Raw Sugar Ends Selloff as Lean Hogs Drop: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose less than 0.1 percent to 664.62 at 4:37 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.1 percent at 1,599.305.

SOFT COMMODITIES

Coffee rebounded in New York, after dropping as much as 5.2 percent yesterday, on speculation prices fell too far amid concern about disease in producing nations in Central America. Cocoa and raw sugar gained.

Arabica coffee for March delivery was 0.6 percent higher at $1.4955 a pound on ICE Futures U.S. in New York. Robusta coffee for March delivery was up 0.2 percent to $1,942 a ton on NYSE Liffe in London.

Cocoa for March delivery gained 0.5 percent to $2,224 a ton on ICE. Cocoa for March delivery gained 0.4 percent to 1,449 pounds ($2,302) a ton on NYSE Liffe.

Raw sugar for March delivery was up 1.9 percent at 18.47 cents a pound in New York. White, or refined, sugar for March delivery climbed 1.3 percent to $489.50 a ton in London.

Soft commodities markets: NI SOMKTS

LIVESTOCK

Hog prices fell the most in two weeks on signs of increasing U.S. supplies of pork. Cattle futures also slid.

Hog futures for April settlement declined 0.7 percent to 87.65 cents a pound on the Chicago Mercantile Exchange. A close at that price would be the biggest slump for the most-active contract since Jan. 9.

Cattle futures for April delivery fell 0.4 percent to $1.30 a pound in Chicago. Prices are down 1.4 percent this month through yesterday.

Feeder-cattle futures for March settlement slid 0.6 percent to $1.4615 a pound on the CME.

Livestock markets: NI LVMKTS

European Carbon Permits

European Union emission permits dropped after the U.K. set conditions for approving a plan to fix an oversupply in the EU’s carbon market and Prime Minister David Cameron pledged a referendum on leaving the bloc by 2017.

European Union emission permits slumped 13 percent to 4.75 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

OIL PRODUCTS

Gasoline jumped to the highest level since October as refineries shut units for repair, which may tighten supplies of the motor fuel.

Gasoline for February delivery rose 1.88 cents, or 0.7 percent, to $2.8487 a gallon at 10:08 a.m. on the New York Mercantile Exchange. Prices touched $2.8571, the highest intraday level since Oct. 31. Volume was 42 percent above the 100-day average.

The more actively traded March contract climbed 2.07 cents to $2.8618 a gallon.

Heating oil for February delivery gained 0.35 cent to $3.0717 a gallon on the exchange. The March contract increased 0.44 cent to $3.0601. Volume was 18 percent below average.

The retail price for regular gasoline, averaged nationwide, rose 0.6 cent to $3.316 a gallon, AAA said today on its website. That’s the sixth consecutive increase.

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

GRAINS, OILSEEDS

Soybeans rose for a second day in Chicago on speculation dry weather in southern Brazil will erode crops of the oilseed before the harvest at the same time that demand for U.S. supplies is increasing.

Soybeans for delivery in March advanced as much as 0.3 percent on the Chicago Board of Trade. Prices yesterday touched $14.6075, the highest level since Dec. 19, and gained 1.6 percent by the close.

Corn and wheat for delivery in March were little changed at $7.29 a bushel and $7.7875 a bushel, respectively. In Paris, milling wheat for the same delivery month fell 0.5 percent to 251.75 euros ($335.88) a metric ton on NYSE Liffe.

Grain markets: NI GRMKTS

NATURAL GAS

Natural gas futures fluctuated in New York as forecasts for mild weather next week signaled reduced demand for the heating fuel.

Natural gas for February delivery rose 1 cent to $3.568 per million British thermal units on the New York Mercantile Exchange. Prices yesterday rose to $3.645, the highest intraday price since Dec. 7, before declining. Trading volume was 27 percent above the 100-day average. Gas has climbed 6.5 percent this month.

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

PRECIOUS METALS

Gold futures declined as the U.S. House of Representatives plans a vote today to temporarily suspend the nation’s borrowing limit and amid concern that demand is slowing in India, the world’s biggest consumer.

Gold futures for February delivery fell 0.5 percent to $1,685 an ounce at 10:41 a.m. on the Comex in New York, declining for the second time in three sessions.

Silver futures for March delivery rose less than 0.1 percent to $32.18 an ounce on the Comex.

Precious metal markets: NI PCMKTS

CRUDE OIL

Oil declined from a four-month high on speculation that U.S. inventories increased.

West Texas Intermediate crude for March delivery fell 34 cents, or 0.4 percent, to $96.34 a barrel at 10:34 a.m. on the New York Mercantile Exchange. The February contract expired yesterday at $96.24, the highest close for a front-month contract since Sept. 17. The average volume of all futures traded was 2.5 percent below 100-day average.

Brent for March settlement dropped 9 cents to $112.33 a barrel on the London-based ICE Futures Europe exchange. The volume of futures exchanged was 35 percent more than the 100-day average. The European benchmark contract traded at a premium of $15.99 to WTI. The gap was $15.16 on Jan. 17, the narrowest in almost six months.

Oil markets: NI OILMARKET

BASE METALS

Copper traded near a one-week high in New York before U.S. lawmakers vote to temporarily suspend the government’s debt ceiling, even as they seek deeper cuts in public spending.

Copper for delivery in March was little-changed at $3.7045 a pound by 7 a.m. on the Comex in New York. Prices yesterday reached $3.7075, the highest since Jan. 11. Copper for delivery in three months rose 0.1 percent to $8,137 a metric ton on the London Metal Exchange.

Nickel for delivery in three months added 0.8 percent to $17,518 a ton on the LME. Canceled warrants climbed 10 percent to 22,860 tons, the highest level since at least October 1997, and have doubled this year, according to data compiled by Bloomberg.

Lead and zinc reached the highest prices in almost three weeks in London. Aluminum and tin gained.

For Related News and Information: Base metals markets: NI BMMKTS

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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