Zinc Leads Decline as Lean Hogs Advance: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.5 percent to 656.39 at 6:14 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.5 percent at 1,615.326.

BASE METALS

Copper fell the most in two weeks as the World Bank cut its forecast for East Asia’s economy and European leaders meet to discuss the region’s debt crisis, fueling concern that metals demand will slow.

Copper futures for December delivery declined 1.5 percent to $3.7225 a pound on the Comex in New York, heading for the biggest loss since Sept. 24. Prices earlier reached $3.702, the lowest since Sept. 27.

On the London Metal Exchange, copper for delivery in three months fell 1.5 percent to $8,168 a metric ton ($3.71 a pound).

Zinc slumped 2 percent to $2,034 a ton. Lead, nickel, aluminum and tin also dropped in London.

Base metals markets: NI BMMKTS

SOFT COMMODITIES

Orange juice headed for the biggest drop in almost two weeks on signs of higher output in Florida, the world’s second- biggest citrus grower. Cocoa also fell, while coffee gained.

Orange juice for November delivery slumped 1.7 percent to $1.132 at 10:42 a.m. on ICE Futures U.S. in New York. A close at that price would mark the biggest drop for a most-active contract since Sept. 25. The last time the commodity fell below $1 was May 23.

Cocoa futures for December delivery slid 0.3 percent to $2,374 a metric ton on ICE.

Arabica-coffee futures for December delivery rose 0.1 percent to $1.682 a pound.

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Wheat rose for the first time in three sessions on speculation that the U.S. Department of Agriculture will cut its global production forecasts.

Wheat futures for December delivery rose 0.9 percent to $8.65 a bushel at 11:15 a.m. on the Chicago Board of Trade, heading for the biggest gain since Sept. 28. The price last week dropped 5 percent, the biggest decline since June 1.

Global wheat production was forecast at 658.7 million tons last month by the USDA, down 0.6 percent from an August estimate and 5.2 percent lower than the prior year. Dry weather in Australia and Russia will curb world output, according to the USDA.

Corn futures dropped to the lowest price this month on signs of slowing demand for U.S. exports and slumping ethanol production. Soybeans rose.

Corn futures for December delivery fell 0.3 percent to $7.455 a bushel at 10:53 a.m. on the Chicago Board of Trade, after touching $7.4025, the lowest since Sept. 28. Through Oct. 5, the grain dropped 12 percent since reaching a record $8.49 on Aug. 10 as high prices reduced demand.

Soybean futures for November delivery rose 0.2 percent to $15.5425 a bushel on the CBOT, after gaining 1.4 percent in the previous three sessions. On Oct. 3, the oilseed touched $15.04, the lowest for a most-active contract since July 5. The price reached a record $17.89 on Sept. 4, after a drought that the USDA said last month would cut output to the lowest in nine years.

Grain markets: NI GRMKTS

CRUDE OIL

Crude declined in New York, widening its discount to Brent to the most in almost a year, after the World Bank said a slowdown in China will curb East Asian growth.

Crude for November delivery dropped 75 cents, or 0.8 percent, to $89.13 a barrel at 12:29 p.m. on the New York Mercantile Exchange after falling to $88.21. Prices are down 9.8 percent this year.

Brent for November settlement slid 28 cents, or 0.3 percent, to $111.74 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

LIVESTOCK

Cattle futures rose for the second straight session on signs that supplies of U.S. beef are shrinking amid increasing demand. Hog prices also climbed.

Cattle futures for December delivery gained 0.4 percent to $1.2665 a pound at 9:53 a.m. on the Chicago Mercantile Exchange. Through Oct. 5, prices climbed 3.9 percent this year.

Feeder-cattle futures for November settlement increased 0.2 percent to $1.46475 a pound.

Hog futures for December settlement rose 0.7 percent to 77.075 cents a pound. Prices were down 9.2 percent this year through Oct. 5.

Livestock markets: NI LVMKTS

OIL PRODUCTS

European diesel dropped for a fourth day as North Sea Group sold on the barge market. Total SA bought a cargo of the fuel for delivery to the U.K.

Vitol Group purchased two naphtha cargoes, bringing its total for the month to 10 lots. BP Plc sold a consignment of gasoline for delivery to Santa Panagia in Italy.

Trafigura Beheer BV bought the cargo of as much as 25,000 metric tons of gasoline at $1,101 a metric ton, according to a survey of traders and brokers monitoring the Platts pricing window. That’s less than deals on Oct. 2 at $1,115 and $1,117.

Gasoline fluctuated as the dollar strengthened against the euro while European officials prepared to meet to discuss how to contain the region’s debt crisis.

Gasoline for November delivery rose 0.16 cent to $2.9541 a gallon at 9:41 a.m. on the New York Mercantile Exchange. Earlier it decline as much as 2.23 cents.

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

NATURAL GAS

U.K. within-day natural gas rose to the most for eight months as demand is forecast to increase.

Within-day gas added 4.8 percent to 65.3 pence a therm, the most since Feb. 10, as of 5:26 p.m. London time, according to broker data compiled by Bloomberg.

Natural gas futures fell for the third time in four days as forecasts for warmer-than-normal weather signaled reduced demand for the heating fuel.

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

PRECIOUS METALS

Gold futures fell for a second session in New York as a stronger dollar curbed demand for the precious metal as an alternative investment.

Gold futures for December delivery declined 0.3 percent to $1,775.40 an ounce at 10:03 a.m. on the Comex in New York. Prices reached $1,798.10 on Oct. 5, the highest since Nov. 9.

Silver futures for December delivery slumped 1.5 percent to $34.05 an ounce on the Comex.

Precious metal markets: NI PCMKTS

European Carbon Permits

European Union carbon permits for December jumped 1.4 percent to 7.92 euros a metric ton on the ICE Futures Europe exchange, the third consecutive advance.

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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