Bloomberg News

Brent Crude Leads Decline as Cocoa Rallies: Commodities at Close

March 08, 2013

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.2 percent to 645.44 by 4:43 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down less than 0.1 percent to 1,542.976.

CRUDE OIL

West Texas Intermediate oil slipped after the dollar jumped after U.S. employers added more jobs than estimated. Brent crude dropped to the lowest level this year on increasing flows in a North Sea pipeline.

Crude oil for April delivery dropped 0.4 percent to $91.17 a barrel on the New York Mercantile Exchange. The volume of all futures traded was 14 percent above the 100-day average. The contract is up 0.5 percent this week.

Brent oil for April settlement decreased 1 percent, to $110.04 on the London-based ICE Futures Europe exchange. Futures touched $109.14, the lowest level since Dec. 26. Prices are down 0.3 percent this week. The volume of all futures traded more than double the 100-day average.

Oil markets: NI OILMARKET

SOFT COMMODITIES

Orange-juice futures jumped the most since June on speculation that the government will lower its estimate for the crop in Florida, the world’s second-largest grower. Cocoa rallied 2.7 percent.

Orange-juice futures for May delivery rose 6.5 percent to $1.326 a pound on ICE Futures U.S. in New York. A close at that price would mark the biggest gain for a most-active contract since June 29.

Earlier, the commodity rose by the exchange limit of 10 cents to $1.3455, the highest since Dec. 26. Brazil is the biggest citrus producer.

Cotton futures for May delivery rose 0.2 percent to 86.66 cents a pound on ICE. Earlier, the price reached 88.78 cents, the highest since May 4. Through yesterday, the fiber climbed 15 percent this year.

Raw-sugar futures for May delivery rose 1.3 percent to 19.01 cents a pound. The price headed for the fifth straight gain, the longest rally since mid-September.

Arabica-coffee futures for May delivery gained 0.1 percent to $1.434 a pound.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper fell for the second time in three days as imports dropped to a 20-month low in China, the world’s largest user, and exchange inventories increased.

Copper futures for delivery in May declined 0.4 percent to $3.508 a pound at 10:23 a.m. on the Comex in New York. Through yesterday, prices were up 0.6 percent this week.

On the LME, copper for delivery in three months dropped 0.4 percent to $7,735.25 a ton ($3.51 a pound).

Aluminum, nickel, zinc and lead also fell in London. Tin rose.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Soybeans and corn rose for a second straight day on speculation that the U.S. Department of Agriculture will lower its forecast for crops in South America. Wheat fell.

Soybean futures for delivery in May added 0.4 percent to $14.79 a bushel at 9:10 a.m. on the Chicago Board of Trade, headed for the biggest weekly gain in eight weeks. Volume was 56 percent less than the average for the past 30 days for that time of day. Corn futures for May delivery climbed 0.3 percent to $6.9325 a bushel, paring this week’s drop to 2.2 percent.

Wheat futures for May delivery fell 0.1 percent to $6.95 a bushel, poised for a weekly loss of 3.8 percent.

Grains markets: NI GRMKTS

PRECIOUS METALS

Gold futures fell the most in a week as payrolls increased more than forecast in the U.S., easing pressure on the Federal Reserve to announce more stimulus measures.

Gold futures for April delivery slumped 0.8 percent to $1,562.30 an ounce at 9:07 a.m. on the Comex in New York. A close at that price would mark the largest drop for a most- active contract since Feb. 28, capping a fifth straight weekly decline.

Silver futures for May delivery lost 1.2 percent to $28.45 an ounce in New York.

Precious metal markets: NI PCMKTS

OIL PRODUCTS

Gasoline futures rose to a five-month high on concern that the availability of certificates that are bought to meet ethanol blending requirements will shrink.

Gasoline for April delivery gained 4.64 cents, or 1.5 percent, to $3.1697 a gallon on the New York Mercantile Exchange, on volume that was 86 percent above the 100-day average at 10:34 a.m.

Heating oil for April delivery declined 2.27 cents to $2.9568 a gallon on the New York Mercantile Exchange. Volume was 15 percent above the 100-day average at 9:36 a.m. Heating oil’s premium to Brent grew a fourth day, gaining 48 cents to $14.25 a barrel.

Gasoline at the pump, averaged nationwide, fell 0.7 cent to $3.712 a gallon, AAA said today on its website. It was the ninth consecutive drop.

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

NATURAL GAS

Natural gas futures advanced in New York, heading for a third consecutive weekly gain, on speculation that the late winter Eastern U.S. cold snap will help burn off excess fuel.

Natural gas for April delivery rose 2.7 cents, or 0.8 percent, to $3.609 per million British thermal units at 11:12 a.m. on the New York Mercantile Exchange after rising to $3.626, the highest intraday price since Jan. 22. Trading volume was 47 percent above the 100-day average for the time of day. The futures are up 4.4 percent this week, heading for the longest set of weekly gains since October.

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

European Carbon Permits

European Union emission permits declined 1.6 percent to 4.25 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Hog futures for April settlement fell 0.1 percent to 81.7 cents a pound on the Chicago Mercantile Exchange.

Cattle futures for April delivery slid 0.4 percent to $1.278 a pound on the CME, heading for the fourth straight decline.

Feeder-cattle futures for May settlement declined 0.7 percent to $1.4385 a pound.

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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