Nickel Is Biggest Gainer as Sugar Declines: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities was little changed at 677.67 at 6:02 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down less than 0.1 percent to 1,604.63.

BASE METALS

Copper rose for the second time in three sessions on signs that an economic recovery is gaining traction as company earnings and business sentiment improve in the U.S., the world’s second-biggest user of the metal. Nickel climbed 1.1 percent.

On the Comex in New York, copper futures for March delivery advanced 0.5 percent to $3.7415 a pound. Through yesterday, the price climbed 1.9 percent this year.

On the LME, copper for delivery in three months increased 0.5 percent to $8,239 a metric ton ($3.74 a pound). Aluminum, tin, zinc nickel and lead also gained.

Base metals markets: NI BMMKTS

SOFT COMMODITIES

Orange-juice futures climbed to the highest in more than six weeks on concern that dry weather may curb yields in Florida, the world’s second-largest citrus grower. Sugar slumped 2.1 percent.

Orange juice for March delivery increased 3.6 percent to $1.2575 a pound on ICE Futures U.S. in New York. Earlier, the commodity rose to $1.273, the highest since Dec. 28. Trading volume was more than triple the average of the past 100 days, according to data compiled by Bloomberg.

Yields in Florida will average 1.62 gallons per box this season, down from 1.63 gallons a year earlier, the USDA said. A box weighs 90 pounds, or 41 kilograms. Brazil is the world’s top orange grower.

Cotton futures for delivery in May declined 1.1 percent to 82.96 cents a pound on ICE.

Cocoa futures for May delivery climbed 0.1 percent to $2,175 a pound in New York. Earlier, the commodity reached $2,147, the lowest for a most-active contract since June 27.

Arabica-coffee futures for May delivery rose 0.3 percent to $1.434 a pound on ICE.

Soft commodities markets: NI SOMKTS

OIL PRODUCTS

Gasoline futures advanced in early trading as crude climbed after OPEC forecast stronger fuel demand in emerging economies. Calendar spreads weakened.

Gasoline for March delivery rose 0.53 cent to $3.0265 a gallon at 10:15 a.m. on the New York Mercantile Exchange, on volume was 5.4 percent above the 100-day average.

March-delivery heating oil fell 0.81 cent, or 0.3 percent, to $3.2234 a gallon on the Nymex on volume 4.1 percent below the 100-day average for that time of day.

Gasoline at the pump, averaged nationwide, rose 1.7 cents to $3.604 a gallon, AAA said on its website today. Prices have climbed 9.5 percent since the beginning of 2013.

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

NATURAL GAS

Natural gas fluctuated in New York amid forecasts of below- normal temperatures that would increase heating-fuel demand.

Natural gas for March delivery fell 0.3 cent to $3.276 per million British thermal units at 9:54 a.m. on the New York Mercantile Exchange. Prices are up 32 percent from a year ago. Trading volume was 2 percent above the 100-day average for the time of day.

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 climbed in New York to the highest level in more than a week as OPEC raised its demand forecast and the Group of Seven pledged to avoid devaluing their currencies.

Crude oil for March delivery advanced 46 cents, or 0.5 percent, to $97.49 a barrel at 12:24 p.m. on the New York Mercantile Exchange. The contract touched $97.79, the highest level since Feb. 1. Futures fell to $94.97 yesterday, the least since Jan. 23. The volume of all futures traded was 34 percent above with the 100-day average.

Brent oil for March settlement, which expires tomorrow, gained 10 cents to $118.23 a barrel on the London-based ICE Futures Europe exchange. The more-active April contract rose 13 cent to $117.34 a barrel. The volume of all futures traded was 12 percent above the 100-day average.

Oil markets: NI OILMARKET

GRAINS, OILSEEDS

Corn fell for an eighth session in Chicago, heading for the longest losing streak since March 2010, as prospects improved for crops in South America. Soybeans also dropped.

Corn futures for delivery in March dropped 1 percent to $6.95 a bushel at 11:11 a.m. on the Chicago Board of Trade. Earlier, the grain touched $6.9375, the lowest for a most-active contract since Jan. 11.

Soybean futures for delivery in May fell 0.6 percent to $14.0875 a bushel in Chicago, after touching $14.075, the lowest since Jan. 14.

Wheat dropped 1.8 percent to $7.2825 a bushel.

Grain markets: NI GRMKTS

PRECIOUS METALS

Gold traded little changed in New York, rebounding from a five-week low, as the dollar erased gains from its highest level in a month.

Gold futures for April delivery fell 0.2 percent to $1,645.70 an ounce by 6:41 a.m. on the Comex in New York. Prices slid below the 200-day moving average yesterday and reached $1,639.50 today, the lowest since Jan. 4. Trading volume for futures was 24 percent higher than the average in the past 100 days for this time of day, data compiled by Bloomberg show. Gold for immediate delivery was down 0.2 percent at $1,645.35 in London.

Silver for March delivery fell 0.3 percent to $30.805 an ounce today. Palladium for delivery the same month was up 0.3 percent at $760.55 an ounce. Platinum for April delivery gained 0.6 percent to $1,706 an ounce.

Precious metal markets: NI PCMKTS

European Carbon Permits

European Union emission permits climbed 2.2 percent to 4.58 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Cattle futures for April delivery fell 1.2 percent to $1.288 a pound on the Chicago Mercantile Exchange.

Feeder-cattle futures for March settlement slumped 2.1 percent to $1.418 a pound in Chicago.

Hog futures for April settlement dropped 0.8 percent to 85.7 cents a pound.

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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