Coffee Leads Gains as Natural Gas Tumbles: Commodities at Close
The Standard & Poor’s GSCI gauge of 24 commodities climbed 1.3 percent to 618.98 by 5:27 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.6% at 1,458.356.
Coffee futures rose, heading for the biggest increase in four months, on speculation that supplies will be limited by government price supports in Brazil, the world’s top producer. * Arabica coffee for July delivery rose 3.5% to $1.3935/lb on ICE, heading for the biggest increase for the most-active contract since Jan. 2
Soft commodities markets: NI SOMKTS
Natural gas futures dropped for a third day in New York after a government report showed that U.S. stockpiles expanded by more than forecast. * Natural gas for June delivery fell 4.5% to $4.132/m BTU on Nymex
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
Gold futures rose the most in a week after the European Central Bank cut borrowing costs to a record, boosting the appeal of the precious metal as a store of value. * Gold futures for June delivery advanced 1.6% to $1,468.80/oz on Comex. A close at that price would mark for the biggest gain for a most-active contract since April 25
Precious metal markets: NI PCMKTS
Cattle futures headed for the biggest gain in a week on signs of climbing demand for U.S. beef. Hogs were little changed. * Cattle futures for June delivery rose 0.8% to $1.235/lb on CME. A close at that level would be the biggest increase for the most-active contract since April 24 * Feeder-cattle futures for August settlement climbed 0.4% to $1.493 a pound * Hog futures for June settlement fell 0.1% to 92.875c/lb. Prices gained 8.4% this year through yesterday
Livestock markets: NI LVMKTS
Copper in London rebounded from the biggest drop in a year after the European Central Bank cut interest rates to stimulate growth and U.S. filings for unemployment benefits fell to a five-year low. * Copper futures for delivery in three months climbed 0.7% to $6,844 a metric ton ($3.11 a pound) on LME. The metal settled 3.7% lower yesterday, the biggest drop since April 10, 2012. * Aluminum, lead, nickel, tin and zinc fell today in London.
Base metals markets: NI BMMKTS
Corn rose for the first time in three days on speculation that snow, rain and unusually cold weather will slow the pace of planting in the U.S., the world’s biggest grower. Wheat and soybeans also advanced. * Corn futures for delivery in July climbed 1.7% to $6.575/bushel on CBOT * Wheat futures for July delivery rose 1% to $7.28/b, heading for a third gain this week * Soybean futures for July delivery rose 0.2% to $13.76/b, advancing for the first time in three days Grains markets: NI GRMKTS
West Texas Intermediate crude gained for the first time in three days as the number of Americans filing claims for jobless benefits dropped and the European Central Bank cut interest rates to a record low. * WTI for June delivery rose 0.4% to $91.43/b on the Nymex
Oil markets: NI OILMARKET
Ethanol gained for a fourth day against gasoline as slow corn planting sparked concern that biofuel supplies will struggle to recover from the lowest seasonal level on record. * Denatured ethanol for June delivery rose 1.3% to $2.49/gal on the CBOT. Gasoline for June delivery gained 0.5% to $2.733/gal on the Nymex.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
European Carbon Permits * European Union emission permits gained 4.8% to 2.97EU/t.
EU Carbon Emissions: NI ECBMKT
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