Nickel Leads Decline Followed by Gasoline: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities dropped 1 percent to 665.31 at 4:53 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 1.2 percent at 1,609.593.

BASE METALS

Copper fell in New York as weaker-than-estimated new lending in China, the world’s biggest consumer of the metal, fueled concern demand will weaken as global economies slow.

Copper for December delivery slid 1.3 percent to $3.7035 a pound on the Comex in New York. Nickel slumped 3.3 percent.

Zinc, lead and tin also fell in London.

Base metals markets: NI BMMKTS

OIL PRODUCTS

Gasoline fell, heading for a second weekly loss, on speculation that supplies will increase as refineries complete repairs.

Gasoline for November delivery fell 4.51 cents, or 1.5 percent, to $2.9105 a gallon on the New York Mercantile Exchange. Prices have declined 1.4 percent this week.

Regular gasoline at the pump, averaged nationwide, slipped 0.3 cent to $3.81 yesterday, according to AAA, the nation’s largest motoring organization. The average retail price in California fell 1.4 cents to $4.645. Prices have fallen three consecutive days after reaching a record $4.671 a gallon.

November-delivery heating oil fell 1.95 cents, or 0.6 percent, to $3.2376 a gallon on the exchange, after settling yesterday at the highest level since March 19. Prices have increased 2.6 percent this week.

Gasoline barge prices declined for a second day in Europe. Naphtha’s discount to Brent widened for a fifth day.

Gasoil fell on the ICE Futures Europe exchange in London as Brent crude also retreated. The International Energy Agency expects global refiners to process less crude this quarter.

Barges of gasoline for loading in the Amsterdam-Rotterdam- Antwerp hub traded at $1,063 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That compares with yesterday’s range at $1,087 to $1,100.

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

GRAINS, OILSEEDS

Corn fell from a three-week high and soybeans declined after a government report showed slowing demand for supplies from the U.S., the world’s biggest grower and exporter.

Corn futures for December delivery dropped 1.5 percent to $7.62 a bushel at 10:04 a.m. on the Chicago Board of Trade, heading for the biggest decline since Sept. 26. Yesterday, the price touched $7.76, the highest since Sept. 17, after the USDA forecast the tightest world inventories since 2007 because of the worst domestic drought since 1956.

Soybean futures for November delivery fell 1.5 percent to $15.255 a bushel on the CBOT, heading for the first four-week decline since June. The price reached a record $17.89 on Sept. 4. Wheat slumped 2.8 percent.

Grain markets: NI GRMKTS

SOFT COMMODITIES

Sugar futures fell, heading for the longest slump in five weeks, on speculation that demand is waning as production outpaces consumption. Coffee, cocoa and orange juice fell, while cotton rose.

Raw sugar for March delivery fell 2.1 percent to 20.02 cents a pound at 10:52 a.m. on ICE Futures U.S. in New York. The price headed for the third straight drop, the longest slump since Sept. 6. Through yesterday, the commodity tumbled 21 percent in the past year.

Arabica-coffee futures for December delivery fell 0.4 percent to $1.6005 a pound on ICE.

Cocoa futures for December delivery declined 0.3 percent to $2,344 a ton.

Orange-juice futures for November delivery dropped 0.8 percent to $1.1265 a pound.

Cotton futures for December delivery rose 0.5 percent to 71.05 cents a pound.

Soft commodities markets: NI SOMKTS

LIVESTOCK

Hog futures rose for the third day this week on signs of increasing U.S. demand for pork. Cattle prices fell.

Hog futures for December settlement rose 0.4 percent to 77.775 cents a pound at 10:42 a.m. on the Chicago Mercantile Exchange. A close at that level would leave prices up 1.6 percent for the week, the second straight gain.

Cattle futures for December delivery fell 0.2 percent to $1.2565 a pound in Chicago. The price was up 3.7 percent this year through yesterday.

Feeder-cattle futures for November settlement advanced 0.3 percent to $1.44275 a pound.

Livestock markets: NI LVMKTS

CRUDE OIL

Oil declined in New York, erasing an earlier advance of 0.6 percent.

Crude for November delivery fell 42 cents, or 0.5 percent, to $91.65 a barrel at 11:31 a.m. on the New York Mercantile Exchange. Prices are down 7.3 percent this year.

Brent for November settlement fell $1.40, or 1.2 percent, to $114.31 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude’s premium to New York oil narrowed from the biggest gap since October 2011.

Oil markets: NI OILMARKET

NATURAL GAS

Natural gas futures fluctuated in New York on forecasts of moderating weather that would reduce demand for the heating fuel.

Natural gas for November delivery fell 0.9 cent to $3.595 per million British thermal units at 10:09 a.m. on the New York Mercantile Exchange. The futures have climbed 5.9 percent this week, heading for a third weekly gain, and are up 3 percent from a year ago. Prices rose to $3.604 per million Btu yesterday, the highest settlement since Dec. 1.

U.K. natural gas for within-day delivery declined as Norwegian imports jumped to a two-month high following the end of unplanned maintenance on the Nyhamna gas-processing facility. Next working-day power advanced.

Gas for today fell 2.1 percent to 63.4 pence a a therm at 8:57 a.m. London time. Month-ahead gas slipped 0.1 percent to 63.45 pence a therm. That’s equivalent to $10.19 per million British thermal units and compares with $3.60 per million Btu of front-month U.S. gas.

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

PRECIOUS METALS

Gold futures declined for the first time in three days amid concern that demand for bullion has declined from China, the world’s largest buyer after India.

Gold futures for December delivery fell 0.3 percent to $1,765.90 an ounce at 10:44 a.m. on the Comex in New York, extending the weekly decline to 0.8 percent. The price gained 0.3 percent in the previous three sessions.

Silver futures for December delivery fell 0.8 percent to $33.795 an ounce in New York.

Precious metal markets: NI PCMKTS

European Carbon Permits

European Union carbon permits for December were unchanged at 7.81 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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