Cotton Leads Drop as Silver Gains: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.8 percent to 676.79 at 5:01 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials gained 1.2 percent to 1,622.883.

PRECIOUS METALS

Gold rose to a six-month high as government data showed that the U.S. added fewer jobs than forecast last month, spurring speculation that the Federal Reserve will expand stimulus measures to boost the labor market.

Gold futures for December delivery climbed 1.3 percent to $1,728.50 an ounce on the Comex in New York. Earlier, the price reached $1,735.30, the highest for a most-active contract since Feb. 29. The commodity headed for the third straight weekly gain.

Silver futures for December delivery jumped 2 percent to $33.315 an ounce. Earlier, the price reached $33.535, the highest since March 13.

On the New York Mercantile Exchange, platinum futures for October delivery increased 0.6 percent to $1,595.50 an ounce. Earlier, the price reached $1,600.70, the highest since April 13. Through yesterday, the metal gained 13 percent this year.

Precious metal markets: NI PCMKTS

OIL PRODUCTS

Gasoline futures advanced as the U.S. added fewer than expected jobs in August, increasing speculation that the Federal Reserve will add fiscal stimulus to boost the economy.

October-delivery gasoline advanced 2.21 cents, or 0.7 percent, to $3.0131 a gallon on the New York Mercantile exchange. Prices have declined 3 percent this week.

Regular gasoline at the pump, averaged nationwide, fell 0.1 cent to $3.822 a gallon yesterday, AAA data showed. Prices are up 49.6 cents from the year-to-date low of $3.326 on July 1.

Heating oil for October delivery dropped 1.65 cents, or 0.5 percent, to $3.126 a gallon on the exchange. Prices have fallen 1.4 percent this week.

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

LIVESTOCK

Hog futures fell, extending a slump to a 21-month low, as climbing U.S. pork supplies outpace demand. Cattle advanced.

Hog futures for October settlement declined 1.5 percent to 70.7 cents a pound on the Chicago Mercantile Exchange. Earlier, the price touched 70.375 cents, the lowest since Nov. 10, 2010. Through yesterday, the commodity dropped 15 percent this year.

Cattle futures for October delivery rose 0.3 percent to $1.264 a pound. Through yesterday, the price climbed 3.8 percent this year.

Feeder-cattle futures for October settlement rose 0.1 percent to $1.4645 a pound.

Livestock markets: NI LVMKTS

SOFT COMMODITIES

Raw-sugar rebounded from a two-year low on signs that lower prices are spurring demand. Coffee and cotton gained, while cocoa slid.

Raw sugar for October delivery rose 3.4 percent to 19.51 cents a pound on ICE Futures U.S. in New York, heading for the biggest advance since June 27. The price touched 18.81 cents yesterday, the lowest since August 2010.

Arabica-coffee futures for December delivery climbed 2.6 percent to $1.6225 a pound in New York, heading for the largest gain since Aug. 27.

Also on ICE, cotton futures for December delivery added 0.5 percent to 76.36 cents a pound, while cocoa futures for December delivery fell 0.3 percent to $2,683 a metric ton.

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Soybeans dropped for a third straight day on speculation that rainfall this week will increase the size of the U.S. crop. Corn also declined while wheat rose.

Soybean futures for November delivery fell 0.7 percent to $17.345 a bushel on the Chicago Board of Trade, heading for a weekly decline of 1.2 percent.

Corn futures for December delivery slid 0.3 percent to $7.9625 a bushel in Chicago. The price is down 0.4 percent this week.

Wheat futures for December delivery rose 0.8 percent to $8.985 a bushel on the CBOT. The price has gained 1 percent this week.

Grain markets: NI GRMKTS

NATURAL GAS

Natural-gas futures declined for a third day in New York as demand for the fuel to power air conditioners faded with cooler weather.

Natural gas for October delivery dropped 7.9 cents, or 2.9 percent, to $2.697 per million British thermal units on the New York Mercantile Exchange after sliding to a one-week low of $2.666.

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

BASE METALS

Copper rose to a 16-week high in New York after China approved new infrastructure projects and a disappointing U.S. jobs report fueled bets that policy makers will move to boost growth.

Copper futures for December delivery gained 2.8 percent to $3.615 a pound on the Comex in New York after reaching $3.618, the highest since May 14. A close at that price would leave the metal up 4.6 percent this week, the most since June 29.

On the London Metal Exchange, copper for delivery in three months rose 2.4 percent to $7,930 a metric ton ($3.60 a pound). Aluminum, tin, zinc, nickel and tin were also higher in London.

Base metals markets: NI BMMKTS

CRUDE OIL

Oil fluctuated as U.S. payrolls increased less than expected in August and speculation mounted that the Federal Reserve will boost stimulus measures to spur economic growth.

Crude for October delivery gained 7 cents to $95.60 a barrel on the New York Mercantile Exchange. Futures are down 0.9 percent this week and 3.3 percent this year.

Brent oil for October settlement increased 3 cents to $113.57 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

EUROPEAN CARBON PERMITS

European Union carbon permits for December rose to the highest for almost two weeks as the premium for EU carbon over United Nations offsets widened to a record.

EU permits for December increased as much as 2.1 percent to 8.43 euros a ton on London’s ICE Futures Europe exchange. That’s the most since Aug. 28. The contract traded at 8.37 euros.

The premium for EU allowances over UN offsets, traded as a separate contract on ICE Futures, expanded to a record 6 euros.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Nicholas Larkin at nlarkin1@bloomberg.net

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

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