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Copper Hits 3-Week High on Homes: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities gained 0.6 percent to 681.89 at 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.6 percent at 1,577.835

BASE METALS:

Copper climbed to a three-week high after pending sales of U.S. homes rose more than forecast and the Federal Reserve signaled it would add to its stimulus if needed, bolstering the outlook for demand.

Copper futures for July delivery gained 1.9 percent to $3.7765 a pound on the Comex in New York. The price earlier touched $3.778, the highest since April 10.

On the London Metal Exchange, copper for delivery in three months rose 1.5 percent to $8,326.50 a metric ton ($3.78 a pound).

Aluminum, lead, zinc, nickel and tin also climbed in London.

Base metals markets: NI BMMKTS

CRUDE OIL

Oil rose to a one-week high after the dollar decreased against most major currencies, bolstering the appeal of commodities to investors, and as contracts to buy U.S. homes gained more than forecast in March.

Crude oil for June delivery rose 63 cents, or 0.6 percent, to $104.75 a barrel on the New York Mercantile Exchange.

Crude oil futures: NI CRMKTS

GRAINS, OILSEEDS

Corn rose, heading for the first gain in three days on speculation that China, the world’s biggest hog producer, is increasing purchases to build state reserves. Soybeans fell from the highest since July 2008.

Corn futures for July delivery climbed 0.8 percent to $6.055 a bushel on the Chicago Board of Trade, after declining 1.9 percent during the prior two sessions. Earlier, the most- active contract touched $5.99, the lowest since April 19.

Soybean futures for July delivery dropped 0.5 percent to $14.6925 a bushel, heading for the first decline in three sessions. Yesterday, the most-active contract touched $14.9675, the highest since July 2008.

Grain markets: NI GRMKTS

OIL PRODUCTS

Gasoline rose after inventories of the motor fuel slid to a 21-week low and Federal Reserve Chairman Ben S. Bernanke said central bankers “remain prepared to do more” if U.S. economic conditions worsen.

Gasoline for May delivery rose 1.44 cents, or 0.5 percent, to $3.1701 a gallon on the New York Mercantile Exchange.

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

LIVESTOCK

Cattle futures rose for a second day on signs that the biggest buyers of U.S. beef will keep purchasing the meat, even after the country reported its first case of mad cow disease in six years. Hogs also gained.

Cattle futures for June delivery climbed 0.6 percent to $1.129 a pound on the Chicago Mercantile Exchange. Before today, the price dropped 7.6 percent this year.

Hog futures for June settlement advanced 0.3 percent to 87.875 cents a pound on the CME. Before today, the price rose 3.9 percent this year.

Feeder-cattle futures for August settlement gained 0.4 percent to $1.528 a pound in Chicago.

Livestock markets: NI LVMKTS

SOFT COMMODITIES

Sugar futures fell to the lowest in 11 months on signs of favorable weather for crops in India, the world’s second-largest producer. Cocoa and coffee advanced.

Raw sugar for July delivery fell 2.4 percent to 21.28 cents a pound on ICE Futures in New York, heading for the biggest drop since April 18. Earlier, the price dropped to 21.26, the lowest since May 17.

Cocoa futures for July delivery added 1.1 percent to $2,275 a ton in New York.

Arabica-coffee futures for July delivery increased less than 0.1 percent to $1.768 a pound on ICE.

In London futures trading, refined sugar and robusta coffee declined on NYSE Liffe. Cocoa rose.

Cotton futures rose on signs that demand is picking up for supplies from the U.S., the world’s top exporter. Orange juice was steady.

Cotton for July delivery jumped 0.9 percent to 91.59 cents on ICE Futures U.S. in New York.

Orange-juice futures for July delivery added 0.1 percent to $1.4685 a pound on ICE.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold rose the most in two weeks on speculation that the Federal Reserve may increase stimulus measures to bolster the U.S. economy after more Americans than forecast filed applications for unemployment benefits last week.

Gold futures for June delivery rose 0.7 percent to $1,653.80 an ounce on the Comex in New York.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures pared gains in New York after a government report showed that U.S. stockpiles climbed more than expected last week.

Natural gas for May delivery rose 5.7 cents, or 2.8 percent, to $2.125 per million British thermal units on the New York Mercantile Exchange.

U.K. natural gas for next-day delivery snapped a three-day decline as flows from liquefied natural gas terminals slowed and exports to continental Europe increased. Next-day power fell.

The gas contract rose 0.2 percent, according to broker data compiled by Bloomberg.

Next-day gas was little changed at 58.6 pence a therm. That’s equivalent to $9.49 per million British thermal units, and compares with $2.105 per million Btu for front-month gas in the U.S. Within-day gas traded at 58.95 pence a therm, up from a day-ahead price of 58.55 pence yesterday.

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

To contact the reporter on this story: John Deane in London at jdeane3@bloomberg.net

To contact the editor responsible for this story: John Deane at jdeane3@bloomberg.net

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