Bloomberg News

Natural Gas, Coffee Lead Advances: Commodities at Close

April 19, 2013

The Standard & Poor’s GSCI gauge of 24 commodities gained 0.3 percent to 607.50 in New York, with natural gas, crude and coffee leading the advance.

The UBS Bloomberg CMCI index of 26 raw materials lost 0.2 percent at 1,457.816 at 4:19 p.m.

NATURAL GAS

Natural gas futures rose to a 21-month high in New York, capping the ninth weekly gain in a record streak, on speculation that forecasts of unusually cold weather next week will buoy U.S. heating-fuel demand.

Natural gas for May delivery rose 0.7 cent to $4.408 per million Btu on the New York Mercantile Exchange, the highest settlement since July 20, 2011. The futures climbed 4.4 percent this week, according to data compiled by Bloomberg.

U.S. natural gas futures: NI NUSMKT

CRUDE OIL

Crude advanced for a second day, paring its third weekly drop, on speculation that declines were excessive and as the euro increased against the dollar.

WTI for May delivery rose 28 cents to settle at $88.01 a barrel on the New York Mercantile Exchange.

Brent for June settlement gained 52 cents, or 0.5 percent, to end the session at $99.65 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded today was 19 percent less than the 100-day average. Futures touched $96.75 yesterday, the lowest intraday price since July 2. Brent slid 3.4 percent this week.

Oil markets: NI CRMKTS

SOFT COMMODITIES

Cocoa rose to the highest in almost four months after North American processing unexpectedly gained for a second straight quarter, signaling improving demand. Coffee, sugar and orange juice also gained. Cotton fell.

Cocoa for July delivery climbed 0.6 percent to settle at $2,333 a ton on ICE Futures U.S. in New York.

Also in New York, arabica-coffee futures for delivery in July rose 1.7 percent to $1.432 a pound, after touching $1.4385, the highest level since March 13.

Raw-sugar futures for July delivery gained 1.5 percent to 17.88 cents a pound, while orange-juice futures for delivery in the July advanced 0.8 percent to $1.4695 a pound.

Cotton futures for July delivery slid 0.1 percent to 85.36 cents a pound.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper slumped into a bear market in London and New York, capping the biggest weekly drop in 16 months, on concern that slowing economies from China to the U.S. will reduce demand as supply of the metal expands.

Copper for delivery in three months fell 1.4 percent to close at $6,990 a metric ton on the LME today. That was below the level of $6,992, marking a 20 percent drop from the February 2012 closing high, meeting the common definition of a bear market.

In New York, copper futures for delivery in July tumbled 1.7 percent to settle at $3.163 a pound on the Comex, capping a 5.6 percent weekly drop that was the biggest since Dec. 16, 2011. With today’s close, futures have also dropped 20 percent from the February 2012 peak, entering a bear market.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures topped $1,400 an ounce on signs that jewelers and other users of the metal are taking advantage of the biggest slump in prices in three decades.

Gold futures for June delivery climbed 0.2 percent to settle at $1,395.60 at 1:35 p.m. on the Comex in New York. Earlier, the price reached $1,424.70, up 7.8 percent from the low on April 16. India is the world’s biggest buyer, followed by China.

Silver futures for May delivery retreated 1.2 percent to $22.96 an ounce. On April 16, the price touched $22, the lowest since Oct. 11, 2010. This week, prices slumped 13 percent, the most since September 2011.

Precious metal markets: NI PCMKTS

GRAINS, OILSEEDS

Soybean futures fell for the first time in four days on speculation that dwindling U.S. supplies will curb processing activities and increase imports from South America. Corn and wheat rose.

Soybean futures for July delivery fell 0.5 percent to close at $13.825 a bushel on the Chicago Board of Trade, paring this week’s gain to 0.2 percent.

Corn futures for July delivery gained 0.5 percent to $6.33 a bushel in Chicago. Still, the most-active contract fell 1.3 percent for the week on speculation that warmer, drier weather beginning in late April may firm soils for increased Midwest planting progress.

Wheat futures for delivery in July climbed 0.7 percent to $7.115 a bushel on the CBOT. The price fell 1.1 percent this week, the first drop in three weeks.

Grains markets: NI GRMKTS

LIVESTOCK

Hog futures fell for the first time in four days on signs of slowing demand for U.S. pork exports. Cattle also declined.

Hog futures for June settlement declined 0.4 percent to close at 90.2 cents a pound at 1 p.m. on the Chicago Mercantile Exchange. The commodity, up 0.3 percent this week, has climbed 5.2 percent in 2013.

Cattle futures for June delivery fell 0.1 percent to at $1.213 a pound. Feeder-cattle futures for August settlement dropped 0.8 percent to $1.4605 a pound.

Livestock markets: NI LVMKTS

OIL PRODUCTS

Gasoline futures advanced a second day, narrowing a weekly drop. Crack spreads widened.

Gasoline for May delivery rose 1.69 cents to settle at $2.7724 a gallon on the New York Mercantile Exchange on volume that was 22 percent below the 100-day average for the time of day. Prices are down 1 percent this week.

Ultra-low-sulfur diesel for May delivery advanced 0.85 cent to $2.7876 a gallon on volume that was 26 percent below the 100- day average. Prices declined 2.9 percent this week and are down 8.5 percent this year.

U.S. oil-product futures: NI OPFMKT

To contact the reporter on this story: Eliot Caroom in New York at ecaroom@bloomberg.net

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


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