New York Oil Leads Drop as Silver Rebounds: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.8 percent to 638.16 at 5:03 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up less than 0.1 percent at 1,570.014.

CRUDE OIL

Oil fell for the first time in six days on concern that U.S. lawmakers will fail to avert a fiscal crisis after House Republican leaders canceled a planned vote on higher taxes for top earners.

West Texas Intermediate oil for February delivery fell $1.40, or 1.6 percent, to $88.73 a barrel on the New York Mercantile Exchange. The futures are up 2.3 percent this week.

Brent for February settlement slid 84 cents, or 0.8 percent, to $109.36 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a $20.63 premium to WTI, up from $20.07 yesterday.

Oil markets: NI OILMARKET

PRECIOUS METALS

Gold gained for the first time in four days as an impasse in U.S. budget talks boosted demand for the metal as an investment haven.

Gold futures for February delivery advanced 0.5 percent to $1,653.90 an ounce on the Comex in New York. The price dropped 3.1 percent in the previous three days on speculation that better economic data will ease pressure on the Federal Reserve to expand monetary stimulus.

Silver futures for March delivery rose 1.3 percent to $30.065 an ounce on Comex, paring this week’s loss to 6.9 percent.

On the New York Mercantile Exchange, platinum futures for January delivery dropped 0.5 percent to $1,538.50 an ounce, heading for a fifth straight decline. Palladium futures for March delivery lost 0.1 percent to $679.30 an ounce.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures fluctuated in New York on speculation that temperatures won’t be low enough to erase a surplus of the fuel in storage.

Natural gas for January delivery rose 0.1 cent to $3.463 per million British thermal units at 11:23 a.m. on the New York Mercantile Exchange. The futures are up 16 percent this year, heading for the first annual gain since 2007. Prices have risen 4.5 percent this week, approaching the first weekly increase since Nov. 23.

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

OIL PRODUCTS

Gasoline dropped as U.S. legislators delayed a vote on budget issues until after Christmas, fueling concerns that the world’s largest economy will face automatic spending cuts and tax increases in January.

Gasoline for January delivery fell 2.78 cents, or 1 percent, to $2.7265 a gallon on the New York Mercantile Exchange at 9:49 a.m.

January-delivery heating oil futures fell 2.75 cents, or 0.9 percent, to $3.03 a gallon on the Nymex.

The average nationwide cost for regular gasoline rose 1.3 cents to $3.232 a gallon, AAA said today on its website. That’s the first increase after 28 straight days of falling prices.

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

SOFT COMMODITIES

Arabica coffee rebounded from a 30-month low in New York on speculation prices fell too far as investors prepare to buy futures due to the changes in annual weighting changes in commodity indexes next year. Sugar rose.

Arabica coffee for March delivery was up 0.6 percent to $1.4375 a pound by 8:30 a.m. on ICE Futures U.S. in New York. Robusta coffee for March delivery gained 0.2 percent to $1,890 a metric ton on NYSE Liffe in London.

Cocoa for March delivery fell 0.2 percent to $2,324 a ton on ICE. The commodity gained 10.2 percent this year. Cocoa for March delivery gained 0.1 percent to 1,472 pounds ($2,389) a ton on NYSE Liffe. It’s up 6.7 percent this year.

Raw sugar for March delivery was little changed at 19.26 cents a pound in New York. It lost 14 percent this year. White, or refined, sugar for March delivery was up 0.5 percent to $518.70 a ton in London. It fell 17 percent this year.

Soft commodities markets: NI SOMKTS

LIVESTOCK

Cattle futures fell for a second day on speculation that demand will ebb for slaughter-ready animals as U.S. consumers reduce beef purchases. Hogs dropped.

Cattle futures for February delivery slid 0.3 percent to $1.3305 a pound at 9:53 a.m. on the Chicago Mercantile Exchange. Prices, which touched a record $1.345 on Dec. 19, were up 9.9 percent this year through yesterday as the U.S. herd shrunk.

Feeder-cattle futures for March settlement dropped 0.2 percent to $1.546 a pound on the CME.

Hog futures for February settlement fell 0.2 percent to 86.3 cents a pound in Chicago.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Soybeans rose from a one-month low on speculation that dry, warm weather in parts of Brazil will reduce yield potential and increase demand prospects for U.S. supplies. Corn climbed.

Soybean futures for March delivery rose 1.3 percent to $14.235 a bushel at 10:29 a.m. on the Chicago Board of Trade, heading for the first gain this week. The most-active contract yesterday touched $13.9775, the lowest since Nov. 20. The price jumped 16 percent this year through yesterday after dry weather reduced output in the U.S. to a four-year low.

Corn futures for March delivery advanced 0.7 percent to $7.015 a bushel in Chicago, heading for the first increase this week.

Grain markets: NI GRMKTS

BASE METALS

Copper rose in New York, heading for the biggest gain in almost two weeks on signs of improved demand in China, the world’s biggest user of the metal.

Copper futures for March delivery rose 1 percent to $3.5715 a pound at 11:06 a.m. on the Comex in New York, paring this week’s loss to 3 percent. A close at that level would be the biggest gain since Dec. 10.

On the LME, copper for delivery in three months gained 1.1 percent to $7,854.75 a ton ($3.56 a pound). Tin, aluminum and zinc rose in London. Lead and nickel dropped.

Base metals markets: NI BMMKTS

European Carbon Permits

European Union carbon permits for December 2013 fell 1.4 percent to 7.27 euros a metric ton.

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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