Heating Oil Leads Gains as Silver Declines: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.5 percent to 640.13 at 5:56 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.5 percent at 1,577.367.

OIL PRODUCTS

Gasoline and heating oil rose on optimism that the White House is closer to a budget deal with House Speaker John Boehner.

Gasoline for January delivery rose 1.5 percent to $2.6893 a gallon on the New York Mercantile Exchange. Gasoline erased its loss for the year to gain 0.4 percent.

Heating oil for January delivery advanced 1.7 percent to $3.0057 a gallon, for a 2.4 percent gain this year.

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

PRECIOUS METALS

Silver futures slumped 1.8 percent to $31.695 an ounce and gold fell 1.2 percent to $1,677.60 an ounce on the Comex in New York.

Precious metal markets: NI PCMKTS

SOFT COMMODITIES

Orange-juice futures climbed to a seven-month high in New York on speculation that dry weather will further damage citrus crops in Florida after the U.S. cut its estimate for production last week.

Orange juice for March delivery rose 1.3 percent to $1.4025 a pound at 11:55 a.m. on ICE Futures U.S. in New York, after touching $1.41, the highest for a most-active contract since May 1.

Sugar fell on speculation that production in Brazil’s Center South, the main growing region of the world’s top producer, will reach a record this year and next. Cocoa and cotton slid. Coffee rose.

Cocoa futures for March delivery retreated 0.9 percent to $2,403 a ton on ICE, paring the gain this year to 14 percent.

Also in New York, cotton futures for March delivery declined 0.3 percent on ICE, extending this year’s slide to 18 percent.

Arabica-coffee futures for March delivery added 0.7 percent to $1.47 a pound. This year, the price is down 35 percent, the most among the 24 raw materials tracked by the Standard & Poor’s GSCI Spot Index.

Soft commodities markets: NI SOMKTS

NATURAL GAS

Natural gas futures advanced for a second day in New York on forecasts for colder-than-normal weather that would boost demand for the heating fuel.

Natural gas for January delivery rose 6.1 cents, or 1.8 percent, to $3.419 per million British thermal units at 11:28 a.m. on the New York Mercantile Exchange. The futures are up 14 percent this year, heading for the first annual gain since 2007.

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

LIVESTOCK

Hog futures climbed on speculation that lower pork prices will encourage U.S. consumers to favor the meat over more costly beef. Cattle rose.

Hog futures for February settlement increased 0.1 percent to 84.8 cents a pound at 10:51 a.m. on the Chicago Mercantile Exchange. Prices are up 0.5 percent this year through yesterday.

Cattle futures for February delivery climbed 0.2 percent to $1.3375 a pound, after reaching $1.3405, the highest ever for the most-active contract. Prices are up 9.9 percent this year through yesterday.

Feeder-cattle futures for January settlement rose less than

percent to $1.54325 a pound on the CME.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Soybean futures tumbled the most in five weeks after China, the world’s largest consumer, canceled purchases from the U.S. Corn also declined.

Soybean futures for March delivery slid 1.6 percent to $14.645 a bushel at 9:57 a.m. on the Chicago Board of Trade, heading for the biggest drop since Nov. 12. Yesterday, the price touched $15.0125, the highest since Nov. 8. Most-active futures through yesterday gained 23 percent this year after a drought in the U.S. reduced output and prompted concern that global supplies will fall short of growing demand from China.

Corn futures for March delivery declined 0.8 percent at $7.1825 a bushel in Chicago. The price through yesterday gained 12 percent in 2012 after drought cut U.S. production to a six- year low. The grain reached a record $8.49 on Aug. 10.

Wheat futures fell 0.4 percent to $8.0475 a bushel.

Grain markets: NI GRMKTS

CRUDE OIL

Oil climbed for a third day in New York on signs an agreement will be reached on the U.S. budget, avoiding automatic spending cuts and tax increases next year.

Crude oil for January delivery advanced 80 cents, or 0.9 percent, to $88 a barrel at 12:03 p.m. on the New York Mercantile Exchange. The contract, which expires tomorrow, touched $88.16, the highest intraday price since Dec. 6. The more-actively traded February future rose 75 cents to $88.42.

Brent oil for February settlement rose $1.19, or 1.1 percent, to $108.83 a barrel on the London-based ICE Futures Europe exchange. The front-month European benchmark was at a $20.41 premium to the corresponding West Texas Intermediate contract traded in New York. The spread was $19.97 yesterday, the narrowest since Oct. 19.

Oil markets: NI OILMARKET

BASE METALS

Copper fell for a second straight day in New York as rising stockpiles and an impasse in U.S. budget talks signaled weakening demand.

Copper futures for March delivery slid 0.3 percent to $3.655 a pound at 12:30 p.m. on the Comex in New York after dropping 0.5 percent yesterday. The price is up 6.4 percent this year.

Copper for delivery in three months declined 0.5 percent on the LME to $8,021 a metric ton ($3.64 a pound).

Aluminum and zinc also fell in London. Lead, nickel and tin advanced.

Base metals markets: NI BMMKTS

European Carbon Permits

European Union carbon permits for December fell 1.8 percent to 6.55 euros a metric ton, the fourth consecutive drop.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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