Bloomberg News

GSCI Index Rises for Eighth Straight Week: Commodities at Close

February 01, 2013

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.5 percent to settle at 679.05 at 3:45 p.m. New York time, led by metals. The broad measure climbed for the eighth straight week, the longest rally since January 1996.

The UBS Bloomberg CMCI gauge of 26 prices advanced 0.6 percent to 1,625.6.

PRECIOUS METALS

Gold gained for the third time in four days as U.S. hiring picked up in the past three months, signaling an improving economy that may fuel inflation as the Federal Reserve adds more stimulus.

Payrolls rose 157,000 in January and the previous two months were revised higher, government figures showed today. The jobless rate increased to 7.9 percent from 7.8 percent. The Fed said this week it will maintain monthly debt purchases.

On the Comex in New York, gold futures for April delivery climbed 0.5 percent to $1,670.60 an ounce.

Silver futures for March delivery jumped 1.9 percent to $31.958 an ounce, the biggest gain among 24 raw materials in the GSCI.

On the New York Mercantile Exchange, platinum futures for April delivery increased 0.7 percent to $1,687.70 an ounce. Palladium futures for March delivery climbed 1.4 percent to $756.40 an ounce.

BASE METALS

Nickel rose, capping the largest weekly gain since September, amid indications that economies are reviving in the U.S. and China, the world’s biggest user.

On the London Metal Exchange, nickel for delivery in three months climbed 1.6 percent to $18,625 a metric ton. Prices rose 7.2 percent this week, the most since the week ended Sept. 14.

On the Comex, copper futures for delivery in March climbed 1.4 percent to $3.7845 a pound.

Copper for delivery in three months advanced 1.5 percent to $8,290 a ton ($3.76 a pound) on the LME. Aluminum, zinc, lead and tin also increased.

CRUDE OIL

Crude oil capped the longest stretch of weekly advances in more than eight years after reports showed that U.S. hiring and manufacturing expanded last month.

On the Nymex, oil futures for March delivery rose 0.3 percent to $97.77 a barrel. The weekly gain of 2 percent was the eighth in a row, matching a streak that ended in August 2004.

Brent oil for March settlement increased 1.1 percent to $116.76 a barrel on the London-based ICE Futures Europe exchange.

BP Plc bought a cargo of Russian Urals crude at a larger discount than the previous deal. There were no bids or offers for North Sea grades.

Six Angolan crude cargoes for loading in March, about 11 percent of scheduled volumes, still haven’t been sold, five traders who participate in the market said, adding was fewer than normal at this stage of the month.

OIL PRODUCTS

Heating oil rose as Brent crude advanced and reports indicated the U.S. economy is growing.

On the Nymex, heating-oil futures for March delivery climbed 1.3 percent to $3.1606 a gallon.

Gasoline futures for March delivery gained 0.7 percent to $3.0536 a gallon.

SOFT COMMODITIES

Orange juice rose for the sixth straight session, the longest rally since mid-December, on signs that a disease will reduce fruit crops in Florida.

On ICE Futures U.S. in New York, orange juice for March delivery jumped 1.7 percent to $1.2175 a pound. Prices gained 7.4 percent this week, the most since Dec. 14.

Arabica-coffee futures for March delivery advanced 0.7 percent to $1.4795 a pound.

Cotton futures climbed less than 0.1 percent to 82.98 cents a pound.

Raw-sugar futures for March delivery gained 0.6 percent to 18.89 cents a pound.

Cocoa futures for March delivery were unchanged at $2,205 a ton.

NATURAL GAS

Natural gas declined, capping the second straight weekly drop, as cold weather at the start of February may fade by the middle of the month, cutting fuel demand.

On the Nymex, gas futures for March delivery dropped 1.1 percent to $3.301 per million British thermal units. The price fell 4.2 percent this week.

U.K. within-day gas rose 1.1 percent to 67 pence a therm, the highest close since Jan. 25, according to broker data.

GRAINS, OILSEEDS

Wheat fell to a one-week low on signs of slack demand for supplies from the U.S., the world’s biggest exporter.

On the Chicago Board of Trade, wheat futures for March delivery dropped 1.9 percent to $7.65 a bushel. Earlier, the price touched $7.645, the lowest for a most-active contract since Jan. 25.

Corn futures for March delivery slid 0.6 percent to $7.36 a bushel

Soybean futures for March delivery rose 0.4 percent to $14.7425 a bushel.

LIVESTOCK

Hog futures fell to the lowest in more than a week on speculation that U.S. demand for pork is ebbing.

On the Chicago Mercantile Exchange, hog futures for April settlement fell 0.7 percent to 88.75 cents a pound. Earlier, the price touched 88.625, the lowest since Jan. 24.

Cattle futures for April delivery declined 0.5 percent to $1.32175 a pound.

Feeder-cattle futures for March settlement slid 0.2 percent to $1.492 a pound.

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net


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