Nymex, the lowest settlement price since Aug. 2.

Gasoline for January delivery pared earlier gains to settle 0.07 cent higher at $2.5981 a gallon.

BASE METALS

Copper futures rallied to a seven-week high in New York after industrial production expanded in China, the world’s biggest user of the metal, bolstering the outlook for demand.

Copper futures for delivery in March rose 1.2 percent to settle at $3.706 a pound at 1:18 p.m. on the Comex in New York after reaching $3.719, the highest price since Oct. 19.

On the London Metal Exchange, copper for delivery in three months rose 1.2 percent to $8,135 a ton ($3.69 a pound).

Zinc, lead, nickel, tin and aluminum also gained in London.

PRECIOUS METALS

Gold futures rose for a third day, the longest rally in more than three months, amid speculation that the Federal Reserve will announce more bond purchases to spur the U.S. economy.

Gold futures for February delivery rose 0.5 percent to settle at $1,714.40 an ounce at 1:35 p.m. on the Comex.

Silver futures for March delivery rose 0.7 percent to $33.377 an ounce.

On the Nymex, platinum futures for January delivery gained 1 percent to $1,623.30 an ounce, capping a fourth straight gain.

Palladium futures for March delivery climbed 1 percent to $704.75 an ounce. Last week, the price rose 1.4 percent, the sixth straight increase and the longest rally since November 2010.

GRAINS, OILSEEDS

Corn fell to a three-week low on signs of slowing overseas demand for supplies from the U.S., the world’s biggest exporter.

Corn futures for March delivery dropped 1 percent to close at $7.30 a bushel at 2 p.m. on the Chicago Board of Trade, after reaching $7.2525, the lowest for a most-active contract since Nov. 16.

Soybean futures for January delivery gained 0.2 percent to $14.7475 a bushel in Chicago, the fifth gain in six sessions.

Wheat futures for March delivery slipped 1.4 percent to settle at $8.4875 a bushel after touching $8.4675, the lowest since Nov. 16.

LIVESTOCK

Cattle prices fell for the second straight session on signs of slowing demand for U.S. beef.

Cattle futures for February delivery slid 0.1 percent to close at $1.30275 a pound at 1 p.m. on the Chicago Mercantile Exchange. The commodity climbed 7.3 percent this year as the U.S. herd shrunk.

Hog futures for February settlement rose 0.5 percent to close at 83.925 cents a pound in Chicago.

To contact the reporter on this story: Dan Murtaugh in Houston at dmurtaugh@bloomberg.net

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


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