Cotton Futures Jump as Copper Declines: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities was little changed at 631.20 by 5:45 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.2 percent at 1,575.632.

SOFT COMMODITIES

Cotton futures jumped the most in seven weeks after the U.S. Department of Agriculture said the domestic crop will be smaller than forecast last month. Sugar fell.

Cotton futures for March delivery advanced 2 percent to 74.9 cents a pound on ICE Futures U.S. in New York. A close at that price would mark the biggest gain for a most-active contract since Oct. 17. Through yesterday, the fiber climbed 14 percent from a 31-month low of 64.61 cents on June 4.

Raw-sugar futures for March delivery dropped 0.1 percent to 18.75 cents a pound in New York.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper fell in New York as investors awaited Federal Reserve economic estimates for the U.S., the world’s second- biggest consumer of the metal.

Copper for delivery in March declined 0.5 percent to $3.687 a pound on the Comex in New York. Prices reached a seven- week high yesterday. Copper for delivery in three months slid 0.5 percent to $8,094.75 a metric ton on the London Metal Exchange.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold prices fell for the first time in four sessions as investors awaited signals on whether Federal Reserve policy makers will expand monetary stimulus as they start a two-day meeting today.

Gold futures for February delivery slid 0.3 percent to $1,709.60 an ounce on the Comex in New York. Prices capped a third straight session of gains yesterday, the longest rally since Aug. 27.

Silver futures for March delivery fell 1.1 percent to $33.005 an ounce.

Precious metal markets: NI PCMKTS

CRUDE OIL

Oil fluctuated as German investor confidence jumped to a seven-month high in December and as OPEC members gathered in Vienna to discuss output levels.

Crude for January delivery rose 5 cents to $85.61 a barrel on the New York Mercantile Exchange. The contract dropped to $85.56 yesterday, the lowest close since Nov. 15. Prices are down 13 percent this year and are headed for the first annual decrease since 2008.

Brent for January settlement on the London-based ICE Futures Europe exchange gained 42 cents, or 0.4 percent, to $107.75 a barrel.

Oil markets: NI OILMARKET

OIL PRODUCTS

Heating oil advanced as an increase in German investor confidence signaled greater fuel demand and amid optimism that U.S. lawmakers will reach a budget deal.

Heating oil for January delivery rose 2.81 cents, or 1 percent, to $2.9243 a gallon on the New York Mercantile Exchange, the first increase in six days.

Gasoline for January delivery advanced 0.81 cent, or 0.3 percent, to $2.6062 a gallon, the third consecutive gain.

The average nationwide cost for regular gasoline fell 1.2 cents to a $3.328 a gallon, AAA said today on its website. That’s the lowest level since July 1. 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

LIVESTOCK

Hog futures fell in Chicago on signs of sliding demand for U.S. pork. Cattle prices gained.

Hog futures for February settlement declined 0.3 percent to 83.675 cents a pound on the Chicago Mercantile Exchange. Prices slid 0.4 percent this year through yesterday.

Cattle futures for February delivery rose 0.2 percent to $1.3055 a pound in Chicago. Through yesterday, the commodity climbed 7.3 percent this year as the U.S. herd shrunk.

Feeder-cattle futures for January settlement advanced 0.4 percent to $1.504 a pound on the CME.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Corn futures fell, heading for the longest slump in six weeks, on speculation that rising global grain supplies will reduce demand for livestock feed. Soybeans dropped as rain may boost yields in Brazil.

Corn futures for March delivery slid 0.4 percent to $7.2725 a bushel on the Chicago Board of Trade. The price headed for the fourth consecutive decline, the longest slump since Oct. 29. Wheat prices fell to a five-month low.

Soybean futures for January delivery fell 0.2 percent to $14.7225 a bushel.

Grain markets: NI GRMKTS

To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net

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

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