Bloomberg News

Gold Leads Advance as Natural Gas Declines: Commodities at Close

April 22, 2013

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.2 percent to 608.65 by 5:55 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.9 percent at 1,456.318.

PRECIOUS METALS

Gold futures jumped the most since September on demand for bars and gold coins following the biggest price slump in three decades, while Japan plans to push ahead on stimulus measures.

Gold futures for June delivery rose 1.9 percent to $1,422.60 an ounce on the Comex in New York, heading for the biggest gain since Sept. 13. The metal advanced 0.9 percent in the previous two sessions.

Silver futures for July delivery advanced 1.7 percent to $23.39 an ounce, rising for the first time in four sessions.

For Related News and Information: Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures in New York declined for the first time in five days as forecasts showed moderating temperatures that would limit heating demand after a cold spell.

Natural gas for May delivery fell 11.2 cents, or 2.5 percent, to $4.296 per million Btu on the New York Mercantile Exchange. The futures have gained 28 percent this year. Trading volume was 7.6 percent below the 100-day average for the time of day. Gas climbed to $4.429 per million Btu on April 18, the highest intraday price since July 25, 2011.

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

BASE METALS

Copper fell for a second straight session in New York as lower imports into China and an unexpected drop in U.S. home sales fueled concern that demand is weakening in the two biggest users of the metal.

Copper futures for delivery in July lost 0.6 percent to $3.1425 a pound at 11:32 a.m. on the Comex in New York. Last week, the price slumped 5.6 percent, entering a bear market.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Corn dropped to the lowest in more than a week on speculation that planting will accelerate in the U.S., the world’s biggest grower and exporter. Wheat and soybeans also declined.

Corn futures for delivery in July slumped 1.4 percent to $6.24 a bushel at 10:48 a.m. on the Chicago Board of Trade. Earlier, the price touched $6.1825, the lowest since April 10. Futures for delivery in December after the harvest fell 2.4 percent to $5.34.

Soybeans fell as a bird flu outbreak in China added to concern that demand for the oilseed in poultry and livestock feed will wane.

Soybean futures for July delivery dropped 1.5 percent to $13.6225 a bushel in Chicago, heading for the biggest decline in a week.

Wheat futures for delivery in July fell 2.1 percent to $6.9675 a bushel on the CBOT, after touching $6.9125, the lowest since April 5.

Grains markets: NI GRMKTS

OIL PRODUCTS

Ultra-low-sulfur diesel futures advanced for the third straight day after reaching a nine-month low April 17. Crack spreads widened.

Ultra-low-sulfur diesel for May delivery advanced 2.1 cents, or 0.8 percent, to $2.8086 a gallon on the New York Mercantile Exchange at 11:40 a.m. Trading volume was 21 percent below the 100-day average.

Gasoline futures lagged behind diesel as sales of previously owned U.S. homes dropped unexpectedly in March, raising concern about demand for the fuel.

Gasoline for May delivery gained 0.25 cent to $2.7749 a gallon on volume that was 21 percent below the 100-day average for the time of day.

Gasoline at the pump, averaged nationwide, rose 0.1 cent to $3.518 a gallon, AAA said today on its website.

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

European Carbon Permits

European Union emission permits dropped 8.5 percent to 2.89 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

SOFT COMMODITIES

Sugar futures fell on speculation that sales by producers will cap rallies amid signs of lower import demand from China. Orange juice, cocoa and coffee dropped, while cotton rose.

Raw sugar for July delivery declined 1.1 percent to 17.68 cents a pound at 10:55 a.m. on ICE Futures U.S. in New York. On April 18, the price touched 17.43 cents, the lowest for a most- active contract since July 21, 2010. Through April 19, the price dropped 18 percent in the past 12 months.

Orange-juice futures for July delivery dropped 1.6 percent to $1.446 a pound on ICE.

Cocoa futures for delivery for July slid 1.2 percent to $2,304 a metric ton, the first drop in a week.

Arabica-coffee futures for July delivery fell 0.1 percent to $1.431 a pound.

Cotton futures for July delivery gained 0.5 percent to 85.79 cents a pound.

Soft commodities markets: NI SOMKTS

LIVESTOCK

Cattle futures fell on signs of increasing supplies of animals in the U.S. Hog prices also dropped.

Cattle futures for June delivery fell 0.3 percent to $1.20875 a pound at 10:22 a.m. on the Chicago Mercantile Exchange, heading for the third straight drop, the longest slide since March 15.

Feedlot operators typically buy year-old animals that weigh 500 pounds (227 kilograms) to 800 pounds, called feeders. The cattle are fattened on corn for four to five months until they weigh about 1,300 pounds, when they are sold to meatpackers.

Feeder-cattle futures for August settlement slumped 0.2 percent to $1.45775 a pound.

Hog futures for June settlement slipped 1 percent to 89.325 cents a pound on the CME. The commodity was up 5.2 percent in 2013 through April 19.

Livestock markets: NI LVMKTS

CRUDE OIL

West Texas Intermediate crude rose to a one-week high as Group of 20 nations offered no opposition to Japan’s stimulus program, bolstering speculation that fuel demand will climb in the third-biggest oil-consuming nation.

WTI oil for May delivery climbed 46 cents, or 0.5 percent, to $88.47 a barrel at 12:23 p.m. on the New York Mercantile Exchange. Prices slipped 3.6 percent last week. May futures expire today. The more-active June contract was up 48 cents at $88.75. The volume of all futures traded was 11 percent below the 100-day average.

Brent crude for June settlement rose 43 cents, or 0.4 percent, to $100.08 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded today was 0.5 percent higher than the 100-day average.

Oil markets: NI OILMARKET

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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