Copper, Sugar Rise; Wheat, Corn Fall: Commodities at Close
Oil rose on speculation that central banks will take steps to bolster global economic growth as investors await Greek elections this weekend.
Futures climbed a second day as policy makers from the U.K. to Japan and Canada stepped up warnings about the threat to financial markets should Europe fail to contain its debt crisis. Greek elections June 17 may determine whether the country remains in the euro bloc. The Federal Reserve starts a two-day meeting June 19.
Crude for July delivery rose 12 cents to $84.03 a barrel on the New York Mercantile Exchange. The contract climbed to $84.80 earlier. Prices dropped 7 cents this week and are down 15 percent this year.
Brent oil for August settlement gained 44 cents, or 0.5 percent, to end the session at $97.61 a barrel on the London- based ICE Futures Europe exchange.
Natural gas futures fell in New York a day after the biggest gain in 33 months on forecasts showing temperatures will decline following hot weather next week.
Gas dropped 1.1 percent as above-normal temperatures in the Northeast and mid-Atlantic will be replaced by seasonal weather late in June, according to MDA EarthSat Weather in Gaithersburg, Maryland. Gas jumped yesterday after the Energy Department said stockpiles rose 67 billion cubic feet last week, less than the 75 billion analysts had estimated.
Natural gas for July delivery slipped 2.8 cents to settle at $2.467 per million British thermal units on the Nymex. The futures surged 14 percent yesterday in the biggest one-day gain since Sept. 10, 2009. Gas advanced 7.3 percent this week, posting the first increase in four weeks. Next-month futures are down 17 percent this year.
Gasoline for July delivery rose 2.53 cents, or 1 percent, to settle at $2.7017 a gallon on the New York Mercantile Exchange. It was the third consecutive gain and the largest increase since May 21.
Heating oil for July delivery rose 1.87 cents, or 0.7 percent, to $2.6465 a gallon.
Gold futures rose, capping the longest rally in almost 10 months, on speculation that central banks will take steps to buoy economies.
Gold futures for August delivery rose 0.5 percent to settle at $1,628.10 an ounce on the Comex in New York. The price climbed for the sixth straight session, the longest rally since late August.
Silver futures for July delivery rose 1.2 percent to $28.74 an ounce. The metal climbed 0.9 percent this week.
On the New York Mercantile Exchange, platinum futures for July delivery fell 40 cents to $1,487.20 an ounce. This week, the price jumped 4.4 percent, the most since late February.
Palladium futures for September delivery fell 0.7 percent to $630.40 an ounce on the Nymex.
Copper advanced, capping the first weekly gain since April, on speculation that demand will climb as central banks take steps to revive economic growth.
Copper futures for July delivery climbed 0.9 percent to settle at $3.3835 a pound on the Comex in New York. The gain was the third straight, the longest rally since May 29. Prices rose 3 percent this week, the first such gain since the five days ended April 27.
Corn had the biggest weekly drop since September and wheat declined on speculation that larger crops overseas will cut export demand from the U.S., the world’s top shipper. Soybeans rose for delivery after the harvest.
On the Chicago Board of Trade, corn futures for December delivery, the contract with the highest open interest, slid 1.9 percent to close at $5.06 a bushel. The price fell 7 percent this week, the most since September.
Corn futures for July delivery, before the harvest, fell 3.7 percent to $5.795.
Wheat futures for December delivery slumped 2.3 percent to $6.5125 a bushel in Chicago. The price declined 3.2 percent this week.
Soybean futures for November delivery rose 0.4 percent to $13.14 a bushel. The price dropped 1.4 percent this week. The contract for July delivery fell 0.7 percent to $13.76.
Raw sugar rose the most in more than a week on signs that rains will hamper crops in Brazil, the world’s top producer. Coffee gained, while cocoa slid.
Raw sugar for October delivery climbed 2.6 percent to settle at 20.01 cents a pound on ICE Futures U.S. in New York, the biggest advance since June 6.
Arabica-coffee futures for September delivery advanced 0.6 percent to $1.52 a pound on ICE.
Cocoa futures for September delivery declined 0.7 percent to $2,247 a metric ton in New York.
On ICE Futures U.S. in New York, cotton for December delivery, the contract with the highest open interest, rose 0.6 percent to 71.02 cents a pound.
Cotton futures for July delivery, the contract with the highest volume, jumped 2.4 percent to 79.98 cents.
Orange-juice futures for July delivery slid 0.4 percent to $1.093 a pound in New York. This week, the beverage fell 3.8 percent, the first retreat since mid-May.
Hog futures for August settlement slid 1.9 percent to 91.20 cents a pound on the Chicago Mercantile Exchange.
Cattle futures for August delivery fell 0.3 percent to $1.1665 a pound in Chicago.
Feeder-cattle futures for August settlement slid 0.1 percent to $1.56025 a pound.
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