Bloomberg News

Heating Oil Leads Gains as Coffee Declines: Commodities at Close

March 05, 2013

The Standard & Poor’s GSCI gauge of 24 commodities gained 0.6 percent to 644.04 by 4:47 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.5 percent to 1,542.274.

OIL PRODUCTS

Gasoline futures advanced on speculation that seasonal maintenance may limit production and reduce supplies.

April-delivery gasoline advanced 1.03 cents, or 0.3 percent, to $3.1086 a gallon on the New York Mercantile Exchange on volume that was 8.1 percent below the 100-day average for the time of day.

Gasoline at the pump, averaged nationwide, fell 0.9 cent to $3.737 a gallon, AAA said today on its website. It was the sixth consecutive drop. Prices, which have risen 14 percent this year, are 3 cents below a year earlier. Prices in 2012 peaked on April 4 at $3.936.

Heating oil for March delivery gained 1.2 percent to $2.9543 a gallon, after falling six consecutive days. Yesterday’s settlement was the lowest since Dec. 10.

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

SOFT COMMODITIES

Cotton futures climbed to the highest in almost 10 months as output is set to decrease in the U.S., the world’s top exporter, just as global demand gains. Arabica coffee slumped 3.8 percent to $1.4105 a pound.

Cotton rose as much as 1.4 percent to 87.45 cents a pound, the highest since May 8. Cocoa futures for delivery in May rose 0.3 percent to $2,063 a metric ton, while raw-sugar futures for May delivery gained 0.9 percent to 18.25 cents a pound.

Orange-juice futures for delivery in May fell 1.1 percent to $1.226 a pound.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper futures rose as China, the world’s biggest consumer of industrial metal, vowed to maintain its goal for economic expansion. Nickel jumped 1.2 percent.

Copper futures for May delivery climbed 0.6 percent to $3.5215 a pound on the Comex in New York. Through yesterday, the metal dropped 4.1 percent this year.

On the LME, copper for delivery in three months rose 0.5 percent to $7,763.25 a metric ton ($3.52 a pound).

Aluminum in London snapped the longest slump since June. The price rose 0.5 percent to $1,982.50 a ton after falling in the 11 previous sessions.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Soybeans reached a more than one-week high in Chicago as a government report showed an increase in U.S. export inspections, signaling rising demand. Corn also gained.

Soybeans for delivery in May advanced 0.4 percent to $14.685 a bushel at 6:24 a.m. on the Chicago Board of Trade. The oilseed climbed for a fourth session in five and touched $14.69, the highest for a most-active contract since Feb. 22. Corn for the same delivery month rose 0.4 percent to $7.06 a bushel.

Wheat for delivery in May was little changed at $7.0275 a bushel in Chicago, after yesterday reaching $6.975, the lowest for a most-active contract since June 25. In Paris, milling wheat for the same delivery month increased 0.6 percent to 236.25 euros ($307.90) a metric ton on NYSE Liffe.

Grains markets: NI GRMKTS

NATURAL GAS

Natural gas futures climbed to a five-week high in New York on forecasts for below-normal temperatures and a winter storm that would boost demand for the heating fuel.

Natural gas futures climbed to a five-week high in New York on forecasts for below-normal temperatures and a winter storm that would boost demand for the heating fuel.

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

PRECIOUS METALS

Gold prices headed for the biggest gain in a week as speculation that central banks will maintain stimulus measures, and physical demand climbed. Silver also rose.

Gold futures for April delivery added 0.5 percent to $1,580 an ounce at 10:25 a.m. on the Comex in New York, heading for the biggest gain since Feb. 26.

Silver futures for May delivery increased 1.7 percent to $28.97 an ounce in New York, the biggest gain in more than a week.

Precious metal markets: NI PCMKTS

CRUDE OIL

West Texas Intermediate oil advanced from the lowest level this year as equities climbed on company earnings and monetary stimulus, while a Brent pipeline system shut after a platform leak boosted the European benchmark.

WTI oil for April delivery rose 22 cents to $90.34 a barrel at 11:06 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 19 percent below the 100-day average. The contract fell 56 cents to $90.12 yesterday, the lowest settlement since Dec. 24.

Brent crude for April settlement increased 51 cents, or 0.5 percent, to $110.60 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was 22 percent above the 100-day average. The European benchmark grade was at a $20.26 premium to WTI, widening for a fourth day.

Oil markets: NI OILMARKET

European Carbon Permits

European Union emission permits declined 6.7 percent to 4.32 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Cattle futures for April delivery fell 0.2 percent to $1.30125 a pound on the Chicago Mercantile Exchange.

Feeder-cattle futures for May settlement dropped 0.8 percent to $1.4655 a pound.

Hog futures for April settlement fell 0.1 percent to 80.225 cents a pound on the CME.

Livestock markets: NI LVMKTS

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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