Copper Rises Most in Two Weeks: Commodities at Close
Copper rose the most in two weeks on speculation that policy makers will roll out additional stimulus measures after economic growth slowed to a three-year low in China, the world’s biggest consumer of industrial metals.
Copper futures for September delivery gained 2.6 percent to settle at $3.504 a pound on the Comex in New York, the biggest gain for a most-active contract since June 29. The metal rose 2.8 percent this week.
On the London Metal Exchange, copper for delivery in three months climbed 1.9 percent to $7,700 a metric ton ($3.49 a pound).
Nickel, zinc, aluminum, lead and tin also rose in London.
Hog futures dropped to an 18-month low as climbing temperatures across the U.S. reduced outdoor grilling, curbing meat demand. Cattle prices rose.
Temperatures in the central and western Midwest will stay above normal with “spikes in heat” into the mid-90s to low 100s Fahrenheit starting early next week, Commodity Weather Group LLC in Bethesda, Maryland, said in a report. The price of wholesale pork, a gauge of demand, headed for the third straight weekly decline.
On the Chicago Mercantile Exchange, hog futures for October settlement fell 2.3 percent to settle at 79.475 cents a pound. Hog futures for August settlement, the contract with the highest volume, fell 2 percent to 90.4 cents a pound.
Cattle futures for August delivery rose 0.1 percent to $1.172 a pound. Earlier, the price touched $1.163, the lowest since June 27.
Corn futures rallied to a 10-month high, wheat reached the highest since February 2011, and soybeans gained on signs that a drought is expanding in the main growing region of the U.S., the world’s biggest exporter.
Corn futures for December delivery climbed 1.1 percent to close at $7.4025 a bushel on the Chicago Board of Trade, after reaching $7.49, the highest for the most-active contract since Sept. 13.
Wheat futures for September delivery rose 0.1 percent to $8.4775 a bushel on the CBOT, after touching $8.6575, the highest since Feb. 22, 2011. The grain jumped 5.1 percent this week, the fourth straight increase.
Soybean futures for November delivery advanced 1.5 percent to $15.525 a bushel in Chicago, capping a 3.1 percent rise this week that was the fourth straight gain.
Cotton futures rose the most in five weeks on speculation that China, the world’s top consumer, may step up efforts to accelerate economic expansion. Coffee, sugar and cocoa also advanced. Orange juice declined.
Cotton for December delivery jumped 3.9 percent to settle at 72.66 cents a pound on ICE in New York, the biggest increase since June 7. This week, the fiber climbed 2.9 percent.
Arabica coffee for September delivery climbed 2.2 percent to settle at $1.861 a pound on ICE.
Cocoa futures for September delivery increased 1.2 percent to $2,216 a metric ton on ICE. The price dropped 1.6 percent this week.
Raw-sugar futures for October delivery rose 1.2 percent to 22.73 cents a pound.
Orange-juice futures for September delivery decreased 1 percent to $1.2255 a pound in New York. That was the fourth straight decline, the longest slide since mid-June.
Oil rose for a third day, the longest winning streak in a month, as slowing growth in China fueled stimulus speculation and U.S. equities advanced.
Crude for August delivery rose $1.02 to settle at $87.10 a barrel on the New York Mercantile Exchange, capping a weekly gain of 3.1 percent. Prices are down 12 percent this year.
Brent oil for August settlement gained $1.33, or 1.3 percent, to $102.40 a barrel on the London-based ICE Futures Europe exchange.
Heating oil surged to a six-week high on speculation China’s slowest expansion in three years may prompt policy makers to add economic stimulus.
Heating oil for August delivery rose 1.49 cents, or 0.5 percent, to $2.7882 a gallon on the Nymex, the highest settlement since May 29. Futures gained 2.9 percent this week, marking the first three-week string of gains since Feb. 24.
August-delivery gasoline gained 0.99 cent, or 0.4 percent, to $2.8161 a gallon on the exchange, the highest settlement since May 31. Prices rose 3.7 percent this week.
Natural gas futures settled unchanged in New York as milder weather at the end of July may reduce demand from power plants after a heat wave in the eastern U.S. next week.
Natural gas for August delivery settled at $2.874 per million British thermal units for a second day on the Nymex. The futures, which reached a six-month high of $3.06 on July 6, are down 3.8 percent this year after gaining 3.5 percent this week.
Gold climbed for the first time in four days on speculation that slowing growth in China will spur policy makers to add to stimulus measures, and on increased demand in India, the world’s biggest precious metals consumer.
Gold futures for August delivery rose 1.7 percent to settle at $1,592 an ounce on the Comex in New York. Prices climbed 0.8 percent this week.
Silver futures for September delivery advanced 0.8 percent to $27.369 an ounce in New York.
On the Nymex, platinum futures for October delivery added 1.6 percent to $1,435.20 an ounce, the biggest gain since July 3. Palladium futures for September delivery increased 1.9 percent to $585.65 an ounce.
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