Cotton Leads Gains, Wheat Declines on Rain: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities gained 0.2 percent to 711.46 at 5:02 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent at 1,645.351. In the GSCI, cotton was up the most, at 2 percent, and wheat was down the most, at 2.5 percent.

SOFT COMMODITIES

Cotton rose, heading for the biggest gain in more than two weeks, on signs that demand is increasing for supplies from the U.S., the world’s biggest exporter. Orange juice dropped.

Cotton for May delivery advanced 1.3 percent to 88.64 cents a pound on ICE Futures U.S. in New York. A close at that level will mark the biggest increase for a most-active contract since March 5. Before today, the price tumbled 53 percent in the past 12 months.

Sugar climbed for the fifth time in six sessions on speculation that supplies will be limited as the crop in Brazil’s main producing region may be smaller than initially anticipated. Coffee advanced while cocoa fell.

Raw sugar for May delivery advanced 0.4 percent to 25.52 cents a pound on ICE Futures U.S. in New York. The price jumped 7.4 percent last week, the biggest weekly gain since October.

Cocoa futures for May delivery fell 0.4 percent to $2,248 a ton in New York.

Arabica-coffee futures for May delivery increased 1.2 percent to $1.845 a pound on ICE.

In London futures trading, white sugar, cocoa and robusta coffee slid on NYSE Liffe.

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Wheat fell, heading for the biggest drop in more than a week, on speculation that rain will boost production from North America to China. Corn and soybeans also declined as U.S. planting prospects improved.

Wheat futures for May delivery fell 2.1 percent to $6.58 a bushel on the Chicago Board of Trade. A close at that price would mark the biggest drop for a most-active contract since March 7. Corn and soybean prices also declined.

Soybean futures for May delivery fell 0.5 percent to $13.67 a bushel on the CBOT, the first drop in five sessions. Earlier, the price touched $13.78, the highest since Sept. 15. Before today, the oilseed advanced 14 percent this year as hot, dry weather damaged crops in Brazil and Argentina, the two biggest growers after the U.S.

Corn futures for May delivery dropped 0.7 percent to $6.685 a bushel in Chicago, heading for the biggest decline since March 7. Earlier, the price touched $6.7575, the highest since Sept. 22.

Grain markets: NI GRMKTS

CRUDE OIL

Oil rose in New York on speculation that U.S. economic growth will accelerate, bolstering fuel demand in the world’s biggest crude-consuming country.

Crude for April delivery rose 98 cents, or 0.9 percent, to $108.04 a barrel on the New York Mercantile Exchange. The contract, which expires tomorrow, touched $108.09, the highest intraday price since March 9. The more actively traded May futures gained 90 cents, or 0.8 percent, to $108.48.

Brent oil for May settlement fell 4 cents to $125.77 a barrel on the London-based ICE Futures Europe exchange.

Crude oil futures: NI CRMKTS

OIL PRODUCTS

Gasoline rose on speculation that refinery shutdowns caused by declining profit margins and seasonal plant maintenance will reduce supply as peak driving season approaches.

Gasoline for April delivery rose 0.69 cent to $3.3638 a gallon on the New York Mercantile Exchange. Futures have surged 25 percent this year, the best performer in the Standard & Poor’s GSCI index of 24 commodities.

Heating oil for April delivery fell 1.17 cents, or 0.4 percent, to $3.2702 gallon. Prices have gained 11 percent this year.

Regular gasoline at the pump, averaged nationwide, rose 0.4 cent to $3.842 a gallon yesterday, according to AAA, the nation’s biggest motoring group. Prices are 8.5 percent higher than a year ago. Gasoline peaked in 2011 at $3.985 on May 4.

European gasoline barges advanced. Gasoil rose for a second day on the ICE Futures Europe exchange. The fuel’s crack, or premium to Brent crude, decreased.

BP Plc said a “small fire” occurred in a unit at its Rotterdam refinery, Europe’s second-biggest facility.

Gasoline for immediate loading in Amsterdam-Rotterdam- Antwerp traded from $1,121 to $1,129 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That compares with $1,108 to $1,120 on March 16.

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

BASE METALS

Copper rose for the second time in three sessions as signs of economic improvement bolstered prospects for metals demand in the U.S., the world’s second-biggest consumer.

Copper futures for May delivery advanced 0.8 percent to $3.9075 a pound on the Comex in New York. The metal gained 0.5 percent last week.

On the LME, copper for delivery in three months rose 0.9 percent to $8,589 a metric ton ($3.90 a pound).

Aluminum, tin, zinc and lead gained on the LME. Nickel declined.

Base metals markets: NI BMMKTS

NATURAL GAS

Natural gas futures rose in New York, reversing a 1.8 percent decline, after prices in spot markets increased.

Gas futures rose as much as 2.9 percent after prices at the Henry Hub in Erath, Louisiana, the delivery point for New York contracts, rose to $2.145-$2.15 per million British thermal units from $2.11-$2.12, said John Woods, president of JJ Woods Associates and a Nymex floor trader in New York.

Natural gas for April delivery gained 5.8 cents, or 2.5 percent, to $2.384 per million Btu on the New York Mercantile Exchange after falling as low as $2.285. The futures, down 20 percent this year, fell to $2.204 on March 13, the lowest intraday price since Feb. 15, 2002.

U.K. natural gas for delivery today jumped the most in more than a week as unexpectedly cold weather boosted demand for the heating fuel. Summer power gained for a second day.

Gas for today gained as much as 1.75 pence to 61.25 pence a therm. Day-ahead gas was 0.7 percent stronger at 60.95 pence while next-month gas climbed 2.3 percent to 61.4 pence.

Electricity for summer delivery climbed for a second day, adding 1.9 percent to 47.35 pounds a megawatt-hour.

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

PRECIOUS METALS

Gold futures rose for the second time in three sessions as a drop in the dollar boosted the appeal of the metal as an alternative asset.

Gold futures for April delivery rose $7.30, or 0.4 percent, to $1,663.10 an ounce on the Comex in New York. Earlier, the metal traded little changed after falling as much as 0.2 percent.

Silver futures for May delivery gained 1.3 percent to $32.025 an ounce after plunging 4.7 percent last week, the biggest weekly drop this year.

Precious metal markets: NI PCMKTS

European Carbon Permits

Emission permits for December fell 0.5 percent to 7.73 euros a metric ton on ICE Futures Europe in London.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Hog futures fell for a fourth straight session on signs that rising U.S. pork supplies are outpacing demand. Cattle prices also dropped.

Hog futures for June settlement retreated 0.4 percent to 93.20 cents a pound on the Chicago Mercantile Exchange. Prices are headed for the first four-day drop since Dec. 16.

Cattle futures for June delivery declined 0.5 percent to $1.22125 a pound in Chicago.

Feeder-cattle futures for May settlement slid 0.7 percent to $1.54775 a pound on the CME.

Livestock markets: NI LVMKTS

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 in London at ccarpenter2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.