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Cotton Leads Drop as Arabica Coffee Climbs: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.2 percent to 662.73 at 5:15 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.4 percent at 1,588.376.

SOFT COMMODITIES

Cotton fell for the first time in eight sessions after the government reported slowing exports from the U.S., the world’s top shipper. Sugar and cocoa also dropped, while orange juice and coffee gained.

Cotton for March delivery dropped 1.2 percent to 81.87 cents a pound on ICE Futures in New York. A close at that price would be the biggest loss since Dec. 28.

Also in New York, raw-sugar futures for delivery in March slumped 0.8 percent to 18.35 cents a pound, on pace for the eighth loss in nine sessions. Cocoa futures for March delivery fell 0.9 percent to $2,175 a metric ton on ICE, heading for the fourth loss in five sessions.

Orange-juice futures for March delivery climbed 0.2 percent to $1.134 a pound in New York, while arabica-coffee futures for March delivery gained 0.8 percent to $1.476 a pound.

Soft commodities markets: NI SOMKTS

European Carbon Permits

European Union emission permits dropped 4.2 percent to 4.15 euros a metric ton, heading for a weekly decline of 19 percent.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Cattle rose the most in three weeks on signs of increasing demand for U.S. beef. Hog prices fell.

Cattle futures for April delivery climbed 0.6 percent to $1.3115 a pound on the Chicago Mercantile Exchange. A close at that level would be the biggest gain for the most-active contract since Jan. 3. Through yesterday, prices are down 1.5 percent this month.

Feeder-cattle futures for March settlement added 0.4 percent to $1.48575 a pound on the CME.

Hog futures for April settlement slid 0.5 percent to 89.225 cents a pound in Chicago. Prices are up 4.6 percent this month through yesterday.

Livestock markets: NI LVMKTS

OIL PRODUCTS

Heating oil fell for the first time in six days after U.S. inventories rose and forecasters predicted temperatures in the East may climb next week, reducing heating fuel demand.

Heating oil for February delivery declined 2.68 cents, or 0.9 percent, to $3.0596 a gallon at 11:36 a.m. on the New York Mercantile Exchange. Volume was 14 percent above the 100-day average for the time of day.

Gasoline for February delivery gained 0.66 cent to $2.8695 a gallon on the Nymex, and is up 2.6 percent this week. Volume was 2.2 percent above the 100-day average. March gasoline gained 0.61 cent to $2.8828 a gallon.

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

GRAINS, OILSEEDS

Wheat fell for a fourth day in Chicago on speculation moisture in the next week will ease drought conditions for winter crops in the U.S. Great Plains.

Wheat for delivery in March slid 0.3 percent to $7.66 a bushel at 6:59 a.m. on the Chicago Board of Trade, set for a 3.2 percent weekly drop. In Paris, milling wheat for the same delivery month declined 0.2 percent to 246.25 euros ($331.38) a metric ton on NYSE Liffe.

Soybeans for delivery in March fell 0.2 percent to $14.3275 a bushel in Chicago, after rising as much as 0.5 percent. Futures were 0.2 percent higher this week and on course for the first monthly advance since August. Corn for the same delivery month decreased 0.1 percent to $7.235 a bushel, heading for a 0.5 percent decline this week.

Grain markets: NI GRMKTS

NATURAL GAS

Natural gas dropped 0.4 percent, reversing earlier gains.

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

PRECIOUS METALS

Gold dropped in New York and erased gains in London as the biggest sale of exchange-traded products in three weeks signaled slowing investor demand even with a weakening dollar. Silver futures also declined.

Gold futures for February delivery declined 0.3 percent to $1,665.10 an ounce by 7:51 a.m. on Comex, the third consecutive decline. Trading was 31 percent above the average for the past 100 days and lower for silver, platinum and palladium futures.

The metal for immediate delivery was down 0.1 percent at $1,666.67 an ounce in London, after earlier today gaining as much as 0.3 percent.

Silver for March delivery fell 0.5 percent to $31.57 an ounce on Comex.

Precious metal markets: NI PCMKTS

CRUDE OIL

Oil headed for a seventh weekly gain in New York, the longest run of advances in almost four years, on speculation that stronger economic growth will boost demand.

West Texas Intermediate for March delivery slid 7 cents to $95.88 a barrel at 11:17 a.m. on the New York Mercantile Exchange. Futures are up 0.3 percent this week, heading for the longest rising streak since April 2009.

Brent for March settlement fell 4 cents to $113.24 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $17.36 after contracting to $15.16 on Jan. 17, the narrowest in almost six months.

The average volume of WTI futures traded was 2.9 percent below the 100-day average. Brent volume was 41 percent above.

Oil markets: NI OILMARKET

BASE METALS

Copper slumped the most in a week as new-home sales in the U.S. unexpectedly fell, tempering the demand outlook for the metal used in pipes and wiring.

Copper futures for delivery in March slid 0.7 percent to $3.6505 a pound at 10:55 a.m. on the Comex in New York, heading for the biggest loss since Jan. 16.

On the London Metal Exchange, copper for delivery in three months declined 0.8 percent to $8,032.75 a ton ($3.65 a pound).

Zinc, nickel, lead, aluminum and tin were also lower in London.

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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