Orange Juice Rallies to Seven-Month High: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.9 percent to 637.58 by 4:51 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.4 percent at 1,582.541.

SOFT COMMODITIES

Orange-juice futures rose to the highest in more than seven months on bets that dry weather will curb production in Florida, the world’s second-largest citrus grower.

Orange juice for January delivery jumped 5.8 percent to $1.374 a pound on ICE Futures U.S. in New York, after touching $1.3815, the highest for a most-active contract since May 1.

Cocoa futures for March delivery increased 1.6 percent to $2,418 a metric ton on ICE.

Also in New York, arabica-coffee futures fell 1.1 percent to $1.478 a pound.

Raw-sugar futures for March delivery declined 1.8 percent to 18.54 cents a pound on ICE.

Cotton futures for March delivery added 0.4 percent to 75.21 cents a pound.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Oil futures reduced gains after the U.S. Energy Department said crude stockpiles unexpectedly increased last week as gasoline inventories climbed more than twice as much as forecast.

Crude oil for January delivery advanced 75 cents, or 0.9 percent, to $86.54 a barrel on the New York Mercantile Exchange. Oil traded at $86.80 a barrel before release of the inventory report at 10:30 a.m.

Oil markets: NI OILMARKET

OIL PRODUCTS

Heating oil and gasoline rose after a crude unit was shut at the largest refinery in the U.S. following a fire.

Heating oil for January delivery advanced 1.9 percent, to $2.9827 a gallon on the New York Mercantile Exchange. Gasoline for January delivery rose 1.6 percent, to $2.6516 a gallon.

The average nationwide cost for regular gasoline fell 1.3 cents to a $3.315 a gallon, AAA said today on its website. That’s the lowest level since Jan. 2.

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

BASE METALS

Copper was little changed in New York before a Federal Reserve announcement that economists said will show greater accommodation aimed at spurring growth in the U.S., the world’s second-biggest consumer of the metal.

Copper futures for delivery in March added 0.3 percent to $3.6965 a pound on the Comex in New York, after adding as much as 0.7 percent earlier today.

On the London Metal Exchange, copper for delivery in three months increased 0.2 percent to $8,115.50 a metric ton ($3.67 a pound).

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures rose to a one-week high on speculation that the Federal Reserve will announce an expansion of U.S. asset purchases.

Gold futures for February delivery rose 0.2 percent to $1,713.10 an ounce on the Comex in New York. Earlier, the metal reached $1,720.40, the highest for a most-active contract since Dec. 3.

Silver futures for March delivery gained 0.7 percent to $33.25 an ounce.

Precious metal markets: NI PCMKTS

LIVESTOCK

Dec. 12 (Bloomberg) -- Cattle futures advanced for a second day on speculation that U.S. beef supplies are tightening as the feedlot herd shrinks. Hog prices were little changed.

Cattle futures for February delivery rose less than 0.1 percent to $1.32 a pound on the Chicago Mercantile Exchange. Through yesterday, the commodity is up 8.6 percent this year as the U.S. herd shrunk.

Feeder-cattle futures for January settlement climbed 0.5 percent to $1.529 a pound on the CME.

Hog futures for February settlement advanced 0.1 percent to 84.225 cents a pound in Chicago. Prices fell 0.1 percent this year.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Wheat futures fell, extending a slump to a five-month low, after a U.S. Department of Agriculture report yesterday showed global inventory was bigger than analysts forecast.

Wheat futures for March delivery fell 0.4 percent to $8.18 a bushel on the Chicago Board of Trade. The price earlier touched $8.09, the lowest for a most-active contract since July 11. Yesterday, the grain tumbled 3.2 percent, the most since Oct. 12.

Soybean futures for March delivery were little changed at $14.7175 a bushel on the Chicago Board of Trade.

Corn futures for March delivery slid 0.4 percent to $7.25 a bushel.

Grain markets: NI GRMKTS

NATURAL GAS

Natural gas futures dropped to a six-week low in New York, sliding for a fifth day, on forecasts of a smaller-than-normal decline in inventories last week.

Natural gas for January delivery fell 3.9 cents, or 1.1 percent, to $3.373 per million British thermal units on the New York Mercantile Exchange. The futures are up 13 percent this year. Gas slipped to $3.366 per million Btu in earlier trading, the lowest intraday price since Oct. 29.

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 fell 0.9 percent to 6.78 euros a ton on the ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

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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