Cattle Futures Rise on Labor Day Demand: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.3 percent to 654.12 at 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.6 percent at 1,557.531.

LIVESTOCK

Cattle futures jumped to a five-month high on signs of increasing U.S. demand for beef before the Labor Day holiday, when many consumers grill outdoors. Hog prices rose the most in more than two weeks.

Cattle futures for October delivery increased 0.7 percent to $1.26375 a pound on the Chicago Mercantile Exchange, after reaching $1.266, the highest for a most-active contract since March 8. Prices have gained 3.4 percent this year through Aug. 10.

Feeder-cattle futures for October settlement advanced 1.6 percent to $1.43125 a pound on the CME. Earlier, the price rose by the 3-cent exchange limit to $1.43875, the highest since July 12.

Hog futures for October settlement rose 2.3 percent to 77.225 cents a pound in Chicago, heading for the biggest gain for the most-active contract since July 25.

Livestock markets: NI LVMKTS

OIL PRODUCTS

Gasoline rose to a three-month high as Middle East political tensions and maintenance at North Sea oil fields boosted Brent crude, increasing the cost of oil imported by U.S. refiners and shipments of fuel from Europe.

Gasoline for September delivery rose 1.3 cents, or 0.4 percent, to $3.0169 a gallon on the New York Mercantile Exchange. Prices touched $3.0435, the highest intraday level since May 4.

Heating oil for September delivery gained 2.45 cents, or 0.8 percent, to $3.045 a gallon on the Nymex.

Regular gasoline at the pump, averaged nationwide, rose 0.4 cent to $3.696 a gallon, AAA data showed. That’s the highest price since May 18. Prices have climbed 37 cents since July 1, according data from the nation’s largest motoring organization.

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

CRUDE OIL

Oil fell for a second day as U.S. equities moved lower and as Japan’s economy grew more slowly than expected.

Crude for September delivery decreased 54 cents, or 0.6 percent, to $92.33 a barrel on the New York Mercantile Exchange. Prices are down 6.6 percent this year.

Brent oil for September advanced 51 cents, or 0.5 percent, to $113.46 a barrel on the London-based ICE Futures Europe exchange. The European benchmark’s premium to West Texas Intermediate in New York widened to as much as $21.32 a barrel, the biggest spread since April.

Oil markets: NI OILMARKET

NATURAL GAS

Natural-gas futures fluctuated near the lowest price in more than six weeks as forecasts for cooler weather signaled reduced demand for the power-plant fuel to run air conditioners.

Natural-gas futures for September delivery rose 0.2 cent, or 0.1 percent, $2.772 per million British thermal units on the New York Mercantile Exchange. Prices earlier fell to $2.715, the lowest intraday price since June 28. Gas is down 7.4 percent this year.

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

SOFT COMMODITIES

Arabica-coffee futures fell to the lowest since June on signs of improving supplies in Colombia, the world’s second- largest grower of the beans. Sugar, cocoa and orange juice also slid. Cotton rose.

Arabica-coffee futures for December delivery dropped 1.8 percent to $1.6635 a pound on ICE in New York, after reaching $1.662, the lowest for a most-active contract since June 29. Through Aug. 10, the price was down 45 percent from a 14-year high of $3.089 on May 3, 2011.

Raw-sugar futures for October delivery slipped 0.5 percent to 20.63 cents a pound on ICE.

Cocoa futures for December delivery retreated 2 percent to $2,410 a metric ton on ICE, after reaching $2,501, the highest since Nov. 18.

Orange-juice futures for November delivery dropped 1.5 percent to $1.0495 a pound on ICE, after touching $1.041, the lowest since May 24.

Cotton futures for December delivery were up 0.1 percent at 73.12 cents a pound in New York.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper fell to a one-week low on signs that demand growth is slowing in China, the world’s largest consumer of the metal.

Copper futures for September delivery fell 1 percent to $3.358 a pound on the Comex in New York after dropping to $3.353, the lowest since Aug. 6.

On the London Metal Exchange, copper for delivery in three months slumped 1.1 percent to $7,420 a ton ($3.37 a pound.) Aluminum, tin, nickel, zinc and lead also declined in London.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures for December delivery rose 80 cents to $1,623.60 an ounce on the Comex in New York, after gaining as much as 0.3 percent on speculation central banks may take more action to shore up growth.

Silver for September delivery fell 0.7 percent to $27.915 an ounce. Palladium for September delivery dropped 1.1 percent to $576.25 an ounce. Platinum for October delivery was 0.5 percent lower at $1,393.50 an ounce.

Precious metal markets: NI PCMKTS

GRAINS, OILSEEDS

Corn fell to a one-week low on speculation that demand is slowing after a crop-damaging U.S. drought sent prices to a record this month. Soybeans and wheat declined as rain aided parched fields from Kansas to Ohio.

Corn futures for December delivery dropped 1.8 percent to $7.9475 a bushel on the Chicago Board of Trade, after reaching $7.86, the lowest since Aug. 2. The price touched a record $8.49 on Aug. 10.

Soybean futures for November delivery fell 2.1 percent to $16.10 a bushel in Chicago, heading for the first drop in four sessions. The government said Aug. 10 that production would fall to a five-year low. The most-active contract touched a record $16.915 on July 23.

Wheat futures for December delivery dropped 1.6 percent to $8.8675 a bushel on the CBOT, heading for a second straight decline.

Grain markets: NI GRMKTS

EUROPEAN CARBON PERMITS

European Union carbon for December rose 2.2 percent to 7.37 euros ($9.09) on the ICE Futures Europe exchange in London.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Jessica Abrahams in London at jabrahams7@bloomberg.net

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

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