Nickel, Gas Oil Climb as Copper Declines: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.3 percent to 663.08 in New York. Natural gas and gold declined while hogs increased.

The UBS Bloomberg CMCI gauge of 26 prices declined 0.5 percent to 1,602.168.

NATURAL GAS

Natural gas futures dropped for the first time in six days on forecasts of warmer-than-normal weather that would reduce consumption of the heating fuel.

Gas declined 3.5 percent after forecasters including MDA EarthSat Weather predicted normal or above-normal temperatures across most of the lower 48 states through Oct. 24. Heating demand may be 28 percent below normal from Oct. 21 through Oct. 25, according to Weather Derivatives in Belton, Missouri.

Natural gas for November delivery fell 12.5 cents to settle at $3.486 per million British thermal units on the New York Mercantile Exchange. The futures are down 5.9 percent from a year ago. Gas rose to $3.611 per million Btu on Oct. 12, the highest settlement price since Dec. 1.

U.K. natural gas: NI NUKMKT

Gas market: NI GASMARKET

Americas natural gas: NI AGASMARKET

European natural gas: NI EGASMARKET

PRECIOUS METALS

Gold and silver futures fell the most in three months amid concern that the global economy is slowing and China may refrain from additional economic stimulus.

Gold futures for December delivery tumbled 1.3 percent to settle at $1,737.60 an ounce on the Comex in New York, the biggest drop for a most-active contract since July 6. The metal fell 1.2 percent last week.

Silver futures for December delivery declined 2.8 percent to $32.743 an ounce, the largest decline since June 21.

Precious metal markets: NI PCMKTS

BASE METALS

Copper fell to a one-month low in New York on concern that policy makers in China, the biggest consumer of the metal, may refrain from additional economic stimulus after exports grew more than expected in September.

Copper futures for December delivery declined less than 0.1 percent to settle at $3.7015 a pound on the Comex after falling to $3.646, the lowest for a most-active contract since Sept. 10. Copper rose last month by the most since January on bets that central-bank stimulus measures would boost demand.

On the London Metal Exchange, copper for delivery in three months slid 0.4 percent to $8,094.50 a metric ton ($3.67 a pound). Zinc, aluminum lead and tin were lower in London, while nickel rose.

Base metals markets: NI BMMKTS

CRUDE OIL

Oil was little changed in New York as advancing equities countered concern that the global economy is weakening. West Texas Intermediate crude, the U.S. benchmark, traded at the greatest discount to Brent in a year.

Crude oil for November delivery fell 1 cent to settle at $91.85 a barrel on the New York Mercantile Exchange. Prices are down 7.1 percent this year.

Brent oil for November settlement rose $1.18, or 1 percent, to end the session at $115.80 a barrel on the London-based ICE Futures Europe exchange. The more-active December contract gained 79 cents, or 0.7 percent, to $114.40.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline fell a third straight day on speculation refinery production will increase, boosting supplies of the motor fuel.

Gasoline for November delivery fell 4.25 cents, or 1.5 percent, to $2.8503 a gallon on the Nymex, the lowest settlement since Oct. 3. Prices gained 2 percent last week.

In New York Harbor, reformulated gasoline to be blended with ethanol, or RBOB, sank 12 cents to 17 cents a gallon over futures last week. The premium narrowed another 6 cents today to 11 cents a gallon.

Regular gasoline at the pump, averaged nationwide, slipped a fourth consecutive day, declining 0.7 cent to $3.787 a gallon yesterday, according to AAA, the nation’s largest motoring organization.

November-delivery heating oil fell 1.48 cents, or 0.5 percent, to settle at $3.2091 a gallon on the exchange, after gaining 2.2 percent last week.

Oil Products Europe: NI OPEMKT

Gasoline: NI GASOLINE

Heating oil: NI HEATOIL

LIVESTOCK

Hog futures climbed to a 10-week high on signs of increasing demand for U.S. pork. Cattle prices advanced for the first time in four sessions.

Hog futures for December settlement rose 0.2 percent to close at 78.55 cents a pound on the Chicago Mercantile Exchange, after reaching 78.85 cents, the highest since Aug. 2.

Cattle futures for December delivery gained 0.4 percent to settle at $1.25975 a pound in Chicago. Prices are up 3.7 percent this year.

Feeder-cattle futures for November settlement rose 0.9 percent to $1.4555 a pound in Chicago.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Soybeans dropped the most in two weeks on signs of slowing demand for U.S. inventories and on speculation that rain in Brazil will boost crops. Corn and wheat also fell.

Soybean futures for November delivery tumbled 2 percent to settle at $14.925 a bushel on the Chicago Board of Trade, the biggest loss since Oct. 1.

Corn futures for December delivery retreated 2.1 percent to $7.3725 a bushel in Chicago. The most-active contract gained 0.6 percent last week.

Wheat futures for December delivery dropped 1 percent to $8.4825 a bushel on the CBOT. The price fell 3.3 percent on Oct. 12, the biggest decline since Sept. 17.

Grain markets: NI GRMKTS

SOFT COMMODITIES

Cocoa futures fell for the third time in four sessions on speculation that bean-processing data in the U.S. and Europe will indicate dwindling demand. Coffee declined to a five-week low and cotton rose.

Cocoa for December delivery dropped 0.5 percent to close at $2,354 a metric ton on ICE Futures U.S. in New York. Last week, the price fell for the fifth straight time, the longest slump since December.

Arabica-coffee futures for December delivery fell 0.5 percent to $1.6085 a pound in New York. Earlier, the price touched $1.595, the lowest since Sept. 7.

Cotton futures for December delivery rose 1.4 percent to 72.34 cents a pound.

Raw sugar for March delivery dropped 1 percent to settle at 19.85 cents a pound at 2 p.m. in New York. The price fell for the fourth straight session, the longest slide since Aug. 16. Earlier, the commodity touched 19.81 cents, the lowest for a most-active contract since Sept. 21.

Orange juice for November delivery fell 0.3 percent to $1.123 a pound in New York. The price has tumbled 34 percent this year.

Soft commodities markets: NI SOMKTS

To contact the reporter on this story: Joshua Falk in New York at jfalk19@bloomberg.net

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

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