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Raw Sugar Leads Advance as Cocoa Slumps: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.1 percent to 677.27 at 4:19 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.3 percent to 1,606.861.

SOFT COMMODITIES

Sugar rose in New York, rebounding from five sessions of declines, on speculation millers in leading global producer Brazil will direct more cane to making ethanol at the expense of the sweetener. Cocoa fell.

Raw sugar for delivery in March added 1.3 percent to 18.38 cents a pound on ICE Futures U.S. in New York. White, or refined, sugar for delivery in May rose 0.2 percent to $496.60 a metric ton on NYSE Life in London.

Arabica coffee for delivery in March dropped 0.4 percent to $1.405 a pound on ICE. Trading volume was 262 percent more than the average for this time of the day for the past 100 days. Robusta coffee for delivery in March slid 1.2 percent to $2,098 a ton on NYSE Life.

Cocoa for delivery in May fell 1.3 percent to $2,198 a ton in New York. Cocoa for delivery in March fell 0.9 percent to 1,429 pounds ($2,242) a ton in London.

Soft commodities markets: NI SOMKTS

OIL PRODUCTS

Gasoline fell after a winter snowstorm blanketed the Northeast, reducing driving demand, and as Brent crude slipped.

Gasoline for March delivery fell 2.26 cents, or 0.7 percent, to $3.0362 a gallon on the New York Mercantile Exchange. Volume was 5.9 percent above the 100-day average at 11:04 a.m. in New York.

Heating oil for March delivery declined 0.8 cent to $3.2304 a gallon on volume that’s 21 percent below average.

Gasoline at the pump, averaged nationwide, rose 0.5 cent to $3.587 a gallon, AAA said on its website today. Prices are the highest since Oct. 24, and 8.1 cents above a year ago.

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

NATURAL GAS

Natural gas futures declined to the lowest price in almost two weeks, dropping for a third day.

Natural gas for March delivery fell 4.6 cents, or 1.4 percent, to $3.226 per million British thermal units at 10 a.m. on the New York Mercantile Exchange. Trading was 4.5 percent below the 100-day average for the time of day. The futures have risen 30 percent from a year ago. Prices earlier declined to $3.207 per million Btu, the lowest level since Jan. 29.

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

CRUDE OIL

West Texas Intermediate oil for March delivery gained 42c to $96.14/barrel on Nynex, reversing earlier decline.

Oil markets: NI OILMARKET

BASE METALS

Copper fell the most in a month on speculation that industrial demand for the metal will slow during this week’s New Year’s holiday in China and on revived European debt-crisis concerns.

Copper futures for delivery in March declined 1.1 percent to $3.718 a pound at 10:32 a.m. on the Come in New York. A close at that price would mark the biggest drop for a most- active contract since Jan. 11.

On the London Metal Exchange, copper for delivery in three months slid 1.3 percent to $8,186.50 a metric ton ($3.71 a pound).

Aluminum, nickel, zinc and lead also fell in London. Tin gained.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Soybeans fell in Chicago, extending the biggest drop in almost three months and leading farm commodities lower after the U.S. government raised its outlook for world inventories of the oilseed.

Soybeans for delivery in March slid 1.4 percent to $14.315 a bushel on the Chicago Board of Trade by 12:53 p.m. Paris time. Prices reached $14.2925, the lowest level since Jan. 25, after retreating 2.3 percent by the close on Feb. 8, the largest decline since Nov. 12. The oilseed headed for a fourth retreat today, which would match a streak ended Jan. 11.

Soybeans are 2.03 times more expensive than corn, the least in a week, compared with a 10-year average of 2.4 times. The crops compete for acreage.

Corn for delivery in March slipped 0.4 percent to $7.0625 a bushel, on course for a seventh drop in a row, and wheat for delivery the same month fell 0.6 percent to $7.52 a bushel. Milling wheat for delivery in May traded on NYSE Life in Paris declined 0.2 percent to 241 euros ($322) a ton.

Grain markets: NI GRMKTS

PRECIOUS METALS

Gold fell to the lowest in more than a month on speculation that physical demand will slow during this week’s Lunar New Year holiday in Asia, and as European Union ministers prepared to meet to discuss aid to Cyprus and Greece.

Gold futures for April delivery slumped 0.9 percent to $1,651.50 an ounce at 10:04 a.m. on the Come in New York. Prices earlier touched $1,644.10, the lowest since Jan. 7.

Trading volume was 33 percent higher than the average in the past 100 days.

Silver futures for March delivery retreated 1.2 percent to $31.055 an ounce in New York.

Precious metal markets: NI PCMKTS

European Carbon Permits

European Union emission permits dropped 1.3 percent to 4.49 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK Cattle declined to the lowest price in almost three months on speculation that U.S. meat supplies are outpacing demand as animal weights rise. Hogs also dropped.

Cattle futures for April delivery fell 0.4 percent to $1.29625 a pound at 10 a.m. on the Chicago Mercantile Exchange, after reaching $1.2895, the lowest for the most-active contract since Nov. 15.

Feeder-cattle futures for March settlement slumped 0.5 percent to $1.4425 a pound in Chicago, heading for the seventh straight decline. That would be the longest slide since Jan. 17.

Hog futures for April settlement dropped 0.2 percent to 85.975 cents a pound. Prices were up 0.5 percent this year through Feb. 8.

Livestock markets: NI LVMKTS

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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