Copper Advances on China Stimulus Bets: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 1.2 percent to settle at 687.36 at 4:03 p.m. New York time, led by industrial metals.

The UBS Bloomberg CMCI Index of 26 prices advanced 1.1 percent to 1,595.06.

BASE METALS

Copper rose the most in more than a week on speculation that slower economic growth will prompt policy makers to add more stimulus measures in China, the world’s biggest metal consumer.

A government report tomorrow may show that China’s economy expanded at the slowest pace in almost three years in the first quarter, according to the median estimate of 41 economists surveyed by Bloomberg News ahead of a report tomorrow.

On the Comex in New York, copper futures for May delivery climbed 2.2 percent to $3.7205 a pound, the biggest gain for a most-active contract since April 2.

On the London Metal Exchange, copper for delivery in three months climbed 2.2 percent to $8,220 a metric ton ($3.73 a pound). Aluminum, zinc, lead, nickel and tin also rose.

PRECIOUS METALS

Gold futures rose the most in a week on speculation that the Federal Reserve may increase stimulus measures to bolster the economy.

On the Comex, gold futures for June delivery rose 1.2 percent to $1,680.60 an ounce, the biggest jump since March 26.

Silver futures for May delivery jumped 3.2 percent to $32.525 an ounce.

On the New York Mercantile Exchange, palladium futures for June delivery jumped 2.6 percent to $653.10 an ounce. Platinum futures for July delivery rose 1.4 percent to $1,606 an ounce.

CRUDE OIL

Crude oil climbed for the second straight day as U.S. equities gained and the dollar weakened against the euro.

On the Nymex, oil futures for May delivery rose 0.9 percent to $103.64 a barrel.

Brent oil for May settlement gained 1.3 percent to $121.71 a barrel on the London-based ICE Futures Europe exchange.

Mercuria Energy Trading SA bought a North Sea Forties cargo at 45 cents a barrel less than a trade yesterday. Royal Dutch Shell Plc sold Russian Urals blend in northwest Europe at the biggest discount to dated Brent in a year.

Exports of Gullfaks blend will increase to seven consignments of 800,000 barrels each next month after two end- April shipments were deferred to May, loading programs obtained by Bloomberg News show.

OIL PRODUCTS

Gasoline rose for the second straight day after Fed and Bank of Japan officials suggested that monetary policies would continue to support economic growth.

On the Nymex, gasoline futures for May delivery advanced 1.9 percent to $3.3567 a gallon.

Heating-oil futures for May delivery climbed 1.7 percent to $3.1663 a gallon.

GRAINS, OILSEEDS

Wheat rose the most this month on speculation that demand for livestock feed and exports will increase.

On the Chicago Board of Trade, wheat futures for July delivery climbed 1.7 percent to $6.445 a bushel.

Soybean futures for November delivery, after the U.S. harvest, rose 1 percent to $13.7275 a bushel.

Corn futures for July delivery advanced 0.3 percent to $6.29 a bushel.

SOFT COMMODITIES

Cocoa rose for the second straight day on speculation that the Fed will signal more monetary stimulus, while a weaker dollar enhanced the appeal of commodities as alternative assets.

On ICE Futures U.S. in New York, cocoa for July delivery increased 1.9 percent to $2,143 a metric ton.

Raw-sugar futures for July delivery rose 1.3 percent to 23.52 cents a pound.

Arabica-coffee futures for May delivery climbed 1.2 percent to $1.829 a pound.

Cotton futures for July delivery gained 1.7 percent to at 89.8 cents a pound.

Orange-juice futures for May delivery jumped 2.2 percent to $1.4485 a pound.

LIVESTOCK

Cattle futures climbed the most this year on signs that U.S. beef demand is increasing.

On the Chicago Mercantile Exchange, cattle futures for June delivery rose 1.8 percent to $1.1715 a pound.

Feeder-cattle futures for August settlement climbed by the exchange limit of 3 cents, or 2 percent, to $1.551 a pound, the highest since March 28.

Hog futures for June settlement advanced 0.6 percent to 93.225 cents a pound.

NATURAL GAS

Natural gas extended a slump to a 10-year low after a government report showed that U.S. stockpiles rose less than average last week.

On the Nymex, gas futures for May delivery slid 0.1 percent to $1.983 per million British thermal units, the lowest settlement since Jan. 29, 2002. The price closed below $2 for the second straight day.

U.K. gas rose for the second consecutive day as imports from the Netherlands through the Bacton BBL pipeline ceased and exports to Belgium increased. data showed.

Same-day gas rose to 61.4 pence a therm at 4:47 p.m. London time. Next-month gas climbed rose 0.9 percent to 59.7 pence a therm. A therm is 100,000 British thermal units.

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.

Bloomberg reserves the right to edit or 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.