The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.6 percent to 641.85 by 4:59 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.6 percent to 1,532.878.
Copper fell in New York for the first time in three sessions as rising inventories and a drop in U.S. factory orders fueled demand concerns. Lead dropped 1.6 percent.
Copper futures for delivery in May declined 0.7 percent to $3.49 a pound on the Comex in New York. Through yesterday, the metal lost 3.8 percent this year.
On the LME, copper for delivery in three months fell 1 percent to $7,696 a ton ($3.49 a pound).
Lead, aluminum, zinc and nickel also slipped in London. Tin was higher.
Base metals markets: NI BMMKTS
Wheat fell 2 percent to $6.9175 a bushel.
Grains markets: NI GRMKTS
Gold futures rose 0.2 percent to $1,578.40 an ounce, the third consecutive advance. Silver jumped 1 percent to $28.90.
Precious metal markets: NI PCMKTS
Gasoline fell 0.6 percent to $3.1292 a gallon and heating oil dropped 0.2 percent to $2.9675 a gallon.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
Coffee extended losses in New York on speculation investors will continue to sell the futures as top grower Brazil will have an all-time high crop for a lower-yielding year and as output in Colombia recovers. Cocoa fell.
Arabica coffee for delivery in May fell 0.1 percent to $1.4095 a pound by 7:55 a.m. on ICE Futures U.S. in New York. The commodity retreated as much as 4.2 percent yesterday. Robusta coffee for delivery in May was down 0.2 percent to $2,085 a ton on NYSE Liffe in London. Futures trading volumes in New York were 39 percent lower than the average in the past 100 days for this time of day.
Raw sugar for May delivery was up 0.2 percent at 18.22 cents a pound in New York. White sugar for May delivery was 0.1 percent higher at $517.40 a ton in London.
Cocoa for May delivery slid 0.5 percent to $2,048 a ton on ICE, and earlier fell as much as 0.7 percent to $2,045, the lowest price for a most-active contract since June 4. Cocoa for May delivery fell 0.4 percent to 1,385 pounds ($2,090) a ton on NYSE Liffe, and declined earlier as much as 0.6 percent to 1,383 pounds, the lowest price since April 12.
Soft commodities markets: NI SOMKTS
Natural gas futures declined in New York on forecasts for moderating weather that would limit demand for the heating fuel after a winter storm passes through the Northeast.
Natural gas for April delivery fell 3.9 cents, or 1.1 percent, to $3.49 per million British thermal units at 11:20 a.m. on the New York Mercantile Exchange. Trading volume was 7.9 percent below the 100-day average for the time of day. Prices settled at $3.529 per million Btu on March 4, the highest close since Jan. 23, and were unchanged yesterday. The futures have gained 4.2 percent this year.
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
West Texas Intermediate oil fell for the fourth time in five days after a government report showed U.S. inventories increased more than forecast last week.
WTI for April delivery declined 71 cents, or 0.8 percent, to $90.11 a barrel at 11:41 a.m. on the New York Mercantile Exchange. Futures dropped to $89.55 a barrel from $90.16 after the report was released at 10:30 a.m. in Washington. Volume was 11 percent above the 100-day average for the time of day.
Brent for April settlement fell 64 cents, or 0.6 percent, to $110.97 a barrel on the London-based ICE Futures Europe exchange. Volume was 43 percent above the 100-day average.
Oil markets: NI OILMARKET
European Carbon Permits
European Union emission permits gained 1.2 percent to 4.28 euros a metric ton.
EU Carbon Emissions: NI ECBMKT
Hog futures dropped to a four-month low on speculation that U.S. meat processors will slow animal purchases after an increase in slaughter rates eroded pork prices. Cattle also declined.
Hog futures for April settlement declined 0.4 percent to 78.9 cents a pound at 9:53 a.m. on the Chicago Mercantile Exchange, after reaching 78.25 cents, the lowest for the most- active contract since Nov. 7. Prices are down 12 percent since the end of January.
Cattle futures for April delivery fell 1.1 percent to $1.282 a pound on the CME, heading for the biggest drop since Jan. 17.
Feeder-cattle futures for May settlement dropped 1.5 percent to $1.43975 a pound.
Livestock markets: NI LVMKTS
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