Corn and Copper Rise as Sugar Futures Fall: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.3 percent to 637.74 in New York. Corn and copper increased and cotton declined.

The UBS Bloomberg CMCI index of 26 raw materials increased 0.2 percent to 1,561.719 at 5:19 p.m.

GRAINS, OILSEEDS

Corn and soybeans rose for a second day as adverse weather threatened South American yields, tightening global supplies and boosting overseas demand for U.S. crops. Wheat advanced.

Corn futures for December delivery rose 1.9 percent to close at $7.5575 a bushel on the Chicago Board of Trade, capping the first two-day gain since Oct. 19. Prices fell 0.1 percent this month.

Soybean futures for January delivery climbed 0.8 percent to $15.4875 a bushel in Chicago, paring the month’s decline to 3.3 percent.

Wheat futures for December delivery advanced 0.9 percent to $8.645 a bushel on the CBOT. The grain lost 4.2 percent in October, the first monthly drop since May.

Grain markets: NI GRMKTS

BASE METALS

Copper futures rose for a second straight day after signs of revival in Asian economies bolstered prospects for demand.

Copper futures for December delivery advanced 0.3 percent to settle at $3.5175 a pound on the Comex in New York. Prices fell 6.4 percent this month.

On the London Metal Exchange, copper for delivery in three months climbed 0.5 percent to $7,759.50 a metric ton ($3.52 a pound).

Lead, zinc, nickel and tin also rose in London. Aluminum fell.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures rose to a one-week high as commodities rallied on speculation that Europe’s debt woes will be contained.

On the Comex, gold futures for December delivery gained 0.4 percent to settle at $1,719.10 an ounce. The metal dropped 3.1 percent in October.

Silver futures for December delivery rose 1.6 percent to $32.316 an ounce on the Comex, the biggest gain since Sept. 27. In October, the price dropped 6.5 percent. The commodity has advanced 16 percent this year.

Platinum futures for January delivery gained 1.5 percent to $1,577 an ounce on the New York Mercantile Exchange. The price declined 5.5 percent in October. The metal has climbed 12 percent this year.

Palladium futures for December delivery advanced 2.3 percent to $609.80 an ounce on the Nymex, the biggest gain since Oct. 4. In October, the price dropped 4.8 percent, ending a three-month rally. The metal has declined 7.1 percent this year.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas capped a second monthly gain in New York as Sandy drew wintry weather into the Midwest and East Coast, boosting demand for heating fuels.

Natural gas for December delivery increased 0.1 cent to settle at $3.692 per million British thermal units on the Nymex. Gas is up 24 percent this year and rose 11 percent this month.

Gas markets: NI NUSMKT

CRUDE OIL

Oil rose for a second day as refineries resumed operations after Hurricane Sandy dissipated, increasing demand for crude.

Crude oil for December delivery increased 56 cents, or 0.7 percent, to $86.24 a barrel on the Nymex. Futures dropped 6.5 percent this month and have decreased 13 percent this year.

Brent oil for December settlement declined 38 cents, or 0.3 percent, to $108.70 a barrel on the London-based ICE Futures Europe exchange. The European benchmark’s premium to the West Texas Intermediate contract traded in New York narrowed for a second day.

Oil markets: NI CRMKTS

OIL PRODUCTS

Gasoline pared gains of as much as 7.7 percent after refiners came back online following Hurricane Sandy. Earlier, prices rose as fuel suppliers bought November contracts to cover near-term delivery agreements after the biggest Atlantic storm in history shut terminals and pipelines.

Gasoline for November delivery rose 3.3 cents, or 1.2 percent, to settle at $2.7618 a gallon on the Nymex. It was the first day of floor trading this week because of the storm. The November contract expired at the close of pit trading. The more- active December futures gained 1.48 cents, or 0.6 percent, to $2.6303.

Heating oil for November delivery fell 1.84 cents, or 0.6 percent, to expire at $3.0682 a gallon on the exchange. Prices fell 3.2 percent this month. The more actively traded December contract declined 0.74 cent to $3.0623 a gallon.

Oil product markets: NI OPMKT

SOFT COMMODITIES

Orange-juice futures fell, capping the biggest monthly drop since July, on speculation that supplies will outpace demand after groves in Florida escaped damage from Hurricane Sandy. Sugar, cotton and cocoa also slid.

Orange juice for January delivery fell 0.9 percent to close at $1.065 a pound on ICE Futures U.S. in New York. The commodity, down 5.9 percent in October, has slumped 37 percent this year.

Raw-sugar futures for March delivery fell 0.5 percent to 19.46 cents a pound in New York. The price, down 4.7 percent this month, has declined 16 percent in 2012.

Cotton futures for December delivery dropped 1.2 percent to 70.07 cents a pound. Earlier, the price touched 69.83 cents, the lowest level since July 26. The commodity, down 0.8 percent in October, has declined 24 percent this year.

Cocoa futures for December delivery fell 0.1 percent to $2,388 a metric ton. The price dropped 5.1 percent this month. The commodity has climbed 13 percent in 2012.

Soft commodities markets: NI SOMKTS

LIVESTOCK

Cattle futures fell for the first time this week on speculation that U.S. restaurants and consumers on the East Coast will buy less beef after the destruction from superstorm Sandy. Hog prices rose.

Cattle futures for December delivery dropped 0.2 percent to settle at $1.25925 a pound on the Chicago Mercantile Exchange. Prices have increased 3.7 percent this year.

Hog futures for December settlement rose 0.2 percent to close at 78.275 cents a pound in Chicago. The commodity has slumped 7.1 percent this year.

Livestock markets: NI LVMKTS

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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