Sugar Gains Most in Three Weeks, Energy Up: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.9 percent to 637.14 at 6:13 p.m. New York time, led by agriculture and energy.

The UBS Bloomberg CMCI gauge of 26 prices rose 0.7 percent to 1,581.142.

SOFT COMMODITIES

Cotton futures rose as export demand climbed in the U.S., the world’s biggest shipper. Sugar gained the most in three weeks. Orange juice and cocoa increased, while coffee dropped.

Cotton for March delivery increased 0.7 percent to settle at 75.09 cents on ICE Futures U.S. in New York. The price climbed 1.8 percent this week.

Raw-sugar futures for March delivery climbed 2.5 percent to 19.01 cents a pound in New York, the biggest gain for a most- active contract since Nov. 19. The price dropped 1 percent this week.

Orange-juice futures for March delivery advanced 0.5 percent to $1.3815 a pound. This week, the price jumped 11 percent, the most since Jan. 20.

Cocoa futures for March delivery rose 0.5 percent to $2,435 a metric ton. The price rose 1 percent this week.

Arabica-coffee futures for March delivery dropped 0.3 percent to $1.4315 a pound. This week, the commodity slumped 7 percent, the most since July 27.

CRUDE OIL

Oil capped its fifth weekly gain since Nov. 2 as manufacturing grew in the U.S. and China, the world’s two biggest crude-consuming countries.

West Texas Intermediate crude for January delivery advanced 84 cents, or 1 percent, to settle at $86.73 a barrel on the New York Mercantile Exchange. Prices rose 0.9 percent since Dec. 7.

Brent for January settlement, which expired today, rose $1.24, or 1.1 percent, to $109.15 a barrel on the London-based ICE Futures Europe exchange. The more actively traded February contract gained $1.72 to $108.18. The European benchmark grade was at a premium of $22.42 to WTI.

NATURAL GAS

Natural gas futures dropped to an 11-week low in New York, capping a third weekly decline, as forecasts showed warmer-than- normal weather in late December that would reduce heating demand.

Natural gas for January delivery fell 3.3 cents to settle at $3.314 per million British thermal units on the Nymex, down 6.7 percent this week.

OIL PRODUCTS

Gasoline and heating oil advanced on indications that manufacturing is strengthening in the U.S., increasing optimism about the economy and fuel demand.

Gasoline for January delivery advanced 6 cents, or 2.3 percent, to settle at $2.6621 a gallon on the Nymex. Prices rose 2.5 percent this week, the largest weekly gain since the period ended Nov. 9, and narrowed the decline for the year to 0.9 percent.

Heating oil for January delivery advanced 3.7 cents, or 1.3 percent, to settle at $2.9807 a gallon on the exchange. Prices rose 2.2 percent this week and are up 1.6 percent this year.

The average nationwide cost for regular gasoline fell 1.5 cents to a $3.286 a gallon, AAA said today on its website. That’s the lowest level since Jan. 2.

BASE METALS

Copper futures advanced, capping the longest run of weekly gains in two years, on signs of an industrial recovery in China and the U.S., the biggest users of the metal.

Copper futures for March delivery climbed 0.6 percent to settle at $3.683 a pound on the Comex in New York. The metal added 0.5 percent this week, the fifth-straight weekly rise and the longest rally since December 2010.

On the London Metal Exchange, copper for delivery in three months slipped 0.1 percent to $8,065 a metric ton ($3.66 a pound).

Nickel, zinc and tin gained on the LME, while aluminum and lead fell.

PRECIOUS METALS

Gold was steady in New York as investors weighed additional U.S. stimulus and mounting concerns that lawmakers haven’t moved closer to resolving the country’s budget impasse.

Gold futures for February delivery rose 20 cents to settle at $1,697 an ounce at on the Comex. The metal was down 0.5 percent this week.

Silver futures for March delivery fell 0.2 percent to $32.299 an ounce, extending the weekly decline to 2.5 percent.

On the Nymex, platinum futures for January delivery climbed 0.1 percent to $1,614.50 an ounce. They added 0.5 percent this week.

Palladium futures for March delivery increased 1.5 percent to $702.05 an ounce. The metal gained 0.6 percent for the week.

GRAINS, OILSEEDS

Soybeans rose the most in a week on signs of increasing demand for supplies from the U.S., the world’s biggest producer. Corn and corn gained.

Soybean futures for March delivery increased 1.3 percent to close at $14.915 a bushel on the Chicago Board of Trade, the biggest advance since Dec. 5. The most-active contract gained for a fourth straight week and is up 23 percent this year.

Corn futures for March delivery climbed 1.5 percent to $7.3075 a bushel in Chicago, snapping a six-session decline. Yesterday, the price touched $7.15, the lowest since Nov. 16. The grain fell 0.9 percent this week and is down 14 percent since reaching a record $8.49 in August.

Wheat futures for March delivery gained 0.7 percent to settle at $8.14 a bushel. That’s below the price on NYSE Liffe in Paris, where soft wheat closed at 259 euros a metric ton, or $9.28 a bushel.

LIVESTOCK

Cattle futures rallied in Chicago, touching a record in electronic trading, on speculation that U.S. supplies will shrink. Hog prices slid.

Cattle futures for February delivery climbed 0.9 percent to settle at $1.326 a pound on the Chicago Mercantile Exchange. After the close, prices reached $1.3295 in electronic trading, the highest level for the most-active contract. Cattle last reached a record on Nov. 23.

Hog futures for February settlement slumped 0.6 percent to close at 85.4 cents a pound in Chicago. That was the first decline in five sessions, narrowing this week’s advance to 2.3 percent. Futures still are up 1.3 percent this year.

To contact the reporter on this story: Dan Murtaugh in Houston at dmurtaugh@bloomberg.net

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

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