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Soybean Drops as Natural Gas Gains: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities declined 0.2 percent to 633.32 at 4 p.m. in New York. The UBS Bloomberg CMCI index of 26 raw materials was down 0.1 percent at 1,550.544.

SOFT COMMODITIES

Coffee futures in New York tumbled the most since July on signs that global supplies will be sufficient to meet rising demand, as harvesting advances in Central America.

Arabica-coffee futures for March delivery sank 4.4 percent to settle at $1.5125 a pound on ICE Futures U.S. in New York, the biggest slide since July 24. Prices plunged to a 28-month low of $1.499 on Nov. 8.

Also on ICE, cocoa futures for March delivery advanced 0.5 percent to $2,387 a metric ton.

Orange-juice futures for January delivery surged 3.3 percent to $1.0955 a pound, the biggest increase since Aug. 22.

Raw-sugar futures for March delivery fell less than 0.1 percent to 19.35 cents a pound on ICE.

Cotton futures for March delivery slid 0.8 percent to 70.61 cents a pound.

Soft commodities markets: NI SOMKTS

NATURAL GAS

Natural gas futures rose to a one-year high in New York on speculation that U.S. inventories will drop for the first time this season as below-normal temperatures spur fuel demand.

Natural gas for December delivery jumped 16.9 cents to $3.739 per million British thermal units on the New York Mercantile Exchange, the highest settlement price since Nov. 8, 2011. The futures had their biggest one-day percentage increase since Oct. 1, excluding contract rollover days. Prices are up 4.3 percent from a year ago.

U.S. natural gas: NI NUSMKT

U.K. natural gas: NI NUKMKT

GRAINS, OILSEEDS

Wheat fell to the lowest in two weeks on signs of slack demand for inventories from the U.S., the world’s biggest exporter.

Wheat futures for December delivery dropped 0.8 percent to settle at $8.6575 a bushel on the Chicago Board of Trade, the third straight decline.

Soybean futures for January delivery gained 0.2 percent to $14.08 a bushel in Chicago.

Corn futures for March delivery rose 0.6 percent to $7.2625 a bushel.

Grain markets: NI GRMKTS

BASE METALS

Copper futures rose for the second straight day as U.S. equities erased losses and Spanish bond yields dropped, easing concerns that Europe’s debt woes will erode commodity demand.

Copper futures for December delivery gained 0.1 percent to settle at $3.471 a pound on the Comex in New York.

On the London Metal Exchange, copper for delivery in three months rose 0.5 percent to $7,680 a metric ton ($3.48 a pound).

Aluminum, tin and zinc gained in London, while nickel and lead declined.

Base metals markets: NI BMMKTS

CRUDE OIL

Oil dropped for a second day as the International Energy Agency cut its demand estimate and U.S. inventories were expected to reach a three-month high.

Crude for December delivery slid 19 cents to settle at $85.38 a barrel on the Nymex after climbing to $85.95. Prices are down 14 percent this year.

Brent for December settlement declined 81 cents, or 0.7 percent, to $108.26 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline fell on concern that economic growth may slow as European leaders disagreed on how Greece would repay its debt and a budget showdown loomed in Washington between President Barack Obama and House Republicans.

Gasoline for December delivery fell 2.25 cents, or 0.8 percent, to $2.6538 a gallon on the Nymex.

December-delivery heating oil declined 3.84 cents, or 1.3 percent, to $2.9608 a gallon a gallon on the exchange.

The average nationwide cost for regular gasoline rose 0.3 cent to $3.44 a gallon, AAA said today on its website. Since Oct. 7, prices are down 37.8 cents. The pump price reached a 2012 high of $3.936 on April 4.

U.S. oil product futures: NI OPFMKT

Oil Products Europe: NI OPEMKT

Gasoline: NI GASOLINE

Heating oil: NI HEATOIL

PRECIOUS METALS

Platinum capped the biggest gain in almost two weeks on signs that output will trail demand after labor disputes in South Africa, the world’s biggest producer.

Platinum futures for January delivery climbed 1.3 percent to settle at $1,586.40 an ounce on the Nymex, the biggest advance for a most-active contract since Oct. 31. The metal has gained 13 percent this year.

Palladium futures for December delivery jumped 4.7 percent to $636.60 an ounce on the Nymex, the biggest increase since Aug. 23.

Gold futures for December delivery fell 0.4 percent to close at $1,724.80 an ounce on the Comex. Prices are still up 10 percent this year, heading for a 12th straight annual gain.

Silver futures for December delivery dropped 0.1 percent to $32.487 an ounce in New York. The price has rallied 16 percent this year.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hog futures climbed to a 15-week high on signs of shrinking U.S. pork supplies and higher processing demand for animals.

Hog futures for December settlement rose 0.2 percent to close at 80.5 cents a pound in Chicago. Earlier, the price reached 81.35 cents, the highest since July 31.

Cattle futures for December delivery climbed 0.4 percent to close at $1.258 a pound. The commodity has gained 3.6 percent this year.

Feeder-cattle futures for January settlement increased 0.1 percent to $1.4615 a pound.

Livestock markets: NI LVMKTS

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

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

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