Coffee Plunges on Oversupply as Oil Slides: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.6 percent to 674.94 by 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials slid 0.3 percent to 1,621.265.

SOFT COMMODITIES

Coffee futures fell to a four-week low on signs of ample U.S. inventory. Cocoa, cotton and sugar also dropped, while orange juice rose.

Arabica-coffee futures for March delivery fell 2.2 percent to $1.4465 a pound on ICE in New York. Earlier, the price touched $1.4455, the lowest for a most-active contract since Jan. 4.

Cocoa futures for March delivery dropped 0.7 percent to $2,189 a metric ton on ICE.

Cotton futures for March delivery declined 1.7 percent to 81.60 cents a pound.

Raw-sugar futures for March delivery fell 0.1 percent to 18.87 cents a pound.

Orange-juice futures for March delivery climbed 0.8 percent to $1.2275 a pound. The price advanced for the seventh straight session, the longest rally since mid-December.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Oil fell as equities dropped on political turmoil in Europe and as the prospect of renewed talks between Western countries and Iran reduced Middle East tension.

Crude oil for March delivery dropped $1.24, or 1.3 percent, to $96.53 a barrel on the New York Mercantile Exchange. Futures are up 5.1 percent this year.

Brent oil for March settlement fell 77 cents, or 0.7 percent, to $115.99 a barrel on the London-based ICE Futures Europe exchange. The contract settled at $116.76 on Feb. 1, the highest level since Sept. 13. The volume of all contracts traded was 16 percent above the 100-day average.

The European benchmark grade was at a $19.46-a-barrel premium to West Texas Intermediate futures traded in New York. The spread widened from $18.99 on Feb. 1.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline followed crude oil lower as Iran expects to resume talks later this month with world powers over its nuclear program, easing concerns that Mideast oil production would be disrupted.

Gasoline for March delivery declined 3.64 cents, or 1.2 percent, to $3.0172 a gallon on the New York Mercantile Exchange. Futures fell the most since Jan. 15. on volume that was 10 percent below the 100-day average for the time of day.

Heating oil for March delivery declined 1.23 cents, or 0.4 percent, to $3.1483 a gallon on the Nymex. Volume was 10 percent above the 100-day average for the time of day.

The retail price for regular gasoline, averaged nationwide, rose 0.9 cent to $3.523 a gallon, the highest level since Oct. 29 said today on its website. Prices have climbed 7 percent this year and are 1.4 percent more than a year ago.

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

PRECIOUS METALS

Platinum rallied to the highest in almost 17 weeks as output at Anglo American Platinum Ltd. (AMS), the world’s biggest producer, declined amid rising demand. Gold also gained.

Platinum futures for April delivery rose 0.8 percent to $1,701.40 an ounce on the New York Mercantile Exchange. Earlier, prices jumped to $1,709, the highest since Oct. 9. The metal has surged 10 percent this year.

Gold futures for April delivery gained 0.3 percent to $1,676 an ounce on the Comex in New York.

Silver futures for March delivery slid 0.4 percent to $31.84 an ounce in New York.

Precious metal markets: NI PCMKTS

GRAINS, OILSEEDS

Soybeans extended January’s rally to a seven-week high and corn rose on speculation that warm, dry weather will reduced yield potential in Argentina, the biggest shipper of soy-based animal feed and vegetable oil.

Soybean futures for March delivery jumped 1.4 percent to $14.9475 a bushel on the Chicago Board of Trade, heading for the sixth gain in seven sessions. Prices, which before today gain 4.6 percent this year, earlier touched $14.97, the highest since Dec. 17.

Corn futures for March delivery gained 0.6 percent to $7.4025 a bushel in Chicago. On Feb. 1, the grain touched $7.4625, the highest since Dec. 6.

Wheat futures for March delivery gained 0.6 percent to $7.6925 a bushel on the Chicago Board of Trade. The price last month rose 0.2 percent, the first increase since September.

Grain markets: NI GRMKTS

LIVESTOCK

Cattle futures rose for the first time in a week after a government report showed the size of the U.S. herd fell to 61- year low, signaling tightening beef supplies. Hog prices dropped.

Cattle futures for April delivery climbed 0.6 percent to $1.3295 a pound on the Chicago Mercantile Exchange, poised for the first gain since Jan. 28.

Hog futures for April settlement fell 0.2 percent to 88.6 cents a pound. Earlier, the price touched 88.375 cents, the lowest for a most-active contract since Jan. 24.

Livestock markets: NI LVMKTS

BASE METALS

Copper advanced to a four-month high in London and zinc touched a one-year high on signs that the Chinese and U.S. economies are recovering, boosting the outlook for demand in the world’s two largest users.

Copper for three-month delivery rose as much as 0.7 percent to $8,346 a metric ton on the London Metal Exchange, the highest level since Oct. 5, before trading at $8,301.25. Copper futures on the Comex fell 0.2 percent to $3.777 a pound.

Zinc traded 0.2 percent higher at $2,181 a ton on the LME after rising as much as 0.6 percent to $2,190, the highest since Jan. 27, 2012. Nickel, lead and tin also gained.

Base metals markets: NI BMMKTS

NATURAL GAS

Natural gas futures advanced in New York for the third time in four days on forecasts of below-normal temperatures in the central U.S. that would increase demand for the heating fuel and reduce stockpiles.

Natural gas for February delivery rose 2.2 cents, or 0.7 percent, to $3.323 per million British thermal units on the New York Mercantile Exchange. Trading volume was 30 percent below the 100-day average for the time of day. The futures have gained 33 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

To contact the reporter on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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