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Copper Climbs as Europe’s Debt Woes Ease: Commodities at Close

The UBS Bloomberg CMCI index of 26 raw materials gained 0.2 percent to 1,575.72 at 4:19 p.m. New York time as industrial metals rallied.

The Standard & Poor’s GSCI gauge of 24 prices fell less than 0.1 percent to settle at 667.56 in New York.

BASE METALS

Copper futures rose to a one-week high after Germany signaled support for a European Central Bank plan to stem a financial crisis that threatens to reduce demand for raw materials.

Germany is “in line” with the ECB’s approach to defending the euro, Chancellor Angela Merkel said yesterday. Copper also climbed on speculation that China, the world’s biggest consumer of industrial metals, may step up monetary stimulus aimed at reviving its economy.

Copper futures for December delivery rose 1 percent to settle at $3.428 a pound at 1:06 p.m. on the Comex in New York. Earlier, the price reached $3.435, the highest for a most-active contract since Aug. 9. The metal advanced 1 percent this week.

On the London Metal Exchange, copper for delivery in three months rose 1.2 percent to $7,539 a metric ton ($3.42 a pound). Aluminum, zinc, nickel, lead and tin also advanced.

GRAINS, OILSEEDS

Soybean futures rose, capping the third straight weekly gain, as exports increased from the U.S., the world’s top producer, amid shrinking supplies.

On the Chicago Board of Trade, soybean futures for November delivery rose 1.3 percent to $16.4575 a bushel. The price, which gained 0.1 percent this week, has jumped 36 percent this year after drought cut production.

Wheat futures for December delivery climbed 1.4 percent to $8.945 a bushel. The price rose for the third straight day, the longest rally in four weeks. The grain, down 0.7 percent this week, has surged 37 percent in 2012.

Corn futures for December delivery declined less than 0.1 percent to $8.0725 a bushel. The price fell 0.2 percent this week after reaching a record $8.49 on Aug. 10.

CRUDE OIL

Crude oil rose for the fourth straight day as tensions mounted in the Middle East and U.S. consumer confidence improved, signaling the economy is recovering.

On the New York Mercantile Exchange, oil futures for September delivery rose 0.4 percent to $96.01 a barrel, the highest settlement since May 11.

Brent crude for October fell 1.3 percent to $113.71 a barrel on the London-based ICE Futures Europe exchange.

OAO Rosneft bought a cargo of Urals crude at a larger discount than the previous trade. Royal Dutch Shell Plc failed to sell Forties grade for a fifth day.

Nigeria, Africa’s largest oil producer, plans to increase exports of benchmark Qua Iboe to 11 cargoes of 950,000 barrels each in October, one more than September, a loading plan obtained by Bloomberg News shows.

PRECIOUS METALS

Platinum climbed to a six-week high on concern that clashes between police and striking miners will spread in South Africa, the world’s biggest producer of the metal used in pollution- control devices in vehicles.

On the Nymex, platinum futures for October delivery rose 2.6 percent to $1,473.10 an ounce. Earlier, the price reached $1,475, the highest since July 6.

Palladium futures for September delivery rose 3.7 percent to $605.10 an ounce. Earlier, the price reached $608.80, the highest since June 25.

On the Comex, gold futures for December delivery rose 20 cents to $1,619.40 an ounce. Silver futures for December delivery dropped 0.7 percent to $28.087 an ounce.

SOFT COMMODITIES

Cocoa rose to the highest in a week on speculation that dry weather will cut output in Ghana, the world’s top grower after Ivory Coast.

Cocoa for December delivery climbed 1.8 percent to $2,442 a ton on ICE Futures U.S. in New York. The commodity fell 0.7 percent this week.

Raw-sugar futures for October delivery added 0.1 percent to 20.18 cents a pound.

Cotton futures for December delivery advanced 1 percent to 73.3 cents a pound, while arabica-coffee futures for December delivery increased 0.9 percent to $1.632 a pound.

Orange-juice futures for November delivery climbed 0.2 percent to $1.0825 a pound.

NATURAL GAS

Natural gas fell, capping the fourth straight weekly drop, amid forecasts for milder weather that may limit demand for the power-plant fuel.

On the Nymex, gas futures for September delivery slipped 0.2 percent to $2.719 per million British thermal units. The price has dropped 9 percent this year.

U.K. gas for next-day delivery advanced as exports to Belgium surged to the highest in nine months.

Gas climbed 2.9 percent to 53.25 pence a therm. The September price rose 1.5 percent to 56.45 pence a therm, equivalent to $8.86 per million Btu. A therm is 100,000 Btu.

OIL PRODUCTS

Gasoline dropped as Brent crude declined amid signs that fuel imports from Europe will increase, narrowing a deficit on the U.S. East Coast.

On the Nymex, gasoline futures for September delivery fell 1.8 percent to $3.0275 a gallon.

Heating-oil futures for September delivery declined 1 percent to $3.0926 a gallon.

LIVESTOCK

Cattle fell on speculation that the highest beef prices since early July will curb meat demand from U.S. consumers. Hogs gained.

On the Chicago Mercantile Exchange, cattle futures for October delivery dropped 0.2 percent to $1.25275 a pound. Earlier, the price reached $1.25075, the lowest since Aug. 8.

Feeder-cattle futures for October settlement slid 0.4 percent to $1.435 a pound.

Hog futures for October settlement rose 0.8 percent to 76.2 cents a pound. The price has dropped 9.6 percent this year.

To contact the reporter on this story: Patrick McKiernan in New York at pmckiernan@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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