Oil Products Lead Gains as Cocoa Falls: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.2 percent to 658.35 in New York, the first gain in four days. Gasoline, heating oil and natural gas lead the gains while coffee posted the biggest decline.

The UBS Bloomberg CMCI gauge of 26 prices fell 0.4 percent to 1,612.87, the fourth straight drop.

OIL PRODUCTS

Gasoline rose for the first time in four days as inventories of the motor fuel on the East Coast shrank to a four-year low and imports declined, according to Energy Department data.

Nymex October gasoline gained 7.54 cents to settle at $2.904 a gallon, after falling 6.2 percent the prior three days.

Heating oil for October delivery rose 5.35 cents, or 1.8 percent, to $3.0975 a gallon on the exchange, after declining 6 percent the first three days of the week.

CRUDE OIL

Oil was little changed as gasoline and heating oil futures climbed while more Americans than forecast applied for unemployment benefits.

Gasoline rose on falling East Coast supplies. The Labor Department said jobless claims reached 382,000 last week, more than the 375,000 forecast by economists polled by Bloomberg. Oil slumped yesterday after the Energy Department reported crude stockpiles surged 8.53 million barrels.

Oil for October delivery fell 11 cents to settle at $91.87 a barrel on the New York Mercantile Exchange, extending the weekly loss to 7.2 percent. It was the fourth consecutive decline. The contract expired today. The more-active November futures rose 12 cents to $92.42.

Brent oil for November settlement rose $1.74, or 1.6 percent, to $109.93 a barrel on the London-based ICE Futures Europe exchange. The front-month European benchmark grade’s premium to the corresponding West Texas Intermediate contract widened for the first time in six days.

NATURAL GAS

Natural-gas futures advanced in New York for the first time in six days after a government report showed a below-average inventory increase.

Natural gas for October delivery gained 3.5 cents, or 1.3 percent, to $2.797 per million British thermal units on the Nymex. The futures have declined 6.4 percent this year.

SOFT COMMODITIES

Cocoa futures in New York fell to a three-week low as forecasts for rains eased crop concerns in Ivory Coast and Ghana, the world’s biggest growers. Coffee fell by the most in eight weeks and cotton fell the most in a week.

Cocoa for December delivery fell 0.7 percent to close at $2,519 a metric ton on ICE Futures U.S. in New York, after touching $2,506, the lowest since Aug. 28.

Arabica-coffee futures for December delivery dropped 3.3 percent to $1.686 a pound on ICE.

Raw-sugar futures for March delivery rose 1.1 percent to 19.91 cents a pound in New York.

ICE cotton for December delivery fell 1.6 percent to close at 75.22 cents a pound, the biggest drop for a most-active contract since Sept. 12. Prices fell on signs that the global economic slowdown is worsening, eroding demand for commodities.

Orange-juice futures for November delivery slid 0.4 percent at $1.2605 a pound on ICE.

GRAINS, OILSEEDS

Wheat fell for the third time in four days as signs of slowing economic growth in China escalated concern that global demand may slow for commodities, including grain.

Soybean and corn futures fell on speculation that Midwest rain during August limited crop damage caused by severe drought in June and July in the U.S., the world’s biggest producer of the commodities.

Wheat futures for December delivery fell 0.2 percent to settle at $8.795 a bushel on the Chicago Board of Trade.

CBOT soybean futures for November delivery fell 3 percent to close at $16.1875 a bushel. Earlier, the price touched $16.16, the lowest for the most-active contract since Aug. 15. This week, the oilseed has dropped 6.9 percent, heading for the biggest slump in three months. The commodity soared to a record $17.89 on Sept. 4.

Corn futures for December delivery declined 1.4 percent to $7.46 a bushel. The price has dropped 12 percent from a record $8.49 on Aug. 10.

PRECIOUS METALS

Gold futures fell as the dollar headed for the biggest gain in seven weeks against a basket of major currencies, eroding demand for the metal as an alternative investment.

Gold futures for December delivery fell 0.1 percent to settle at $1,770.20 an ounce on the Comex in New York. The price is little changed this week.

Silver futures for December delivery climbed 0.3 percent to $34.682 an ounce on the Comex.

Nymex platinum futures for October delivery fell 1 percent to $1,623.90 an ounce.

Palladium futures for December delivery fell 1.8 percent to $661.10 an ounce on the Nymex.

BASE METALS

Copper futures fell the most in seven weeks as declines in Chinese manufacturing and Japanese exports spurred concern that a sagging global economy will curb metal demand.

Copper futures for December delivery dropped 1.4 percent to settle at $3.759 a pound on the Comex, the biggest decline for a most-active contract since Aug. 2. The metal jumped 11 percent in the two weeks ended Sept. 14 as central banks expanded economic stimulus.

On the London Metal Exchange, copper for delivery in three months fell 1 percent to $8,270 a metric ton ($3.75 a pound).

Zinc, aluminum, lead and tin also dropped, while nickel rose.

LIVESTOCK

Hog futures fell from a two-week high on signs of increasing supplies of pork in the U.S. and easing demand. Cattle also dropped.

The U.S. Department of Agriculture will release monthly cold-storage data tomorrow, and pork inventory may be high, “challenging” the market, said Lawrence Kane, a market adviser at Stewart-Peterson Group in Yates City, Illinois. Meatpackers slaughtered 1.31 million hogs in the first three days of this week, up 2.4 percent from a year earlier, government data show.

Hog futures for December settlement fell 0.7 percent to close at 74.2 cents a pound on the Chicago Mercantile Exchange. Earlier, the price reached 75.175 cents, the highest for a most- active contract since Sept. 5.

Cattle futures for December delivery dropped 0.7 percent to $1.2815 a pound. The price has climbed 5.5 percent this year.

Feeder-cattle futures for October settlement slipped 0.2 percent to $1.46725 a pound.

To contact the reporter on this story: Naureen S. Malik in New York at nmalik28@bloomberg.net;

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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