Bloomberg News

Lead Is Top Gainer as Natural Gas Slumps: Commodities at Close

January 02, 2013

The Standard & Poor’s GSCI gauge of 24 commodities jumped 1.1 percent to 653.54 at 4:34 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 1.2 percent at 1,595.453.

BASE METALS

Industrial metals rallied in London, with copper climbing the most in three months and tin jumping to a 10-month high, after U.S. lawmakers passed a bill to avert the so-called fiscal cliff of higher taxes and cuts in spending.

Copper for delivery in three months climbed 3.6 percent to $8,219.25 a ton on the London Metal Exchange. Prices jumped as much as 3.8 percent, the most since Sept. 14. Copper for delivery in March increased 2.5 percent to $3.744 a pound on the Comex in New York. Markets in China are closed for a holiday.

Lead jumped 4 percent to $2,422 a ton.

Base metals markets: NI BMMKTS

NATURAL GAS

Natural gas futures in New York tumbled the most in more than three years on forecasts of moderating temperatures that may reduce demand for the power-plant fuel.

Natural gas for February delivery fell 12.5 cents, or 3.7 percent, to $3.226 per million British thermal units on the New York Mercantile Exchange. The intraday percentage decline was the most since Sept. 11, 2009. The futures have risen 8 percent from a year ago. Trading volume was up 48 percent from the 100- day average.

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

SOFT COMMODITIES

Sugar advanced to a one-month high on speculation that demand for commodities will rise after U.S. lawmakers reached a budget deal. Coffee, cotton and cocoa also gained, while orange juice fell.

Raw sugar for March delivery climbed 1 percent to 19.7 cents a pound at 10:22 a.m. on ICE Futures U.S. in New York, after touching 19.74 cents, the highest for a most-active contract since Dec. 4. Prices tumbled 16 percent last year.

Also on ICE, arabica-coffee futures for March delivery climbed 3.9 percent to $1.494 a pound, heading for the biggest gain since Sept. 10. Prices dropped 37 percent last year.

Cocoa futures for March delivery advanced 0.9 percent to 2,256 a metric ton, poised for the first gain since Dec. 14. Prices rose 6 percent last year.

Cotton futures for March delivery added 1.6 percent to 76.35 cents a pound, heading for the biggest gain since Dec. 11. The fiber fell 18 percent in 2012.

Orange-juice futures for March delivery fell 2.2 percent to $1.1475 a pound on ICE. Prices are down 21 percent since reaching a seven-month high on Dec. 19.

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Soybean futures fell 0.4 percent to $14.035 a bushel, wheat declined 1.2 percent to $7.69 a bushel and corn was unchanged at $6.9825 a bushel.

Grain markets: NI GRMKTS

CRUDE OIL

Oil rose to the highest level in three months after U.S. lawmakers passed a bill to undo automatic tax increases and spending cuts that had threatened growth in the world’s biggest oil-consuming country.

West Texas Intermediate for February delivery rose $1.48, or 1.6 percent, to $93.30 a barrel at 10:57 a.m. on the New York Mercantile Exchange after climbing to $93.87, the highest intraday level since Sept. 19.

Brent for February settlement rose $1.16, or 1 percent, to $112.27 a barrel on the London-based ICE Futures Europe exchange. The North Sea grade advanced 3.5 percent in 2012, a fourth annual gain. The number of contracts trading was 8.8 percent below the 100-day average.

Oil markets: NI OILMARKET

PRECIOUS METALS

Gold advanced to a two-week high as commodities gained and the dollar weakened after U.S. lawmakers passed legislation to avert the so-called fiscal cliff of automatic spending cuts and tax increases. Silver also jumped.

Gold futures for February delivery rose 0.7 percent to $1,688.10 an ounce at 9:41 a.m. on the Comex in New York. Earlier, it reached $1,692.60, the highest for a most-active contract since Dec. 18, after advancing 7 percent last year. Floor trading was closed yesterday for the New Year’s holiday.

Silver futures for March delivery surged 3.9 percent to $31.40 an ounce in New York, the biggest jump since September. The precious metal gained 8.3 percent last year.

Precious metal markets: NI PCMKTS

OIL PRODUCTS

Gasoline rose as Congress approved a budget deal that averts spending cuts and higher taxes for most Americans that threatened the U.S. economic recovery.

Gasoline for February delivery gained 4.77 cents, or 1.7 percent, to $2.8094 a gallon at 9:32 a.m. on the New York Mercantile Exchange. Prices climbed 4.7 percent in 2012. Trading was closed yesterday for the New Year’s Day holiday.

Heating oil for February delivery gained 3.37 cents, or 1.1 percent, to $3.0655 a gallon. Prices rose 3.8 percent in 2012.

The average nationwide retail price for regular gasoline fell 0.1 cent to $3.291 a gallon, AAA said today on its website.

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

LIVESTOCK

Hog futures for February settlement fell 0.4 percent to 85.375 cents a pound on the Chicago Mercantile Exchange.

Cattle futures for February delivery rose 0.1 percent to $1.32425 a pound in Chicago.

Feeder-cattle futures for March settlement dropped 0.2 percent to $1.54025 a pound on the CME.

Livestock markets: NI LVMKTS

European Carbon Permits

European Union carbon permits for December 2013 was unchanged at 6.67 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net NI CMDCLOSE NI CMDMARKET


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