Precious Metals Fall on Stimulus Concerns: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 raw materials fell 0.3 percent to 666.96 at 4 p.m. in New York, led by metals.

The UBS Bloomberg CMCI index of 26 prices declined 0.1 percent to 1,590.20.

PRECIOUS METALS

Gold declined for the third straight day as investors weighed whether the Federal Reserve will signal a new round of measures to boost the economy tomorrow and as Spain said it will delay a decision on seeking aid.

Fed Chairman Ben S. Bernanke will speak tomorrow at an annual meeting in Jackson Hole, Wyoming, where in 2010 he foreshadowed $600 billion of bond buying.

On the Comex in New York, gold futures for December delivery fell 0.4 percent to $1,657.10 an ounce.

Silver futures for December delivery declined 1.5 percent to $30.446 an ounce, the biggest drop for a most-active contract since Aug. 2.

On the New York Mercantile Exchange, platinum futures for October delivery fell 1.1 percent to $1,503.70 an ounce, the fifth straight decline. Palladium futures for December delivery slumped 3.2 percent to $616.40 an ounce, the biggest drop since May 23.

BASE METALS

Copper fell for the fifth straight session after Spain said it will delay a decision on seeking a sovereign bailout, underscoring the risk that a deepening European debt crisis will erode metal demand.

On the Comex, copper futures for December delivery slipped 0.1 percent to $3.447 a pound, capping the longest slump in 12 weeks.

On the London Metal Exchange, copper for delivery in three months fell 0.1 percent to $7,567.50 a metric ton ($3.43 a pound). Zinc, aluminum, lead, tin and nickel also slid.

CRUDE OIL

Crude oil dropped as producers worked to restore Gulf of Mexico output after Hurricane Isaac passed.

On the Nymex, oil futures for October delivery fell 0.9 percent to $94.62 a barrel.

Brent oil for October settlement rose 11 cents to $112.65 a barrel on the London-based ICE Futures Europe exchange.

Mercuria Energy Trading SA sold North Sea Forties crude at the lowest price in more than one month. Vitol Group failed to sell Russian Urals in Rotterdam at the biggest discount to Dated Brent in two months after a final loading program showed an increase in October shipments.

Hindustan Petroleum Corp., India’s third-largest state refiner, bought from Vitol via a tender 1 million barrels of Nigerian Qua Iboe crude for loading in October, said two traders who participate in the market.

OIL PRODUCTS

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

On the Nymex, gasoline futures for September delivery dropped 0.6 percent to $3.0826 a gallon.

Heating-oil futures for September delivery rose 0.3 percent to $3.1245 a gallon.

NATURAL GAS

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

On the Nymex, gas futures for October delivery rose 2.4 percent to $2.748 per million British thermal units.

U.K. gas for within-day delivery advanced as an unplanned outage cut supply into Total SA’s St. Fergus terminal in Scotland.

Same-day gas rose 0.5 percent to 56.35 pence a therm at 5:20 p.m. London time, according to broker data compiled by Bloomberg. That’s equivalent to $8.89 per million Btu. A therm is 100,000 Btu.

GRAINS, OILSEEDS

Soybean futures surged to a record on speculation that Isaac will damage crops and delay harvesting in parts of the U.S., the world’s biggest producer.

On the Chicago Board of Trade, soybean futures for November delivery rose 0.6 percent to $17.635 a bushel. Earlier, the price reached a record $17.7125.

Corn futures for December delivery slid 0.6 percent to $8.085 a bushel.

Wheat futures for December delivery dropped 0.3 percent to $9.03 a bushel.

SOFT COMMODITIES

Cocoa futures extended a rally to a nine-month high on mounting concern that supplies may be disrupted in Ivory Coast, the world’s top producer.

On ICE Futures U.S. in New York, cocoa for December delivery rose 1 percent to $2,601 a ton. Earlier, the commodity reached $2,620, the highest since Nov. 9.

Cotton futures for December delivery increased 0.4 percent to 76.94 cents a pound.

Orange-juice futures for November delivery advanced 1.3 percent to $1.172 a pound.

Arabica-coffee futures for December delivery fell 2 percent to $1.634 a pound.

Raw-sugar futures for October delivery decreased less than 0.1 percent to 19.75 cents a pound.

LIVESTOCK

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

On the Chicago Mercantile Exchange, cattle futures for October delivery settled unchanged at $1.255 a pound after reaching $1.25975, the highest since Aug. 16.

Feeder-cattle futures for October settlement rose 0.1 percent to $1.449 a pound.

Hog futures for October settlement gained 0.6 percent to 74.15 cents a pound.

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

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net

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