Bloomberg News

Crude Drops Most This Year on Inventories: Commodities at Close

April 03, 2013

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 2 percent to settle at 638.67. The UBS Bloomberg CMCI gauge of 26 prices slid 1.1 percent to 1,508.548.

CRUDE OIL

Crude tumbled the most this year after the government reported U.S. oil stockpiles climbed to the highest level in more than 22 years.

West Texas Intermediate oil for May delivery fell $2.74, or 2.8 percent, to $94.45 a barrel on the New York Mercantile Exchange, the lowest settlement since March 22. Futures dropped the most since Nov. 20.

Brent crude for May settlement declined $3.58, or 3.2 percent, to end the session at $107.11 a barrel on the London- based ICE Futures Europe exchange. It was the lowest settlement since Dec. 7 and the biggest decline since Nov. 7.

OIL PRODUCTS

Gasoline tumbled to a five-week low as inventories fell less than expected and production increased.

Gasoline fell 12.68 cents, or 4.2 percent, to $2.914 a gallon on the Nymex, the lowest settlement since Feb. 27.

Ultra-low-sulfur diesel for May delivery fell 8.54 cents, or 2.8 percent, to $3.002 a gallon on the Nymex.

PRECIOUS METALS

Gold futures dropped to the lowest since June, leaving price on the brink of a bear market, as signs of a slowing U.S. economic growth sparked a drop in equities and commodities.

Gold futures for June delivery tumbled 1.4 percent to settle at $1,553.50 an ounce in New York, after touching $1,549.70, the lowest since June 28.

Silver futures for May delivery slid 1.7 percent to $26.797 an ounce on the Comex, after dropping to $26.67, the lowest since July 24.

Platinum futures for July delivery dropped 2.1 percent to $1,541.90 an ounce, the biggest drop since Feb. 20. Palladium futures for June delivery retreated 1.8 percent to $755.45 an ounce, the second straight loss.

BASE METALS

Copper prices fell to an eight-month low on signs that the economy is cooling in the U.S., the world’s second-biggest consumer of the metal.

Copper futures for May delivery declined 1.3 percent to settle at $3.333 a pound on the Comex. Earlier, the futures touched $3.3295, the lowest price for a most-active contract since Aug. 3.

On the London Metal Exchange, copper for delivery in three months fell 1 percent to $7,388 a metric ton ($3.35 a pound).

GRAINS, OILSEEDS

Wheat surged on concern that frost is hurting winter crops in the Great Plains and wet, cold weather will delay spring planting in North America.

Wheat futures for delivery in May jumped 3.8 percent to $6.965 a bushel on the Chicago Board of Trade.

Corn futures for delivery in May rose 0.2 percent to $6.415 a bushel on the CBOT.

Soybean futures for delivery in May dropped 1 percent to $13.8025 a bushel in Chicago.

LIVESTOCK

Cattle futures climbed for the first time in three days on signs of increasing demand from U.S. meat processors. Hog prices also rose.

Cattle futures for June delivery climbed 0.3 percent to settle at $1.232 a pound on the Chicago Mercantile Exchange.

Feeder-cattle futures for May settlement fell 0.4 percent to $1.46575 a pound.

Hog futures for June settlement rose 0.7 percent to 92.475 cents a pound. The price has gained 7.9 percent this year.

SOFT COMMODITIES

Cotton rose for a second day on speculation that China, the world’s top consumer, will continue to build domestic inventories, tightening global supplies. Coffee also gained.

Cotton for May delivery increased 0.4 percent to settle at 89.22 cents a pound on ICE Futures U.S. in New York.

Arabica-coffee futures for May delivery rose 2.4 percent to $1.3945 a pound on ICE, the biggest gain since Jan. 11.

Raw-sugar futures for delivery in May fell 0.5 percent to 17.5 cents a pound on ICE.

Cocoa futures for May delivery declined 1 percent to $2,150 a metric ton, while orange-juice futures for delivery in the same month slid 0.1 percent to $1.3945 a pound.

To contact the reporter on this story: Moming Zhou at mzhou29@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


Too Cool for Crisis Management
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus