Gold, Copper Climb on Stimulus, U.S. Data: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.4 percent to settle at 631.53 at 3:54 p.m. New York time, led by metals.

The UBS Bloomberg CMCI gauge of 26 prices advanced 0.2 percent to 1,552.55.

PRECIOUS METALS

Gold climbed for the third time this week on signs that increasing global stimulus measures will boost investor demand for a hedge against inflation.

The European Central Bank stands ready to activate its bond-purchase program if governments fulfill necessary conditions, ECB President Mario Draghi said. President Barack Obama faces a so-called fiscal cliff of $600 billion in tax increases and spending cuts to start in January unless Congress acts.

On the Comex in New York, gold futures for December delivery rose 0.7 percent to $1,726 an ounce.

Silver futures for December delivery advanced 1.8 percent to $32.24 an ounce.

On the New York Mercantile Exchange, platinum futures for January delivery increased 0.2 percent to $1,542.50 an ounce.

Palladium futures for December delivery gained 0.7 percent to $614.35 an ounce.

BASE METALS

Copper rose from a two-month low after fewer Americans than forecast filed claims for unemployment insurance, the U.S. trade gap unexpectedly narrowed and speculation mounted that China’s economy may stabilize.

On the Comex, copper futures for delivery in December rose 0.8 percent to $3.4695 a pound. Yesterday, the price touched $3.431 yesterday, the lowest for a most-active contract since Aug. 31.

On the London Metal Exchange, copper for delivery in three months advanced 0.3 percent to $7,630 a metric ton ($3.46 a pound). Aluminum, tin, nickel, lead and zinc also climbed.

CRUDE OIL

Crude oil climbed from a four-month low after fewer Americans than expected filed claims for unemployment insurance and Greek lawmakers approved a package of austerity measures needed to unlock more financial aid.

On the Nymex, oil futures for December delivery rose 0.8 percent to $85.09 a barrel. The contract fell yesterday to $84.44, the lowest settlement since July 10.

Brent oil for December settlement increased 0.4 percent to $107.25 a barrel on the London-based ICE Futures Europe exchange.

Vitol Group sold North Sea Forties crude at the highest in almost one month. No bids or offers were made for Russian Urals blend for the third straight day.

Eni SpA declared force majeure on exports from the Brass terminal in Nigeria. The loss to Eni is 5,000 barrels of oil equivalent a day. Shipments of benchmark Qua Iboe and Bonny Light were delayed or canceled, according to two revised loading programs obtained by Bloomberg News.

OIL PRODUCTS

Gasoline gained as a coastal storm that brought snow and flooding to U.S. East Coast areas recovering from Hurricane Sandy may delay fuel imports.

On the Nymex, gasoline futures for December delivery climbed 0.7 percent to $2.6073 a gallon.

Heating-oil futures for December delivery slid 0.2 percent to $2.9554 a gallon.

NATURAL GAS

Natural gas advanced for the second time in three days after a government report showed a smaller-than-forecast increase in U.S. inventory.

On the Nymex, gas futures for December delivery rose 0.8 percent to $3.608 per million British thermal units.

U.K. gas for same-day delivery dropped as demand was forecast for fall tomorrow for the fourth straight day.

The price fell 1.1 percent to 64.5 pence a therm at 5:11 p.m. in London, according to broker data compiled by Bloomberg. That’s the equivalent of $10.31 per million Btu.

SOFT COMMODITIES

Cocoa futures fell to a three-month low on speculation that economic woes in the U.S. and Europe will damp demand.

On ICE Futures U.S. in New York, cocoa for December delivery dropped 2.5 percent to $2,340 a ton. Earlier, the price touched $2,327, the lowest since July 31.

Raw-sugar futures for March delivery dropped 0.6 percent to 18.84 cents a pound after reaching 18.69 cents, the lowest since Aug. 12, 2010.

Cotton futures for December delivery fell 0.8 percent to 69.26 cents a pound.

Orange-juice futures for January delivery slid 0.5 percent to $1.094 a pound.

Arabica-coffee futures for December delivery rose 0.1 percent to $1.514 a pound.

GRAINS, OILSEEDS

Wheat rose to the highest in almost six weeks on speculation that the U.S. government will reduce its estimate on global stockpiles as output drops in Russia and France.

On the Chicago Board of Trade, wheat futures for December delivery gained 1 percent to $9.025 a bushel. Earlier, the grain reached $9.05, the highest since Sept. 28.

Soybean futures for January delivery dropped 0.7 percent to $14.9575 a bushel.

Corn futures for December delivery slid 0.4 percent to $7.4125 a bushel.

LIVESTOCK

Hog prices rose to a three-month high on speculation that U.S. demand for pork is increasing.

On the Chicago Mercantile Exchange, hog futures for December settlement advanced 0.1 percent to 80.2 cents a pound. Earlier, the price reached 80.75 cents, the highest since July 31.

Cattle futures for December delivery rose 0.4 percent to close at $1.25425 a pound.

Feeder-cattle futures for January settlement increased 0.3 percent to $1.45875 a pound.

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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