Nickel Rises on Signs Demand to Top Supply: Commodities at Close
The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.4 percent to close at 659.77 at 4:27 p.m. in New York, led by nickel.
The UBS Bloomberg CMCI index of 26 prices gained 0.6 percent to 1,570.87.
BASE METALS
Nickel climbed to a 12-week high on speculation that economic growth in China will boost demand amid signs of tightening supplies.
Russia’s OAO GMK Norilsk Nickel plans to trim output this year, RBC Capital Markets Ltd. said in a report, citing Reuters. Chief Executive Officer Vladimir Strzhalkovsky made the comments in an interview on Russian television, according to the report.
On the London Metal Exchange, nickel for delivery in three months rose 3.6 percent to $20,200 a metric ton. Earlier, the price reached $20,251, the highest since Oct. 25.
Copper for March delivery gained 1.3 percent to $3.8005 a pound on the Comex in New York. Earlier, the price reached $3.8215, the highest for a most-active contract since Sept. 20.
Aluminum, zinc, lead and tin also climbed in London.
NATURAL GAS
Natural gas dropped to the lowest price in almost 10 years after a government report showed that a U.S. inventory surplus widened last week as mild weather reduced demand for heating fuels.
On the New York Mercantile Exchange, gas futures for February delivery tumbled 6.1 percent to $2.322 per million British thermal units, the lowest settlement price since Feb. 25, 2002. The price has plunged 22 percent this month.
U.K. gas for immediate delivery fell as milder weather caused demand for the heating fuel to slump.
Gas dropped as much as 1.1 pence to 51.4 pence a therm, the lowest this year. It was at 52 pence at 4:33 p.m. London time, according to broker data compiled by Bloomberg. That’s equal to $8.05 a million Btu. A therm is 100,000 Btu.
LIVESTOCK
Cattle futures extended a rally to a record on signs of climbing demand for U.S. beef as supplies tighten.
On the Chicago Mercantile Exchange, cattle futures for April delivery rose 0.9 percent to $1.278 a pound. Earlier, the price reached $1.28, the highest for a most-active contract since the commodity began trading on the CME in 1964. That marked the fourth time this month that the market climbed to a record.
Feeder-cattle futures for March settlement rose 0.8 percent to close at $1.54 a pound. Earlier, the price reached a record $1.54225.
Hog futures for April settlement fell 0.5 percent to 87.5 cents a pound after reaching 88.325 cents, the highest since Dec. 8.
SOFT COMMODITIES
Orange-juice futures rose the most in a week on mounting concern that U.S. supplies will be limited by a government probe of imports.
On ICE Futures U.S. in New York, orange juice for March delivery climbed 4.9 percent to settle at $2.0065 a pound, the biggest advance since Jan. 10. Earlier, the price jumped by the exchange’s limit of 10 cents.
Cotton futures for March delivery gained 0.7 percent to 98.17 cents a pound. The fiber has risen 6.9 percent this month.
Cocoa futures for March delivery advanced 2.4 percent to $2,320 a metric ton, the biggest gain since Jan. 10.
Raw-sugar futures for March delivery jumped 2.5 percent to 24.61 cents a pound. Earlier, the price reached 24.88 cents, the highest since Nov. 15.
Arabica-coffee futures for March delivery gained 0.8 percent to $2.2665 a pound.
GRAINS, OILSEEDS
Wheat rebounded from a one-month low on speculation that demand for U.S. supplies will increase.
On the Chicago Board of Trade, wheat futures for March delivery rose 2.3 percent to $6.0575 a bushel, the biggest gain since Jan. 9. Yesterday, the price touched $5.90, the lowest since Dec. 19.
Corn futures for March delivery rose 2.1 percent to $6.06 a bushel, the biggest gain since Dec. 27. Yesterday, the price touched $5.925, the lowest since Dec. 19.
Soybean futures for March delivery rose 1.1 percent to $11.97 a bushel, heading for the first weekly gain this year.
CRUDE OIL
Crude oil declined for the fifth time in six sessions after U.S. gasoline consumption tumbled to the lowest in 10 years and inventories rose.
On the Nymex, oil futures for February delivery slid 0.2 percent to $100.39 a barrel. Oil has gained 17 percent in the past three months.
Brent oil for March settlement rose 0.8 percent to $111.55 a barrel on the London-based ICE Futures Europe exchange.
Statoil ASA sold North Sea Forties crude at the same price as the last trade. No bids or offers were made for Russian Urals crude.
Nigerian National Petroleum Corp. raised its official selling price for benchmark Bonny Light and Qua Iboe crudes for loading in February by 30 cents to a premium of $2.80 a barrel to dated Brent, a price list obtained by Bloomberg News shows.
OIL PRODUCTS
Gasoline futures fell for the first time in a week after a government report showed inventories climbed last week as demand for the motor fuel sank to a 10-year low.
On the Nymex, gasoline futures for February delivery fell 0.3 percent to $2.8158 a gallon.
Heating-oil futures for February rose 0.8 percent to $3.036 a gallon.
PRECIOUS METALS
Gold futures declined from a five-week high after a government report showed fewer U.S. workers seeking unemployment benefits, reviving prospects for the economy and eroding the appeal of the precious metal as a hedge.
Gold futures for February delivery fell 0.3 percent to $1,654.50 an ounce on the Comex. Earlier, the price reached $1,670.60, the highest for a most-active contract since Dec. 13.
Silver futures for March delivery dropped 0.1 percent to $30.509 an ounce. Earlier, the metal reached to $30.90, the highest since Dec. 14.
On the Nymex, platinum futures for April delivery fell 0.5 percent to $1,518 an ounce. Palladium futures for March delivery rose 1.5 percent to $678.40 an ounce, the highest settlement since Dec. 9.
To contact the reporter on this story: Patrick McKiernan in New York at pmckiernan@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
Rate this Page