Copper Rises on Signs of Housing Recovery: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 1 percent to 587.13 at 5:02 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 1.4 percent at 1,453.538.

BASE METALS:

Copper futures rallied for a fifth straight session on signs of recovery in the U.S. housing market and prospects for improving demand in China, the world’s largest consumer of industrial metals.

Copper futures for September delivery rose 0.9 percent to $3.4325 a pound on the Comex in New York. The most-active contract gained 2 percent in the previous four sessions, the longest rally since May 1.

On the London Metal Exchange, copper for delivery in three months rose 1 percent to $7,585 a metric ton ($3.44 a pound). s Nickel, zinc, tin and lead rose, while aluminum was little changed.

Base metals markets: NI BMMKTS

CRUDE OIL

Oil advanced on optimism that Europe’s debt crisis is easing and speculation that the Federal Reserve will announce measures to boost the U.S. economy.

Oil for July delivery, which expires tomorrow, rose 90 cents, or 1.1 percent, to $84.17 a barrel on the New York Mercantile Exchange. The more actively traded August contract rose 91 cents, or 1.1 percent, to $84.51.

Brent oil for August settlement gained 19 cents to $96.24 a barrel on the London-based ICE Futures Europe exchange. Earlier it fell to $94.44, the lowest level since January 2011.

Crude oil futures: NI CRMKTS

GRAINS, OILSEEDS

Corn jumped, heading for the biggest two-day increase since April 2011, and soybeans gained on signs that dry, warm weather has reduced yield potential for crops in the Midwest, the largest U.S. growing region.

Corn futures for December delivery surged 5.1 percent to $5.6125 a bushel on the Chicago Board of Trade. A close at level would leave prices up 11 percent in two days. Futures for July delivery, closest to expiration, gained 2.3 percent to $6.1325.

Soybean futures for November delivery, after the harvest, advanced 4 percent to $13.9325 a bushel in Chicago. The July contract climbed 4.1 percent to $14.4075.

Grain markets: NI GRMKTS

LIVESTOCK

Cattle futures fell on speculation that above-average temperatures in parts of the U.S. will make it too hot for outdoor grilling, reducing demand for meats including beef. Hog prices also dropped.

Cattle futures for August delivery fell 0.3 percent to $1.17575 a pound on the Chicago Mercantile Exchange. Prices dropped 2.9 percent this year through yesterday.

Feeder-cattle futures for August settlement slumped 1.5 percent to $1.53775 a pound on the CME, after touching $1.5335, the lowest since April 30.

Hog futures for August settlement fell 0.4 percent to 92.825 cents a pound. The price rose 11 percent this year through yesterday.

Livestock markets: NI LVMKTS

OIL PRODUCTS

Heating oil rose on speculation that the Federal Reserve will decide more stimulus is needed to jumpstart the economy and boost diesel fuel demand.

Heating oil for July delivery rose 2.21 cents, or 0.8 percent, to $2.6398 a gallon on the New York Mercantile Exchange.

Gasoline for July delivery slipped 0.15 cent to $2.6594 a gallon on the exchange.

Regular gasoline at the pump, averaged nationwide, fell 0.8 cent to $3.497 a gallon yesterday, according to AAA. It was the lowest price since Feb. 9.

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

SOFT COMMODITIES

Cotton for December delivery rose, heading for the longest rally since March, as demand for supplies before this year’s harvest bolstered forward prices. Orange juice also advanced.

On ICE in New York, cotton futures for December delivery, the contract with the highest open interest, rose 3.3 percent to 74.26 cents. That price climbed for the fifth straight session, heading for the longest rally since late March.

Cotton futures for July delivery jumped by the limit of 5 cents, or a record 6 percent, to 87.98 cents, the highest since May 7. The first day for traders to notify counterparties on whether they intend to take delivery is June 25.

Orange-juice futures for July delivery gained 1.9 percent to $1.147 a pound in New York. Earlier, the price reached $1.179, the highest for a most-active contract since June 7.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold may fall for the second straight day as a drop in Spanish bond yields signaled easing concern that Europe’s debt crisis is worsening, eroding the appeal of the precious metal as a haven.

Gold futures for August delivery fell less than 0.1 percent to $1,626.80 an ounce on the Comex in New York. Earlier, it had risen as much as 0.4 percent. The metal is up 3.8 percent this year, after 11 consecutive annual increases.

Silver futures for July delivery slipped 0.5 percent to $28.54 an ounce in New York.

Precious metal markets: NI PCMKTS

NATURAL GAS

U.K. natural gas for immediate delivery dropped to the lowest in two days as demand for the fuel slumped while pipeline work halted exports to Belgium.

Within-day gas slid as much as 1.4 pence to 53.5 pence a therm and was at 53.85 pence. That’s equivalent to $8.47 per million British thermal units, and compares with $2.599 per million Btu for next-month U.S. gas.

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: Nicholas Larkin in London at nlarkin1@bloomberg.net

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