Bloomberg News

Lean Hogs Lead Advance as Cotton Declines: Commodities at Close

March 07, 2013

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.4 percent to 644.86 by 4:59 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.5 percent to 1,539.632.

LIVESTOCK

Hog futures surged the most in eight weeks as slumping U.S. pork prices fueled speculation that demand for the meat will increase as consumers shift from more-expensive beef or poultry cuts. Cattle declined.

Hog futures for April settlement rose 2.5 percent to 81.2 cents a pound on the Chicago Mercantile Exchange, heading for the biggest gain since Jan. 11. Yesterday, the most-active futures touched 78.25 cents, the lowest since Nov. 7. The price through yesterday was down 7.6 percent this year.

Cattle futures for April delivery slid less than 0.1 percent to $1.28775 a pound on the CME, heading for the third straight decline.

Feeder-cattle futures for May settlement rose 0.2 percent to $1.44875 a pound, after fluctuating between gains and losses.

Livestock markets: NI LVMKTS

SOFT COMMODITIES

Sugar climbed for a fourth day, heading for the longest rally since October, on concern that exports will be delayed from Brazil, the world’s top grower. Coffee and cocoa also rose. Cotton fell 0.9 percent.

Raw sugar for May delivery gained 2 percent to 18.57 cents a pound on ICE Futures U.S. in New York. Prices climbed 1.6 percent in the previous three days.

Also in New York, cocoa futures for May delivery climbed 0.7 percent to $2,056 a ton, while arabica-coffee futures for delivery in May rose 0.4 percent to $1.418 a pound.

Cotton futures for May delivery fell for the first time in eight sessions. Prices gained 16 percent this year through yesterday.

Orange-juice futures for May delivery gained less than 0.1 percent to $1.228 a pound on ICE.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper gained the most in four weeks after the European Central Bank maintained its view that the euro-area economy will gradually recover later this year and as U.S. jobless claims unexpectedly dropped.

Copper futures for delivery in May climbed 0.9 percent to $3.5245 a pound at 10:25 a.m. on the Comex in New York. A close at that price would mark the biggest gain since Feb. 1.

On the London Metal Exchange, copper for delivery in three months added 1 percent to $7,764 a metric ton ($3.52 a pound).

Nickel, aluminum, tin, lead and zinc also rose in London.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Corn fell 0.8 percent to $6.83 a bushel, wheat was little changed at $6.835 a bushel and soybeans fell 0.1 percent to $14.64 a bushel.

Grains markets: NI GRMKTS

PRECIOUS METALS

Gold gained in New York as the European Central Bank left interest rates unchanged and a weaker dollar boosted the appeal of the precious metal as an alternative investment.

Gold futures for April delivery advanced 0.1 percent to $1,576 an ounce at 10:56 a.m. on the Comex in New York. Bullion declined 6 percent this year through yesterday.

Silver futures for May delivery rose 0.3 percent to $28.88 an ounce in New York. Trading was 35 percent lower than the average for the past 100 days for this time of day, according to figures compiled by Bloomberg.

Precious metal markets: NI PCMKTS

OIL PRODUCTS

Gasoline fluctuated as crude rallied after U.S. jobless claims fell and the dollar weakened, while East Coast motor fuel inventories increased.

April-delivery gasoline fell 0.41 cent to $3.1206 a gallon at 10:43 a.m. on the New York Mercantile Exchange, after trading between $3.0976 and $3.1389. Trading volume was 38 percent above the 100-day average for the time of day.

Crude oil for April delivery gained as much as 1.4 percent to $91.43 a barrel on the exchange.

Heating oil for March delivery rose 0.63 cent to $2.9819 a gallon on trading volume that was 16 percent above the 100-day average for the time of day.

Gasoline at the pump, averaged nationwide, fell 0.8 cent to $3.727 a gallon, AAA said today on its website. It was the eighth consecutive drop.

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

NATURAL GAS

Natural gas futures rose to a six-week high in New York after a government report showed that U.S. inventories fell by more than forecast last week as cold weather boosted demand.

Natural gas for April delivery gained 11.3 cents, or 3.3 percent, to $3.583 per million British thermal units at 11:05 a.m. on the New York Mercantile Exchange after jumping to $3.603, the highest intraday price since Jan. 22. Prices were trading at $3.535 before the report was released at 10:30 a.m. Trading volume was 97 percent above the 100-day average for the time of day. The futures have gained 6.9 percent this year.

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

CRUDE OIL

West Texas Intermediate oil advanced after U.S. unemployment benefit applications dropped to a six-week low, bolstering optimism about the country’s economy, and the dollar weakened against the euro.

Crude oil for April delivery rose 96 cents, or 1.1 percent, to $91.39 a barrel at 10:59 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 55 percent above the 100-day average.

Brent oil for April settlement slipped 5 cents to $111.01 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was 55 percent higher than the 100- day average. The European benchmark grade traded at a $19.62 premium to WTI, down from $20.63 yesterday.

Oil markets: NI OILMARKET

European Carbon Permits

European Union emission permits gained 0.7 percent to 4.31 euros a metric ton.

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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