Coffee Drops to 29-Month Low as Gold Falls: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities was little-changed at 637.36 at 4:17 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.1 percent at 1,554.54.

SOFT COMMODITIES

Arabica-coffee futures fell to a 29-month low on concern that slowing economies will crimp demand amid signs of improving output in Brazil, the world’s top grower. Sugar slid. Cocoa, cotton and orange juice rose.

Arabica coffee for March delivery declined 0.3 percent to $1.5225 a pound on ICE Futures U.S. in New York. Earlier, the price reached $1.4945, the lowest for a most-active contract since June 15, 2010.

Raw-sugar futures for March delivery fell 1 percent to 19.05 cents a pound on ICE, after reaching 18.96 cents, the lowest since Nov. 9.

Also in New York, cocoa futures for March delivery advanced 1 percent to $2,481 a metric ton. Earlier, the commodity touched $2,487, the highest since Oct. 24.

Cotton futures for March delivery rose 0.8 percent to 71.8 cents a pound on ICE. Orange-juice futures for January delivery climbed 1.9 percent to $1.1525 a pound in New York, after touching $1.16, the highest since Oct. 18.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold futures fell to a one-week low after a report showed that global demand ebbed in the third quarter.

Gold futures for December delivery dropped 1 percent to $1,712.50 an ounce on the Comex, heading for the biggest drop since Nov. 2. Earlier, the price touched $1,704.50, the lowest for a most-active contract since Nov. 7.

Silver futures for December delivery slid 1.4 percent to $32.415 an ounce on the Comex.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures tumbled in New York after a government report showed a smaller-than-forecast inventory decline last week.

Gas for December delivery slipped 4.3 cents, or 1.1 percent, to $3.717 per million British thermal units on the New York Mercantile Exchange. The futures are up 9.2 percent from a year ago.

U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

BASE METALS

Copper pared a gain in New York after the euro-area economy entered recession for the second time in four years, sapping prospects for demand.

Copper for delivery in December was little changed at $3.453 a pound on the Comex in New York after gaining as much as 0.6 percent. The metal has mostly traded between about $3.40 and $3.50 this month, according to figures compiled by Bloomberg.

On the London Metal Exchange, copper for delivery in three months retreated 0.3 percent to $7,620 a metric ton.

Nickel and tin also declined in London. Zinc, lead and aluminum gained.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Wheat rose for the first time in a week on speculation that warm, dry weather may reduce U.S. yields, increasing demand for shrinking global supplies. Corn and soybeans fell on favorable South American crop weather.

Wheat futures for March delivery rose 0.4 percent to $8.6775 a bushel on the Chicago Board of Trade. The contract fell 4.7 percent the past four sessions.

Corn futures for March delivery dropped 0.4 percent to $7.265 a bushel. The most-active futures touched $7.1425 on Nov. 13, the lowest since Sept. 28.

Soybean futures for January delivery declined 0.5 percent to $14.1175 a bushel on the CBOT, heading for the first drop in three sessions. The oilseed touched $13.9125 on Nov. 13, the lowest since June 22.

Grain markets: NI GRMKTS

OIL PRODUCTS

Gasoline rose after an industry-funded report that East Coast supplies fell last week and fighting between Israel and Palestinian militants boosted Brent.

Gasoline for December delivery rose 2.08 cents, or 0.8 percent, to $2.6998 a gallon on the New York Mercantile Exchange.

December-delivery heating oil rose 2.25 cents, or 0.8 percent, to $3.0107 a gallon on the exchange.

Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL

CRUDE OIL

Oil rose for a second day as Israel and Palestinian militants exchanged fire in the Gaza Strip, raising concern that escalating Middle East tension will disrupt supplies.

Crude for December delivery rose 40 cents, or 0.5 percent, to $86.72 a barrel on the New York Mercantile Exchange. Prices have lost 12 percent this year.

Brent for December settlement, which expires today, gained $1.26, or 1.2 percent, to $110.87 a barrel on the London-based ICE Futures Europe exchange. The more actively traded January contract advanced 89 cents to $109.37.

Oil markets: NI OILMARKET

European Carbon Permits

European Union carbon permits for December dropped 8.1 percent to 7.28 euros a metric ton on the ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Hog futures rose in Chicago on signs of shrinking U.S. pork supplies and higher processing demand for animals. Cattle prices were little changed.

Hog futures for February settlement rose 0.2 percent to 86.25 cents a pound on the Chicago Mercantile Exchange.

Cattle futures for February delivery fell 0.l percent to $1.2905 a pound on the CME. Feeder-cattle futures for January settlement declined 0.1 percent to $1.44775 a pound.

Livestock markets: NI LVMKTS

To contact the reporter on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net

To contact the editor responsible for this story: John Deane at jdeane3@bloomberg.net

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