Bloomberg News

Silver Falls to 8-Month Low in Bear Market: Commodities at Close

April 03, 2013

The Standard & Poor’s GSCI gauge of 24 commodities declined 1.5 percent to 641.9 by 5:22 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 1 percent at 1,511.064.

PRECIOUS METALS

Silver futures retreated to an eight-month low on concern that industrial consumption may decline. Gold fell.

On the Comex in New York, silver futures for May delivery slid 1.1 percent to $26.95 an ounce, after earlier dropping to $26.85, the lowest since July 25.

Gold futures for June delivery fell 0.6 percent to $1,566.30 an ounce in New York, after touching $1,563.10, the lowest since March 8. The metal declined 6 percent in 2013 through yesterday, after rallying the past 12 years.

Precious metal markets: NI PCMKTS

BASE METALS

Copper, trading near the lowest price since August in New York, fell on concern demand shows few signs of reviving as stockpiles of the metal swell.

Copper for delivery in May declined 1.2 percent to $3.3375 a pound on the Comex in New York, after declining to $3.334, the lowest since Aug. 3, in earlier trade. Copper for delivery in three months fell 0.9 percent to $7,396 a metric ton on the LME.

Copper inventories tracked by the LME rose for a 33rd session to 572,325 tons, daily exchange figures showed. Stocks monitored by the Shanghai Futures Exchange fell to 241,943 tons this week, according to figures today. The Chinese market will be shut tomorrow and April 5 for national holidays.

Tin, nickel and aluminum slid and zinc rose in London.

Base metals markets: NI BMMKTS

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 and sugar also gained, while cocoa and orange juice slid.

Cotton for May delivery increased 0.2 percent to 89.07 cents a pound on ICE Futures U.S. in New York. The fiber rose 1.7 percent yesterday.

Arabica-coffee futures for May delivery advanced 2 percent to $1.389 a pound on ICE.

Raw-sugar futures for delivery in May rose 0.3 percent to 17.64 cents a pound on ICE.

Also in New York, cocoa futures for May delivery slumped 0.7 percent to $2,155 a metric ton, while orange juice for delivery in the same month decreased 2.4 percent to $1.3625 a pound.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Crude extended declines after a government report showed that U.S. oil stockpiles climbed to the highest level in more than 22 years. West Texas Intermediate’s discount to Brent narrowed for a second day.

WTI oil for May delivery fell $1.56, or 1.6 percent, to $95.63 a barrel on the New York Mercantile Exchange. The contract traded at $96.46 before the release of the report at 10:30 a.m. in Washington.

Brent crude for May settlement declined $1.93, or 1.7 percent, to $108.76 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

GRAINS, OILSEEDS

Wheat rose for a second day in Chicago, extending a rebound from a nine-month low on concern frost in the U.S. hurt the winter crop and as wet weather may delay spring planting.

Wheat for delivery in May gained 2.6 percent to $6.88 a bushel on the Chicago Board of Trade. Prices slid on April 1 to $6.5975, the lowest since June 20.

Milling wheat for delivery in May traded on NYSE Liffe in Paris added 2.2 percent to 242 euros ($310) a metric ton. temperatures that remain abnormally low for the season.’’

Corn for delivery in May rose 0.2 percent to $6.42 a bushel in Chicago. The most-active contract fell yesterday to $6.34, the lowest since June 29, after data from the USDA last week showed reserves are above expectations and farmers plan the biggest crop of the grain since 1936.

Rice for delivery in May fell 0.1 percent to $15.75 per 100 pounds after climbing 3.3 percent, the most since June, by the close yesterday.

Soybeans for delivery in May dropped 0.8 percent to $13.8225 a bushel.

Grains markets: NI GRMKTS

OIL PRODUCTS

Gasoline fell as refineries returned from maintenance while fuel demand remained below seasonal averages. Crack spreads narrowed.

Gasoline fell 2.95 cents, or 1 percent, to $3.0113 a gallon on the New York Mercantile Exchange.

Gasoline’s crack spread versus Brent crude on ICE Futures Europe slipped 19 cents to $16.83 a barrel.

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

NATURAL GAS

Natural gas futures slid for a fourth day in New York on forecasts of moderating weather that would reduce demand for the heating fuel.

Natural gas for May delivery fell 1.2 cents, or 0.3 percent, to $3.957 per million British thermal units on the New York Mercantile Exchange.

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

To contact the reporter on this story: Sharon Lindores in London at slindores@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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