Bloomberg News

Silver Leads Selloff as Natural Gas Climbs: Commodities at Close

January 04, 2013

The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.9 percent to 644.36 at 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 1 percent at 1,565.384.

PRECIOUS METALS

Gold futures dropped, heading for the longest run of weekly losses since 2004, after Federal Reserve minutes showed policy makers may end monthly purchases of U.S. debt sometime this year. Silver dropped 3.2 percent.

Gold futures for February delivery slid 1.6 percent to $1,648.10 an ounce on the Comex in New York. Earlier, the price touched $1,626, the lowest since Aug. 21. This week, the metal has dropped 0.5 percent, poised for the sixth straight loss and the longest slump since mid-May 2004.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures rose in New York after a government report showed a larger-than-forecast decline in U.S. stockpiles.

Natural gas for February delivery rose 1.7 percent to $3.254 per million British thermal units on the New York Mercantile Exchange. Gas was trading at $3.25 before the storage report was released at 10:30 a.m. Trading volume was down 18 percent from the 100-day average. Gas yesterday fell to $3.198, the lowest settlement price since Sept. 26. Prices have risen 5.5 percent from a year ago and are down 5.8 percent this week.

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

BASE METALS

Copper fell for a second day in New York after the Federal Reserve signaled a halt to asset purchases aimed at spurring economic growth.

Copper futures for delivery in March declined 0.6 percent to $3.6935 a pound at 10:42 a.m. on the Comex in New York. Prices dropped 0.5 percent yesterday.

On the LME, copper for delivery in three months slid 0.7 percent to $8,106 a ton ($3.68 a pound).

Aluminum, zinc, tin and lead also fell in London. Nickel gained.

Base metals markets: NI BMMKTS

SOFT COMMODITIES

Cotton futures fell for the first time in a week on concern that demand may ease in China, the world’s top importer. Sugar, cocoa and coffee also dropped, while orange juice advanced.

Cotton for March delivery declined 1.6 percent to 74.17 cents a pound at 10:26 a.m. on ICE Futures U.S. in New York, heading for the first decline since Dec. 28.

Raw-sugar futures for March delivery fell 1.1 percent to 18.89 cents a pound. Earlier, the price touched 18.77 cents, the lowest for a most-active contract since Dec. 14.

Cocoa futures for March delivery fell 1 percent to $2,233 a metric ton. The price headed for the third straight weekly decline.

Arabica-coffee futures for March delivery dropped 0.9 percent to $1.452 a pound.

Orange-juice futures for March delivery increased 1 percent to $1.1275 a pound, poised for the first gain since Dec. 19. Earlier, the price touched $1.1065, the lowest since Nov. 14.

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Soybeans tumbled to the lowest since June on speculation that improving crops in South America will curb demand for supplies from the U.S. Corn headed for the longest weekly slump since September 2011.

Soybean futures for March delivery dropped 1.4 percent to $13.6675 a bushel at 10:04 a.m. on the Chicago Board of Trade, after touching $13.6425, the lowest since June 19. The price gained 17 percent last year after dry weather reduced output in the U.S. to a four-year low.

Corn futures for March delivery fell 0.3 percent to $6.8725 a bushel on the CBOT. The grain is down 1 percent for the week, the fifth straight decline. Prices dropped to $6.85 yesterday, the lowest since July 3.

Soybean futures for March delivery dropped 1.4 percent to $13.6675 a bushel at 10:04 a.m. on the Chicago Board of Trade, after touching $13.6425, the lowest since June 19. The price gained 17 percent last year after dry weather reduced output in the U.S. to a four-year low.

Wheat futures fell to the lowest since June on signs of declining demand for supplies from the U.S., the world’s biggest exporter.

Wheat futures for March delivery slumped 0.7 percent to $7.505 a bushel at 10:31 a.m. on the Chicago Board of Trade, after touching $7.4875, the lowest since June 29. The price through yesterday plunged 13 percent since the end of November.

Grain markets: NI GRMKTS

CRUDE OIL

Oil fluctuated in New York after U.S. employers added more workers than expected in December and the Federal Reserve signaled it may wind down stimulus measures in world’s biggest economy.

West Texas Intermediate for February delivery fell 11 cents to $92.81 a barrel at 11:14 a.m. on the New York Mercantile Exchange. Earlier, prices touched $91.52 a barrel. They traded at $92.73 a barrel before the inventory report. The grade has advanced 2.2 percent this week.

Brent for February settlement dropped 79 cents, or 0.7 percent, to $111.35 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline slid as the Federal Reserve signaled an end to bond purchases and labor market gains gave the central bank more reason to ease stimulus efforts, threatening to slow economic growth and reduce demand for fuel.

Gasoline for February delivery fell 3.05 cents, or 1.1 percent, to $2.7672 a gallon at 9:27 a.m. on the New York Mercantile Exchange.

Heating oil for February delivery declined 1.87 cents, or 0.6 percent, to $3.0064 a gallon on the exchange.

The average nationwide retail price for regular gasoline rose 0.3 cent to $3.295 a gallon, AAA said today on its website.

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

LIVESTOCK

Hog futures gained for the third straight day on signs of climbing demand for U.S. pork as purchases increase after the holidays. Cattle prices dropped.

Hog futures for February settlement rose 0.4 percent to 86.75 cents a pound at 9:53 a.m. on the Chicago Mercantile Exchange. The price gained 0.8 percent in the two previous days.

Cattle futures for February delivery fell 0.2 percent to $1.33525 a pound.

Feeder-cattle futures for March settlement climbed 0.4 percent to $1.555 a pound.

Livestock markets: NI LVMKTS

European Carbon Permits

European Union carbon permits for December 2013 dropped 0.6 percent to 6.36 euros a metric ton, the sixth consecutive decline and the longest streak since July 16.

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


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