U.S. November Producer Prices Fall 0.1%; Core Rate Rises 0.1%
Zinc Climbs Most in 10 Weeks as Gold Gains: Commodities at Close
The Standard & Poor’s GSCI gauge of 24 commodities rose 0.4 percent to 648.46 by 4:52 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.5 percent at 1,577.921. U.S. markets were closed yesterday for the Thanksgiving holiday.
Zinc rose the most in 10 weeks and copper climbed amid optimism that European leaders are moving toward a deal to stem Greece’s fiscal crisis and after a report showed German business confidence unexpectedly rose in November.
Copper futures for delivery in March rose 0.7 percent to $3.5325 a pound on the Comex in New York, heading for the second straight weekly advance. Floor trading was closed yesterday for the U.S. Thanksgiving holiday.
On the LME, copper for delivery in three months climbed 0.7 percent to $7,771.75 a metric ton ($3.53 a pound).
Zinc rose as much as 2.2 percent, the most since Sept. 14. Tin, aluminum, nickel and lead also gained in London.
Base metals markets: NI BMMKTS
Gold gained, heading for the second weekly gain in three, as a weaker dollar spurred demand for the metal as an alternative investment.
Gold futures for December delivery rose 0.3 percent to $1,732.90 an ounce on the Comex in New York.
Silver futures for March delivery added 0.2 percent to $33.505 an ounce.
Precious metal markets: NI PCMKTS
Cattle futures extended a rally to a record amid shrinking supplies of U.S. beef and increasing demand for the meat as grocers boost purchases before the Christmas holiday.
Cattle futures for February delivery rose 0.5 percent to $1.323 a pound on the Chicago Mercantile Exchange. Earlier, the price reached $1.32525, a record for the most-active contract.
Feeder-cattle futures for January settlement gained 0.1 percent to $1.475 a pound in Chicago.
Hog futures for February settlement increased 0.9 percent to 87.9 cents a pound.
Livestock markets: NI LVMKTS
Corn rose to a two-week high and wheat and soybeans gained after a report showed increasing demand for exports from the U.S., the world’s top shipper.
Corn futures for March delivery rose 0.4 percent to $7.48 a bushel on the Chicago Board of Trade. Earlier, the price reached $7.53, the highest for a most-active contract since Nov. 9.
Wheat futures for March delivery gained 0.3 percent to $8.6225 a bushel. Earlier, the price reached $8.675, the highest since Nov. 15.
Soybean futures for January delivery gained 0.6 percent to $14.165 a bushel. The oilseed, used to make animal feed and cooking oil, headed for the first weekly gain this month.
Grain markets: NI GRMKTS
Oil advanced after German business confidence unexpectedly rose in November from the lowest level in 2 1/2 years, signaling Europe’s largest economy may gain strength.
Crude oil for January delivery rose $1.04, or 1.2 percent, to $88.42 a barrel on the New York Mercantile Exchange. Futures, which are up 2 percent this week, have dropped 11 percent this year. The exchange will close at 1:30 p.m. New York time today, an hour earlier than usual.
Brent for January settlement increased 83 cents, or 0.8 percent, to $111.38 a barrel on the London-based ICE Futures Europe exchange. The contract is heading for a 2.2 percent gain this week.
Oil markets: NI OILMARKET
Gasoline and heating oil futures fluctuated in light volume as the last refinery on the U.S. East Coast shut by Hurricane Sandy worked to restart, easing supply concerns, and as crude oil gained on Middle East tensions.
December-delivery gasoline gained 0.85 cent, or 0.3 percent, to $2.758 a gallon on the New York Mercantile Exchange after dropping 1.1 percent earlier. Volume was 15,882 contracts as of 10 a.m., compared with 25,916 lots at the same time Nov. 21.
Heating oil for December delivery gained 1.81 cents, or 0.6 percent, to $3.0903 a gallon on the Nymex after touching $3.0443 earlier.
Regular gasoline at the pump averaged nationwide fell 0.1 cent yesterday to $3.431 a gallon, AAA said today on its website. The pump price reached a 2012 high of $3.936 on April 4.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
Natural gas futures fluctuated near a one-year high as predictions of colder weather boosted demand for the fuel.
Natural gas for December delivery gained 0.6 cent, or 0.2 percent, to $3.909 per million British thermal units on the New York Mercantile Exchange after falling as low as $3.83.
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
European Carbon Permits
European Union carbon permits for December gained 3.4 percent to 7.02 euros a ton on the ICE Futures Europe exchange.
EU Carbon Emissions: NI ECBMKT
Arabica-coffee futures fell to a one-week low on signs of rising supplies in Brazil, the world’s biggest grower. Sugar and cotton also dropped, while orange juice and cocoa gained.
Arabica-coffee futures for March delivery fell 1.7 percent to $1.509 a pound on ICE in New York, after touching $1.5055, the lowest since Nov. 15.
Also on ICE, raw-sugar futures for March delivery slumped 2.2 percent to 19.2 cents a pound, while cotton futures for March delivery dropped 0.3 percent to 72.43 cents a pound.
Orange-juice futures for January delivery climbed 0.2 percent to $1.256 a pound in New York. Cocoa futures for March delivery advanced 0.5 percent to $2,488 a metric ton on ICE.
Soft commodities markets: NI SOMKTS
To contact the editor responsible for this story: John Deane at email@example.com