Cocoa and Zinc Lead Advance as Wheat Falls: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities gained 0.6 percent to 657.36 at 4:53 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.5 percent at 1,586.425.

SOFT COMMODITIES

Cocoa rose 1.9 percent to $2,298 a metric ton before the National Confectioners Association reports on fourth-quarter grind data. Arabica coffee climbed the most in four sessions on concern that a crop disease will curb output in Central America. Sugar rose, while orange juice was little changed.

Arabica coffee for March delivery climbed 1.1 percent to $1.547 a pound on ICE Futures U.S. in New York. A close at that price would mark the biggest gain since Jan. 11.

Also in New York, raw-sugar futures for March delivery added 0.7 percent to 18.57 cents a pound, heading for the first increase in four days.

Orange-juice futures for delivery in March rose less than

percent to $1.1235 a pound on ICE.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper rose the most in two weeks as better-than-expected U.S. housing starts and signs that China’s economic recovery is gaining traction, bolstering demand prospects in the two biggest users of the metal. Zinc jumped 1.4 percent to $2,008 a ton.

Copper futures for delivery in March gained 1.2 percent to $3.6495 a pound on the Comex in New York, heading for the biggest increase for a most-active contract since Jan. 2. The jump erased almost all of this year’s loss.

On the LME, copper for delivery in three months added 1 percent to $8,022.50 a ton ($3.64 a pound).

Aluminum, lead, nickel and tin also advanced in London.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Soybean futures rose to a four-week high after the U.S. reported the biggest jump in export sales in more than two years.

Soybean futures for March delivery rose 0.3 percent to $14.4025 a bushel on the Chicago Board of Trade, after reaching $14.48, the highest for a most-active contract since Dec. 19. Before the export report, prices dropped 0.7 percent. Wheat fell 0.8 percent to $7.785 a bushel, the first drop in a week, and corn declined 0.7 percent to $7.2625 a bushel.

Grain markets: NI GRMKTS

NATURAL GAS

Natural gas futures jumped to the highest price in more than a month after a government report showed a bigger-than- forecast U.S. stockpile decline.

Natural gas for February delivery increased 6.9 cents, or 2 percent, to $3.504 per million British thermal units at 10:43 a.m. on the New York Mercantile Exchange, after rising as to $3.52, the highest intraday price since Dec. 10. Gas was trading at $3.436 before the storage report was released at 10:30 a.m. Trading volume was 79 percent above the 100-day average. Gas has climbed 41 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

OIL PRODUCTS

Gasoline rose in early trading as U.S. economic data boosted optimism that fuel demand will increase and reports of 35 hostages killed in Algeria pushed crude oil higher.

Gasoline for February delivery rose 3.26 cents, or 1.2 percent, to $2.754 a gallon at 9:58 a.m. on the New York Mercantile Exchange. Volume was 16 percent above the 100-day average.

February-delivery heating oil rose 2.91 cents, or 1 percent, to $3.0282 a gallon on the Nymex. Volume was 13 percent below average.

Gasoline at the pump, averaged nationwide, fell 0.2 cent to $3.292 a gallon, AAA said on its website today. It’s the sixth day in a row the price of fuel for drivers has fallen.

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

LIVESTOCK

Hog futures climbed to a six-month high on signs of increasing demand and shrinking supplies of U.S. pork. Cattle prices dropped.

Hog futures for April settlement climbed 0.5 percent to 87.85 cents a pound at 9:55 a.m. on the Chicago Mercantile Exchange after reaching 88.5 cents, the highest for the most- active contract since July 9.

Meatpackers processed 1.29 million hogs in the first three days of this week, up 5.8 percent from a year earlier, USDA figures show.

Cattle futures for April delivery fell 0.3 percent to $1.32275 a pound on the CME.

Feeder-cattle futures for March settlement declined 0.5 percent to $1.47475 a pound in Chicago.

Livestock markets: NI LVMKTS

PRECIOUS METALS

Gold futures rebounded after manufacturing in the Philadelphia region unexpectedly contracted in January, increasing pressure on the Federal Reserve to expand monetary stimulus.

Gold futures for February delivery gained 0.3 percent to $1,688.10 an ounce at 10:38 a.m. on the Comex in New York. Prices dropped less than 0.1 percent yesterday. Silver jumped 0.7 percent to $31.765 an ounce.

Precious metal markets: NI PCMKTS

POWER

Polish electricity for the next day declined for a second day as imports of power from Sweden and Ukraine rose. Power for next year dropped to a record.

Day-ahead electricity decreased 3.7 percent to 181.53 zloty ($58.82) a megawatt-hour, according to exchange data compiled by Bloomberg.

Power markets: NI PWRMARKET

CRUDE OIL

Oil advanced to a four-month high after U.S. builders broke ground on more houses than forecast and jobless claims dropped to a five-year low, bolstering optimism in the economy.

Crude oil for February delivery advanced $1.27, or 1.3 percent, to $95.51 a barrel at 10:31 a.m. on the New York Mercantile Exchange. Futures touched $95.71, the highest intraday price since Sept. 19. Prices have climbed 4 percent so far this year.

Brent oil for March settlement gained 95 cents, or 0.9 percent, to $110.63 a barrel on the London-based ICE Futures Europe exchange. The February contract expired yesterday.

Oil markets: NI OILMARKET

European Carbon Permits

European Union carbon permits for December 2013 fell 0.5 percent to 5.62 euros a metric ton, after dropping 6.9 percent yesterday.

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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