Copper Rises as Stimulus Hopes Grow: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.9 percent to 640.84 by 5:15 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.9 percent at 1,555.9719.

BASE METALS

Copper rose for a third day in New York on prospects for improved demand amid speculation that policy makers meeting next week will expand stimulus programs to revive slowing economies.

Copper futures for September delivery climbed 0.9 percent to $3.4255 a pound on the Comex in New York. The metal rose 1.2 percent the previous two days. Copper hasn’t advanced for three straight days since June 19.

On the London Metal Exchange, copper for delivery in three months was 1.1 percent higher at $7,555.50 a metric ton ($3.43 a pound).

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

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold climbed to a five-week high in New York on speculation that central banks around the world will take further steps to spur growth.

Gold futures for December delivery rose 0.6 percent to $1,629.20 an ounce on the Comex in New York, after touching $1,633.30, the highest since June 19. The most-active contract is up 2.9 percent this week, the most since June 1.

Silver futures for September delivery rose 0.6 percent to $27.60 an ounce on the Comex.

Precious metal markets: NI PCMKTS

GRAINS, OILSEEDS

Wheat, corn and soybean futures climbed as drought in the U.S. and Russia reduces global supplies.

Wheat futures for September delivery jumped 2.7 percent to $9.08 a bushel on the Chicago Board of Trade. Prices were down 6.3 percent this week through yesterday, heading for the first loss since mid-June, on demand concerns.

Corn futures for December delivery rose 2 percent to $7.92 a bushel in Chicago. The price was down 2.5 percent in the four sessions through yesterday.

Soybean futures for November delivery gained 2.6 percent to $16.0875 a bushel on the CBOT, paring this week’s decline to 4.6 percent.

Grain markets: NI GRMKTS

SOFT COMMODITIES

Cocoa futures rose to a three-week high on signs of declining supplies from Ivory Coast, the world’s top producer. Cotton and coffee climbed, while sugar and orange juice fell.

Cocoa for September delivery climbed 0.5 percent to $2,328 a metric ton at on ICE Futures U.S. in New York. Earlier, the price reached $2,352, the highest for a most-active contract since July 5.

Cotton futures for December delivery advanced 1.2 percent to 72.23 cents a pound in New York. The fiber tumbled 22 percent this year through yesterday.

Arabica-coffee futures for September delivery advanced 0.4 percent to $1.7475 a pound in New York.

Also on ICE, raw-sugar futures for October delivery fell 0.3 percent to 22.43 cents a pound, while orange-juice futures for September delivery slid 0.2 percent to $1.097 a pound.

In London futures trading, cocoa and robusta coffee rose, while refined sugar dropped on NYSE Liffe.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Oil rose for a fourth day on speculation the European Central Bank and the U.S. Federal Reserve will ease monetary policy to boost economic growth.

Oil for September delivery climbed 63 cents, or 0.7 percent, to $90.02 a barrel on the New York Mercantile Exchange. Prices have advanced 16 percent since June 28 and are 1.6 percent lower this week.

Brent crude for September settlement gained $1.08, or 1 percent, to $106.34 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline rose on speculation that central banks will boost economic stimulus measures to spur growth, and as the U.S. economy grew more than forecast in the second quarter.

Gasoline for August delivery rose 2.32 cents, or 0.8 percent, to $2.837 a gallon on the New York Mercantile Exchange. Prices are down 3.6 percent this week. The more actively traded September contract gained 2.26 cents, or 0.8 percent, to $2.7596.

Heating oil for August delivery rose 0.71 cent, or 0.3 percent, to $2.8756 a gallon, and has declined 1.7 percent this week. The September contract advanced 0.765 cents to $2.877.

Regular gasoline at the pump, averaged nationwide, fell 0.2 cent to $3.488 a gallon, AAA said today on its website. It was the first decline since July 9. Prices have fallen 11 percent from a year-to-date high of $3.936 on April 4, according to AAA, the nation’s largest motoring organization.

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

NATURAL GAS

Natural gas futures declined for the second time in three days in New York on forecasts for milder weather that may limit demand for the fuel to produce electricity.

Natural gas for August delivery fell 5.5 cents, or 1.8 percent, to $3.05 per million British thermal units on the New York Mercantile Exchange. The futures are down 1 percent this week.

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

LIVESTOCK

Hog futures jumped to the highest in almost two weeks on signs of increased demand from meatpackers for animals. Cattle prices also increased.

Hog futures for October settlement rose 0.7 percent to 82.025 cents a pound on the Chicago Mercantile Exchange after reaching 82.2 cents, the highest since July 11. Through yesterday, the price fell 3.4 percent this year.

Cattle futures for October delivery advanced 0.3 percent to $1.23575 a pound on the CME. The price climbed 1.4 percent this year through yesterday.

Feeder-cattle futures for August settlement slumped 0.2 percent to $1.35675 a pound.

Livestock markets: NI LVMKTS

European Carbon Permits

European Union carbon for December fell 8 cents, or 1.2 percent, to 6.90 euros ($8.53) on the ICE Futures Europe exchange in London.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Tom Metcalf in London at tmetcalf7@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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