Cocoa Futures Rise on Ivory Coast Tensions: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 raw materials rose 0.2 percent to settle at 668.5 at 4 p.m. in New York, led by cocoa.

SOFT COMMODITIES

Cocoa futures rose to a nine-month high as tensions escalated in Ivory Coast, the world’s largest producer.

The second-ranking official in the Ivory Coast’s opposition political party was charged with harming public order, a prosecutor said today. Authorities say supporters of Laurent Gbagbo, the ex-president, are behind a series of attacks on military targets since early August.

On ICE Futures U.S. in New York, cocoa for December delivery surged 3.8 percent to $2,568 a metric ton. Earlier, the commodity reached $2,590, the highest for a most-active contract since Nov. 10.

Raw-sugar futures for October delivery jumped 2.9 percent to 20.13 cents a pound.

Arabica-coffee futures for December delivery increased 0.4 percent to $1.6795.

Cotton futures for December delivery dropped 0.7 percent to 75.62 cents a pound.

Orange-juice futures for November delivery rose 0.2 percent to $1.14 a pound.

CRUDE OIL

Crude oil rose for the first time in four sessions as Hurricane Isaac reduced offshore output in the Gulf of Mexico and on speculation that U.S. supplies fell to a five-month low.

On the New York Mercantile Exchange, oil futures for October delivery gained 0.9 percent to $96.33 a barrel.

Brent oil for October settlement increased 0.3 percent to $112.58 a barrel on the London-based ICE Futures Europe exchange.

Vitol Group sold North Sea Forties crude at the smallest premium to Dated Brent in almost one month. The company also sought to sell Russian Urals blend in northwest Europe without success.

Angola will increase its crude exports in October to 57 cargoes, six more than September, according to a final loading program obtained by Bloomberg.

GRAINS, OILSEEDS

Soybeans rose for the second time in three sessions on increased U.S. export sales to China, the world’s biggest buyer and consumer.

On the Chicago Board of Trade, soybean futures for November delivery gained 0.2 percent to $17.2225 a bushel.

Corn futures for December delivery slid 0.7 percent to $7.955 a bushel. It was the fifth consecutive drop, the longest slide since June 2011.

Wheat futures for December delivery dropped 0.7 percent to $8.755 a bushel. The price fell for the fifth straight session, the longest slide since September.

LIVESTOCK

Cattle futures rose for the first time in three sessions on signs of shrinking U.S. supplies.

On the Chicago Mercantile Exchange, cattle futures for October delivery climbed 0.2 percent to $1.2375 a pound. The price dropped 1.2 percent in the previous two sessions.

Feeder-cattle futures for October settlement rose 0.4 percent to $1.44475 a pound.

Hog futures for October settlement were unchanged at 73.25 cents a pound.

BASE METALS

Copper fell, capping the longest longer slump in a month, on signs that Asian economies are slowing and speculation that U.S. policy makers will refrain from a fresh round of stimulus.

On the Comex in New York, copper futures for December delivery declined 0.4 percent to $3.469 a pound. The price dropped for the third straight session, the longest slide since late July.

On the London Metal Exchange, copper for delivery in three months dropped 0.4 percent to $7,607.50 a ton ($3.45 a pound). Aluminum, zinc, nickel and tin fell, while lead rose.

PRECIOUS METALS

Gold dropped on speculation that the Federal Reserve will delay announcing stimulus measures amid signs the U.S. economy is recovering.

On the Comex, gold futures for December delivery fell 0.4 percent to $1,669.70 an ounce.

Silver futures for December delivery dropped 0.6 percent to $30.963 an ounce. The price climbed in the previous six sessions, the longest rally since October.

On the Nymex, platinum futures for October delivery declined 2.1 percent to $1,520.40 an ounce.

Palladium futures for September delivery retreated 2.3 percent to $640.95 an ounce.

OIL PRODUCTS

Gasoline slipped on speculation that the impact from Isaac on Gulf Coast refining will be limited.

On the Nymex, gasoline futures for September delivery fell 0.9 percent to $3.1261 a gallon.

Heating-oil futures for September delivery rose 0.3 percent to $3.1203 a gallon.

NATURAL GAS

Natural gas fell to a two-month low on speculation that supply cuts from Isaac will be limited, while cooler weather and possible power outages after the storm comes ashore may reduce fuel demand.

On the Nymex, gas futures for September delivery dropped 1.5 percent to $2.614 per million British thermal units, the lowest settlement since June 21.

U.K. gas for within-day delivery rose as imports from Norway fell to the lowest this year.

Gas climbed 1.3 pence to 56.9 pence a therm at 4:12 p.m. London time. The September price fell 1.1 percent to 56.7 pence a therm, equivalent to $8.98 per million Btu. A therm is 100,000 Btu.

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net

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

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