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Cocoa Gains Before Harvests in West Africa: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.3 percent to 666.93 at 4:58 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.1 percent at 1,589.903.

SOFT COMMODITIES

Cocoa gained for a sixth session in New York on speculation investors are buying futures as countries in West Africa, the world’s biggest producing region, have little to sell before the next crop. Coffee fell.

Cocoa for December delivery rose as much as 1.3 percent to $2,607 a ton on ICE Futures U.S. in New York.

Raw sugar for October delivery rose 0.1 percent to 19.78 cents a pound in New York. White, or refined, sugar for October delivery was up 0.2 percent to $558.10 a ton in London.

Arabica coffee for December delivery fell 0.6 percent to $1.6565 a pound on ICE. Robusta coffee for November delivery declined 0.3 percent to $2,063 a ton on NYSE Liffe.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Oil dropped for a second day on speculation oil producers would restore Gulf of Mexico output quickly after Tropical Storm Isaac passed and as more Americans than forecast filed applications for unemployment benefits.

Oil for October delivery slid $1.35, or 1.4 percent, to $94.14 a barrel on the New York Mercantile Exchange. Futures have declined 4.7 percent this year. Prices are 6.9 percent higher in August, headed for the biggest monthly gain since February.

Brent oil for October settlement slipped 5 cents to $112.49 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline fell on speculation that South Louisiana refineries escaped major damage from Tropical Storm Isaac and downtime will be limited.

September-delivery gasoline fell 1.85 cents, or 0.6 percent, to $3.0818 a gallon on the New York Mercantile Exchange. It was the first three-day decline since July 25. The more actively traded October contract fell 1.22 cents to $2.9046.

Heating oil for September delivery rose 0.43 cent to $3.12 a gallon. October heating oil advanced 0.55 cent to $3.1279.

Regular gasoline at the pump, averaged nationwide, rose 2.2 cents to $3.826 gallon yesterday, the highest level since April 26, AAA data showed. The average has climbed 50 cents, or 15 percent, since the year-to-date low of $3.326 on July 1.

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

NATURAL GAS

Natural gas futures climbed for a second day in New York on forecasts of above-normal temperatures and after a government report showed that U.S. stockpiles rose in line with forecasts last week.

Natural gas for October delivery rose 1.6 cents, or 0.6 percent, to $2.701 per million British thermal units on the New York Mercantile Exchange. Gas traded at $2.696 before the storage number was released in Washington. The futures are down 9.6 percent this year.

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

BASE METALS

Copper futures for December delivery fell less than 0.1 percent to $3.4465 a pound on the Comex in New York. Earlier, the metal rose as much as 1.3 percent.

Aluminum, nickel, tin, lead and zinc were all down in London.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures for December delivery fell 0.3 percent to $1,657.30 on the Comex in New York.

Silver futures for December delivery dropped 1.5 percent to $30.46 an ounce in New York.

Precious metal markets: NI PCMKTS

LIVESTOCK

Cattle futures climbed to a two-week high on speculation that producers are slaughtering animals amid rising feed costs and deteriorating pasture conditions, tightening long-term beef supplies. Hog prices rose.

Cattle futures for October delivery advanced 0.1 percent to $1.25675 a pound on the Chicago Mercantile Exchange after reaching $1.25975, the highest for the most-active contract since Aug. 16. The price rose 3.3 percent this year through yesterday.

Feeder-cattle futures for October settlement rose 0.2 percent to $1.45125 a pound.

Hog futures for October settlement gained 0.8 percent to 74.3 cents a pound after reaching 74.5 cents, the highest since Aug. 22.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Wheat may fall in Chicago, erasing earlier gains, on speculation that farmers will increase sales after prices rallied while Russia, last season’s third largest exporter, may not restrict shipments. Corn declined.

Wheat for December delivery was down 0.2 percent at $9.0425 a bushel on the Chicago Board of Trade, after gaining as much as 0.3 percent. Prices earlier dropped as much as 0.8 percent on speculation farmers would increase sales. Wheat reached a four- year high of $9.4725 on July 23.

Corn for December delivery fell 0.2 percent to $8.1225 a bushel in Chicago. The grain climbed 2.3 percent yesterday, the most since July 30, and touched a record $8.49 on Aug. 10.

Soybeans for November delivery were little changed at $17.5175 a bushel. The oilseed reached a record $17.605 on Aug. 27.

Soybean meal futures rose as much 0.8 percent to a record $534.50 for 2,000 pounds in Chicago.

Grain markets: NI GRMKTS

EUROPEAN CARBON PERMITS

European Union carbon for December fell 1.3 percent to 7.62 euros 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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