Gasoline Advances on Central Bank Stimulus: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.8 percent to 663.59 at 5:08 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was 0.7 percent higher at 1,625.593.

OIL PRODUCTS

Gasoline rose in New York on speculation that stimulus from central banks will improve economic growth and boost demand for fuel.

Gasoline for October delivery rose 3.01 cents, or 1 percent, to $2.9341 a gallon on the New York Mercantile Exchange.

Regular gasoline at the pump slipped for a seventh consecutive day, dropping 1.3 cents to $3.833 a gallon yesterday, AAA data show. Prices reached a 2012 high of $3.936 on April 4.

October-delivery heating oil rose 1.88 cents, or 0.7 percent, to $3.1163 a gallon a gallon on the exchange.

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

SOFT COMMODITIES

Sugar rose the most in a week on speculation that output in Brazil, the world’s biggest producer, may be smaller than expected after excess rains cut crop quality. Coffee and cotton also gained.

Raw sugar for March delivery climbed 1.6 percent to 20.22 cents a pound on ICE Futures U.S. in New York. A close at that price would mark the biggest gain for a most-active contract since Sept. 14.

Arabica-coffee futures for December delivery rose 1.1 percent to $1.704 a pound in New York.

Cotton futures for December delivery increased 0.2 percent to 75.37 cents a pound on ICE.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Oil advanced as optimism that central bank stimulus will revive the global economy pared crude’s biggest weekly decline in more than three months.

Crude oil for November delivery increased 66 cents, or 0.7 percent, to $93.08 a barrel on the New York Mercantile Exchange. The October contract expired at $91.87 yesterday. The front- month price is down 6 percent this week, the biggest drop since June 1.

Brent oil for November settlement climbed 99 cents, or 0.9 percent, to $111.02 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade’s premium to West Texas Intermediate traded in New York was at $17.94.

Oil markets: NI OILMARKET

NATURAL GAS

Natural gas futures gained for a second day in New York on speculation that stockpiles won’t reach capacity before winter weather boosts heating demand.

Natural gas for October delivery rose 8.2 cents, or 2.9 percent, to $2.879 per million British thermal units on the New York Mercantile Exchange. The futures have declined 2.2 percent this week and 3.7 percent this year.

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

GRAINS, OILSEEDS

Corn rose on signs that the price drop to a two-month low earlier this week increased demand for grain-based fuel and livestock feed in the U.S. Soybeans also advanced.

Corn futures for December delivery climbed 0.6 percent to $7.5025 a bushel on the Chicago Board of Trade, paring this week’s decline.

Soybean futures for November delivery rose 0.3 percent to $16.23 a bushel in Chicago. Earlier, the price touched $16.13, the lowest for a most-active contract since Aug. 15.

Grain markets: NI GRMKTS

BASE METALS

Copper rose the most in a week amid speculation that European officials will unveil a bailout plan for Spain as soon as next week, easing concerns that metal demand will ebb.

Copper futures for December delivery advanced 0.9 percent to $3.79.45 a pound on the Comex in New York. A close at that price would mark the biggest gain since Sept. 14.

On the London Metal Exchange, copper for delivery in three months climbed 0.8 percent to $8,317.50 a metric ton ($3.77 a pound). Zinc, lead, tin, aluminum and nickel also gained in London.

Base metals markets: NI BMMKTS

LIVESTOCK

Hog futures rose, heading for the second straight weekly gain, on speculation that U.S. pork demand is increasing after prices slumped to the lowest since 2010. Cattle also gained.

Hog futures for December settlement increased 0.9 percent to 74.875 cents a pound on the Chicago Mercantile Exchange. Through yesterday, the price dropped 12 percent this year.

Cattle futures for December delivery advanced 0.3 percent to $1.28525 a pound. Through yesterday, the price climbed 5.5 percent this year.

Feeder-cattle futures for October settlement gained 0.2 percent to $1.4705 a pound.

Livestock markets: NI LVMKTS

PRECIOUS METALS

Gold futures for December delivery traded at $1,776.90 an ounce on the Comex in New York, up 0.4 percent. Earlier, the price rose as much as 1.1 percent to $1,790, the highest for a most-active contract since Feb. 29.

Precious metal markets: NI PCMKTS

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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