Cocoa and Coffee Rise as Silver Falls: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 2 percent to 626.07 in New York. Cocoa and coffee increased and silver decreased.

The UBS Bloomberg CMCI index of 26 raw materials decreased 1.6 percent to 1,544.894 at 5:59 p.m.

SOFT COMMODITIES

Cotton futures rebounded from a three-month low after a government report signaled improving demand for supplies from the U.S., the world’s biggest exporter. Coffee, cocoa, sugar and orange juice also advanced.

Cotton for December delivery increased 0.2 percent to settle at 70.35 cents a pound on ICE Futures U.S. in New York, after slipping to 69.66 cents, the lowest for a most-active contract since July 26. Prices ended the week down 2.9 percent.

Arabica-coffee futures for December delivery climbed 0.8 percent to $1.547 a pound on ICE, the first advance in four days. This week, the price posted a 1.9 percent decline, the fifth straight and the longest rout since October 2011.

Cocoa futures for December delivery increased 1.1 percent to $2,447 a metric ton, extending its weekly gain to 2.7 percent. Also in New York, raw-sugar futures for March delivery rose 0.4 percent to 19.45 cents a pound, the first gain in three days.

Orange-juice futures for January delivery climbed 0.3 percent to $1.0625 a pound on ICE, paring this week’s decline to 5.1 percent.

Soft markets: NI SOMKTS

PRECIOUS METALS

Gold tumbled the most in more than four months to below $1,700 an ounce as U.S. payrolls in October rose more than forecast, easing pressure on the Federal Reserve to expand monetary stimulus.

Gold for December delivery tumbled 2.3 percent to settle at $1,675.20 on the Comex in New York, the biggest drop for a most- active contract since June 21.

Silver for December delivery plunged 4.3 percent to $30.857 an ounce in New York, the biggest fall since June 21.

Platinum for January delivery fell 1.8 percent to $1,544.90 an ounce on the New York Mercantile Exchange.

Palladium for December delivery slumped 2.1 percent to $599.65 an ounce.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures dropped in New York for the first time in five days as the outlook for milder weather and East Coast power failures signaled reduced demand for the fuel.

Natural gas for December delivery declined 14.5 cents to settle at $3.554 per million British thermal units on the New York Mercantile Exchange. Gas gained 4.5 percent this week and is down 5.2 percent from a year ago.

Gas markets: NI NUSMKT

BASE METALS

Copper fell to the lowest price in eight weeks in New York as expanding stockpiles fueled concern that demand is slowing in China, the world’s biggest user of the metal.

Copper futures for delivery in December slid 2 percent to settle at $3.4816 a pound on the Comex. After the close, the price touched $3.4725, the lowest level for a most-active contract since Sept. 5. The metal fell for a fourth straight week, the longest slump since June 8.

On the LME, copper for delivery in three months retreated 2.1 percent to $7,665 a ton ($3.48 a pound).

Nickel, aluminum, zinc, lead and tin declined in London.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Soybean futures dropped for the first time in four days on speculation that rain will bolster crops in Brazil, reducing demand for U.S. supplies from the U.S.

Soybean futures for January delivery dropped 2.1 percent to close at $15.2675 a bushel on the Chicago Board of Trade. The oilseed fell 2.4 percent this week.

Corn futures for December delivery dropped 1.5 percent to $7.395 a bushel in Chicago, the biggest decline since Oct. 25. The price gained 0.2 percent this week.

Grain markets: NI GRMKTS

CRUDE OIL

Oil fell to the lowest level in almost four months on speculation that the shutdown of refineries on the U.S. East Coast because of Hurricane Sandy will add to ample supplies.

Crude oil for December delivery fell $2.23, or 2.6 percent, to $84.86 a barrel on the Nymex, the lowest settlement since July 10. Prices fell 1.6 percent this week. The loss for 2012 is 14 percent.

Brent oil for December slid $2.49, or 2.3 percent, to $105.68 a barrel on the London-based ICE Futures Europe exchange, the lowest settlement since July 31.

Oil markets: NI CRMKTS

OIL PRODUCTS

Heating oil and gasoline tumbled after the U.S. eased shipping requirements to increase supply to the Northeast and as terminals and pipelines returned to service after Hurricane Sandy.

Heating oil for December delivery declined 8.58 cents, or 2.8 percent, to settle at $2.9474 a gallon on the Nymex, the lowest level since Aug. 6. It was the biggest decline in three months.

Gasoline for December delivery fell 6 cents, or 2.3 percent, to settle at $2.5736 a gallon on the exchange.

Oil product markets: NI OPMKT

LIVESTOCK

Hog futures fell, capping the biggest weekly drop in a month, as pork demand ebbed after Hurricane Sandy left millions without power in the U.S. Northeast. Cattle prices gained. hogs. That could be keeping some pressure on them.’’

Hog futures for December settlement fell 0.2 percent to close at 77.75 cents a pound on the Chicago Mercantile Exchange. This week, the price dropped 1.5 percent, the most since Sept. 28.

Cattle futures for December delivery rose 0.1 percent to $1.25425 a pound in Chicago.

Feeder-cattle futures for January settlement gained 0.2 percent to $1.46675 a pound.

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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