Nickel Leads Gains as Natural Gas Falls: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities gained 1 percent to 694.27 at 5:03 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials rose 1.6 percent to 1,676.136.

BASE METALS

Copper jumped in New York to the highest since early May after the Federal Reserve announced more monetary stimulus aimed at stoking growth in the world’s second-biggest consumer of the metal.

Copper futures for December delivery increased 3.2 percent to $3.8305 a pound at 10:51 a.m. on the Comex in New York after reaching $3.838, the highest since May 2.

On the London Metal Exchange, copper for delivery in three months gained 4 percent to $8,396.75 a metric ton ($3.81 a pound). Nickel climbed 6 percent. Tin, zinc and lead also rose.

Aluminum rose for an eleventh straight day, the longest streak since at least June 1987.

Base metals markets: NI BMMKTS

NATURAL GAS

German power for 2013 delivery advanced for the first time in nine days as crude oil gained.

The power contract added 10 cents to 48.60 euros ($63.87) a megawatt-hour at 5:20 p.m. Berlin time, according to broker data compiled by Bloomberg. That’s the first rise since Sept. 3

U.K. natural gas rose as forecasts for cooler-than-average weather boosted demand for the heating fuel and maintenance in Norway cut supplies. Power for the next working day advanced.

Gas for the six months from October climbed 0.9 percent, according to broker prices compiled by Bloomberg. The low temperature in London tomorrow will be 8 degrees Celsius (46 Fahrenheit), compared with a 10-year mean of 13 degrees, CustomWeather Inc. data show.

Natural-gas futures fell for a second day in New York as forecasts for mild weather signaled declining demand from power plants.

The October futures fell 2.9 percent to $2.949 per million BTUs.

Gas for October delivery fell 11 cents, or 3.6 percent, to $2.927 per million British thermal units at 9:53 a.m. on the New York Mercantile exchange. Gas rose to $3.07 yesterday, the highest intraday price since Aug. 9. The futures have gained 9.1 percent this week, heading for the second gain in three weeks. Gas is down 2.1 percent this year.

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

SOFT COMMODITIES

Coffee neared a two-month high in New York as commodities rose after the Federal Reserve announced a third round of monetary stimulus. Cocoa gained.

Arabica coffee for December delivery added 1.5 percent to $1.8155 a pound by 8:53 a.m. on ICE Futures U.S. in New York. Prices touched $1.8295, the highest level since July 24. Robusta coffee for November delivery rose 1 percent to $2,102 a metric ton on NYSE Liffe in London.

Cocoa for December delivery gained 1.8 percent to $2,661 a ton in New York. Cocoa for December delivery rose 1.1 percent to 1,707 pounds ($2,765) a ton in London.

Raw sugar for March delivery climbed 1.2 percent to 20.68 cents a pound on ICE. White, or refined, sugar for March delivery advanced 1.2 percent to $565.70 a ton on NYSE Liffe. Soft commodities markets: NI SOMKTS

OIL PRODUCTS

Gasoline jumped the most in two weeks after Federal Reserve Chairman Ben S. Bernanke yesterday pledged to buy bonds until the economy gets closer to his goals.

October-delivery reformulated gasoline, or RBOB, rose 6.94 cents, or 2.3 percent, to $3.0316 a gallon on the New York Mercantile Exchange at 9:40 a.m.

Heating oil for October delivery rose 3.49 cents, or 1.1 percent, to $3.2462 a gallon on the exchange.

Regular gasoline at the pump, averaged nationwide, increased 0.2 cent to $3.871 a gallon yesterday, AAA data showed. It’s the highest price since April 20.

Gasoline fell in northwest Europe as Gunvor Group Ltd. sold barge lots for at least a second day. Prices declined to the lowest this month.

Gasoil on the ICE Futures Europe exchange in London gained to the highest level in more than five months as Brent crude rose for a seventh day. Those gains came as West Texas Intermediate crude futures rallied above $100 a barrel for the first time since May.

Gasoline for immediate loading in Amsterdam-Rotterdam- Antwerp traded at $1,122 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That compares with $1,138 yesterday.

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

LIVESTOCK

Hog futures climbed to the highest price in more than a week on speculation that demand will increase for U.S. pork exports. Cattle declined.

Hog futures for December settlement rose 1.2 percent to 73.25 cents a pound at 10:41 a.m. on the Chicago Mercantile Exchange, after touching 73.35 cents, the highest since Sept. 6.

Cattle futures for delivery in December fell 0.3 percent to $1.2995 a pound in Chicago. Prices are down 7.3 percent this year through yesterday.

Feeder-cattle futures for October settlement slipped 0.5 percent to $1.463 a pound on the CME.

Livestock markets: NI LVMKTS

PRECIOUS METALS

Platinum rose to the highest since February after the Federal Reserve took steps to bolster the economy and as strikes halted output at mines in South Africa, the world’s largest producer. Gold advanced.

Platinum futures for October delivery gained 1.7 percent to $1,707.90 an ounce at 10:16 a.m. on the New York Mercantile Exchange, after reaching $1,716.50, the highest for a most- active contract since Feb. 29. Prices advanced for a 10th session, the longest stretch since Aug. 22, 2011.

Gold futures for delivery in December rose 0.2 percent to $1,774.90 an ounce on the Comex in New York, extending the weekly gain to 2 percent, the fourth straight rise. Earlier, the price climbed to $1,780.20, the highest since Feb. 29.

Silver futures for December delivery fell 0.5 percent to $34.605 an ounce in New York.

Precious metal markets: NI PCMKTS

GRAINS, OILSEEDS

Soybeans rose for the third straight day and corn gained as the Federal Reserve’s third round of stimulus measures to bolster the U.S. economy signaled increasing demand for crops amid shrinking supplies.

Soybean futures for November delivery rose 0.8 percent to $17.61 a bushel at 10:15 a.m. on the Chicago Board of Trade. Through yesterday, the price surged 45 percent this year, the biggest gain among 24 raw materials in the Standard & Poor’s GSCI Spot Index. The oilseed reached a record $17.89 on Sept. 4.

Corn futures for December delivery advanced 1.6 percent to $7.86 a bushel. Through yesterday, the grain gained 20 percent this year, reaching a record $8.49 on Aug. 10. Wheat jumped to a one-month high after the Federal Reserve yesterday approved more monetary measures to spur growth, brightening the outlook for commodities demand.

Wheat futures for December delivery rose 2.8 percent to $9.2725 a bushel at 10:04 a.m. on the Chicago Board of Trade. The price is headed for its third straight weekly gain and earlier reached $9.31, the highest since Aug. 10.

Grain markets: NI GRMKTS

CRUDE OIL

Oil climbed above $100 a barrel in New York for the first time since May as the Federal Reserve announced it will buy mortgage-backed securities to encourage economic growth in the world’s largest economy.

Crude oil for October delivery advanced $1.18, or 1.2 percent, to $99.49 a barrel at 10:43 a.m. on the New York Mercantile Exchange. Futures breached $100 for the first time since May 4 and touched $100.42. Prices have increased 3.1 percent this week and are up 12 percent from a year ago.

Brent oil for November settlement climbed $1.19, or 1 percent, to $117.07 a barrel on the London-based ICE Futures Europe exchange. Prices reached $117.95, the highest level since May 3.

Oil markets: NI OILMARKET

European Carbon Permits

European Union carbon permits for December dropped 4.1 percent to 7.49 euros a metric ton on the ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

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

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