Soybeans Lead Rebound as Aluminum Slumps: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.4 percent to 6562.12 at 5:29 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.1 percent at 1,576.989.

GRAINS, OILSEEDS

Soybeans rose the most in more than four months on signs that U.S. supplies are tightening amid higher demand from feed producers and overseas buyers. Corn reached a one-month high.

Soybean futures for March delivery jumped 2.7 percent to $14.10 a bushel on the Chicago Board of Trade, heading for the biggest gain since Aug. 21. The price is down 21 percent since reaching a record $17.89 on Sept. 4 as rains boosted crop potential in South America.

Corn futures for March delivery gained 2 percent to $7.2275 a bushel in Chicago after touching $7.2675, the highest for the most-active contract since Dec. 17. The grain is headed for a sixth straight advance, the longest rally since Feb. 29.

Wheat climbed 2.3 percent to $7.7175 a bushe.

Grain markets: NI GRMKTS

BASE METALS

Copper futures fell to a two-week low as a decline in U.S. equities sparked concern that the economic recovery may slow, dimming prospects for metal demand. Aluminum fell 2.1 percent.

Copper futures for March delivery fell 0.2 percent to $3.646 a pound on the Comex in New York. Earlier, the price touched $3.637, the lowest for a most-active contract since Dec. 31. The metal dropped 1.5 percent on Jan. 11 as accelerating inflation in China fueled speculation that the government will curb economic stimulus.

Earlier today, copper gained as much as 1 percent after U.S. and Japanese officials indicated that stimulus programs may be expanded.

On the London Metal Exchange, copper for delivery in three months declined 0.3 percent to $8,019 a metric ton ($3.64 a pound). Aluminum, zinc, lead, nickel and tin also fell in London.

Base metals markets: NI BMMKTS

OIL PRODUCTS

Heating oil gained on speculation that cold weather in the U.S. will boost demand for the fuel and higher gasoil prices in Europe will attract shipments.

Heating oil for February delivery rose 3.03 cents, or 1 percent, to $3.0388 a gallon at 9:37 a.m. on the New York Mercantile Exchange. Volume was 3.9 percent above the 100-day average.

Gasoil for February delivery rose $13.75, or 1.5 percent, to $953.50 a metric ton on the ICE Futures Europe exchange in London.

The February heating oil crack spread, or premium of heating oil over West Texas Intermediate crude on Nymex, jumped $1.04 to $33.83 a barrel.

Gasoline for February delivery rose 0.46 cent to $2.7441 a gallon on the exchange.

The average nationwide retail price for regular gasoline fell 0.3 cent to $3.304 a gallon, AAA said today on its website. That’s the third consecutive decline.

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

NATURAL GAS

Natural gas futures advanced to a two-week high in New York on forecasts of colder-than-normal weather that would spur demand for the heating fuel.

Natural gas for February delivery rose 5.5 cents, or 1.7 percent, to $3.382 per million British thermal units at 11:30 a.m. on the New York Mercantile Exchange. The futures earlier advanced to $3.404 per million Btu, the highest intraday price since Dec. 31. Trading volume was 5.5 percent below the 100-day average. The futures have gained 27 percent from a year ago.

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

LIVESTOCK

Cattle futures for February delivery rose 0.1 percent to $1.3465 a pound on the Chicago Mercantile Exchange.

Feeder-cattle futures for March settlement dropped 0.1 percent to $1.513 a pound. The price fell for the sixth straight day.

Hog futures for April settlement rose 0.8 percent to 87.825 cents a pound.

Livestock markets: NI LVMKTS

SOFT COMMODITIES

Sugar futures fell the most in a week as Goldman Sachs Group Inc. cut its price forecast amid ample global supplies. Cocoa, coffee, cotton and orange juice prices rose.

Raw sugar for March delivery dropped 1.4 percent to 18.9 cents a pound at 9:57 a.m. on ICE Futures U.S. in New York. A close at that price would mark the biggest decline for a most- active contract since Jan. 3. In 2012, the commodity fell 16 percent, the second straight drop.

Cocoa futures for March delivery rose 0.1 percent to $2,258 a metric ton in New York.

Arabica-coffee futures for March delivery advanced 0.7 percent to $1.5445 a pound.

Cotton futures for March delivery climbed 0.2 percent to 75.76 cents a pound.

Orange-juice futures for March delivery gained 1.9 percent to $1.149 a pound.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold rose for the second time in three sessions in New York amid speculation that the U.S. may continue with stimulus measures, increasing demand for the precious metal as a store of value.

Gold futures for February delivery rose 0.3 percent to $1,665.10 an ounce at 9:54 a.m. on the Comex in New York. Prices advanced 0.7 percent last week, the first gain in seven.

Silver futures for March delivery climbed 1.3 percent to $30.805 an ounce in New York.

Precious metal markets: NI PCMKTS

POWER

European power for 2014 delivery fell to a record as carbon emissions and coal dropped to all-time lows.

Baseload German 2014 electricity, for supplies delivered around the clock, slid as much as 1.1 percent, while the French equivalent lost 1 percent, according to broker data compiled by Bloomberg.

German power delivered in 2014 declined as much as 47 cents to 43.75 euros ($58.45) a megawatt-hour, a record for the contract. In France, the contract slid 45 cents to 46.40 euros, the lowest since Bloomberg started tracking the contract in January 2011.

Power markets: NI PWRMARKET

CRUDE OIL

Oil fluctuated in New York after the expansion of a pipeline that may reduce a glut in the center of the U.S. and as the dollar reduced losses against the euro.

Crude for February delivery slipped 13 cents to $93.43 a barrel at 11:48 a.m. on the New York Mercantile Exchange. Prices have fallen 5.3 percent in the past year.

Brent for February settlement gained 36 cents, or 0.3 percent, to $111 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $17.57 to WTI. It settled at $17.08 on Jan. 11, the narrowest gap based on closing prices since Sept. 19.

Oil markets: NI OILMARKET

European Carbon Permits

European Union carbon permits for December 2013 dropped 0.3 percent to 5.90 euros a metric ton, the fifth 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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