Bloomberg News

Cocoa, Coffee Slide as Soybean Advances: Commodities at Close

January 22, 2013

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.5 percent to 664.07. The UBS Bloomberg CMCI index of 26 raw materials was up 0.4 percent at 1,596.937.

SOFT COMMODITIES

Cocoa futures fell the most in seven weeks on signs of ample supplies in Ivory Coast, the world’s top producer. Coffee and sugar also declined, while cotton and orange juice advanced.

Since the start of the season on Oct. 1, cocoa-bean deliveries to Ivorian ports increased 8.7 percent to 896,000 metric tons as of Jan. 20, compared with 824,000 over the same period a year earlier, according to KnowledgeCharts, a unit of Commodities Risk Analysis. Prices have tumbled as much as 18 percent since reaching a 10-month high on Sept. 6.

Cocoa futures for March delivery slumped 3.2 percent to settle at $2,213 a ton on ICE Futures in New York, after reaching $2,207, the lowest for a most-active contract since Jan. 8.

Arabica-coffee futures for March delivery dropped 4.9 percent to $1.486 a pound on the exchange, the biggest drop since July 24.

Cotton futures for delivery in March jumped 1.8 percent to 79.93 cents a pound, a fifth straight gain and the longest rally since June.

Orange-juice futures for March delivery gained 0.6 percent to $1.152 a pound, after reaching $1.178, the highest price since Jan. 2.

Raw-sugar futures for March delivery fell 1.4 percent to 18.12 cents a pound, after touching 18.08 cents, the lowest for a most-active contract since August 2010.

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Soybeans surged to the highest in more than a month as dry weather threatens crops in South America and demand for U.S. inventories increases. Corn also rose, while wheat fell.

Soybean futures for March delivery gained 1.6 percent to settle at $14.5175 a bushel on the Chicago Board of Trade. The price earlier touched $14.6075, the highest since Dec. 19.

Corn futures for March delivery climbed 0.1 percent to $7.285 a bushel on the CBOT. The price has advanced in 10 of the past 11 sessions. The most-active contract has gained 4.3 percent this month.

Wheat futures for March delivery fell 1.5 percent to $7.7925 a bushel in Chicago.

Grain markets: NI GRMKTS

OIL PRODUCTS

Gasoline jumped to a three-month high on speculation that planned and unplanned refinery repairs may reduce inventories.

Gasoline for February delivery rose 3.31 cents to $2.8299 a gallon on the New York Mercantile Exchange, the highest settlement since Oct. 16. The more actively traded March contract climbed 2.98 cents to $2.8411.

Heating oil for February delivery gained 1.57 cents, or 0.5 percent, to settle at $3.0682 a gallon on the exchange. The March contract increased 1.38 cents to $3.0557.

The retail price for regular gasoline, averaged nationwide, rose 0.5 cent to $3.31 a gallon, AAA said today on its website. That’s the fifth consecutive increase.

Oil Products Europe: NI OPEMKT

Gasoline: NI GASOLINE

Heating oil: NI HEATOIL

BASE METALS

Copper reached a one-week high in New York after the Bank of Japan said it will shift to open-ended asset purchases to help spur economic growth.

Copper futures for delivery in March rose 0.7 percent to settle at $3.705 a pound on the Comex in New York, after touching $3.7075, the highest since Jan. 11.

On the London Metal Exchange, copper for delivery in three months climbed 1 percent to $8,133 a metric ton ($3.69 a pound).

Aluminum, lead and zinc increased in London. Tin and nickel fell.

Base metals markets: NI BMMKTS

CRUDE OIL

Oil increased to a four-month high as German investor confidence climbed more than economists expected and a Bloomberg survey showed that international optimism about equities gained.

Crude oil for February delivery rose 68 cents to $96.24 a barrel on the Nymex, the highest settlement since Sept. 17. February futures expired today. The more-active March contract gained 64 cents to settle at $96.68.

Brent oil for March settlement gained 71 cents, or 0.6 percent, to end the session at $112.42 a barrel on the London- based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

NATURAL GAS

Natural gas futures retreated from a six-week high in New York amid speculation that frigid weather now and in February won’t be enough to erode a supply surplus.

Natural gas for February delivery fell 0.8 cent to settle at $3.558 per million British thermal units on the Nymex after reaching $3.645, the highest intraday price since Dec. 7. Gas has climbed 6.2 percent this month.

U.K. natural gas: NI NUKMKT

Gas market: NI GASMARKET

Americas natural gas: NI AGASMARKET

European natural gas: NI EGASMARKET

LIVESTOCK

Cattle futures climbed for the first time in more than a week on signs of tightening beef supplies. Hog prices also rose.

Cattle futures for April delivery rose 0.5 percent to settle at $1.30475 a pound on the Chicago Mercantile Exchange. That marks the first increase for the most-active contract since Jan. 14.

Feeder-cattle futures for March settlement increased 0.4 percent to $1.47 a pound on the CME.

Hog futures for April settlement added 0.2 percent to close at 88.275 cents a pound in Chicago.

Livestock markets: NI LVMKTS

PRECIOUS METALS

Gold futures rose in New York after the Bank of Japan (8301) announced stimulus measures, increasing demand for the precious metal as a store of value.

Gold for February delivery rose 0.4 percent to settle at $1,693.20 an ounce on the Comex. Last week, prices jumped 1.6 percent and climbed to $1,697.80, the highest price for a most- active contract since Dec. 18.

Silver futures for March delivery climbed 0.8 percent to $32.177 an ounce in New York.

On the Nymex, platinum futures for April delivery gained 1.5 percent to settle at $1,698.50 an ounce. The metal has rallied 10 percent this month on concern supplies will tighten.

Palladium futures for March delivery rose 1 percent to $729.90 an ounce on the Nymex, the highest settlement for a most-active contract since Sept. 16, 2011.

Precious metal markets: NI PCMKTS

To contact the reporter on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net

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


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