Raw Sugar Gains as Silver Tumbles: Commodities at Europe Close

The Standard & Poor’s GSCI gauge of 24 commodities gained 0.2 percent to 651.37 by 5:12 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent to 1,553.453.

SOFT COMMODITIES

Coffee futures fell for a second day on speculation ample stockpiles and supplies in South America will compensate for damaged crops in other regions. Raw sugar jumped 1.7 percent.

Arabica coffee for delivery in May fell 0.6 percent to $1.4265 a pound on ICE in New York, after sliding less than 0.1 percent yesterday.

Cocoa futures for delivery in May rose 0.1 percent to $2,133 a metric ton.

Also in New York, raw sugar for May delivery climbed 0.9 percent to 18.25 cents a pound. The March contract, which expires today, rose 0.6 percent. The delivery from the contract that will published tomorrow will probably be small, Nick Penney, senior trader at Sucden Financial Ltd. in London, said in an e-mail today.

Cotton futures for May delivery climbed 1.7 percent to 85.78 cents a pound on ICE, after reaching 85.91 cents, the highest for a most-active contract since May 10.

Orange-juice futures for delivery in May slid 0.1 percent to $1.255 a pound in New York.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold futures fell, heading for the longest run of monthly declines in 16 years, as signs of economic optimism curbed demand for the metal as a haven. Silver dropped 1.6 percent.

Gold futures for April delivery fell 0.4 percent to $1,588.60 an ounce at 10:46 a.m. on the Comex in New York. This month, the metal has dropped 4.4 percent, heading for the fifth straight decline and the longest slump January 1997.

Precious metal markets: NI PCMKTS

OIL PRODUCTS

Gasoline rose, trimming the largest monthly decline since October. Crack spreads widened for the first time in four days.

March-delivery gasoline rose 2.85 cents, or 1 percent, to $2.885 a gallon at 11:49 a.m. on the New York Mercantile Exchange on volume that was 64 percent above the 100-day average for the time of day. Futures are down 4.7 percent this month.

The March contract expires today. The more actively traded April futures gained 2.42 cents to $3.1305 a gallon. April represents summer-grade gasoline, which uses costlier blending components.

March-delivery gasoline rose 2.85 cents, or 1 percent, to $2.885 a gallon at 11:49 a.m. on the New York Mercantile Exchange on volume that was 64 percent above the 100-day average for the time of day. Futures are down 4.7 percent this month.

The March contract expires today. The more actively traded April futures gained 2.42 cents to $3.1305 a gallon. April represents summer-grade gasoline, which uses costlier blending components.

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

NATURAL GAS

Natural gas futures rose in New York, heading for the first monthly gain since October, after a government report showed that U.S. stockpiles fell more than average last week.

Natural gas for April delivery rose 4 cents, or 1.2 percent, to $3.474 per million British thermal units at 10:37 a.m. on the New York Mercantile Exchange. Gas traded at $3.458 before the storage number was released at 10:30 a.m. in Washington. Volume was 29 percent below the 100-day average. The futures have climbed 38 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

BASE METALS

Copper fell for the first time this week as the U.S. economy managed to barely expand in the fourth quarter.

Copper for delivery in three months slipped 0.7 percent to $7,818.50 a metric ton on the LME. Tin climbed while aluminum lead, nickel, tin and zinc declined.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Wheat futures rose in Chicago, heading for the biggest gain in almost two weeks, on speculation that demand is increasing after the grain became a cheaper alternative to corn for cattle rations on U.S. feedlots.

Wheat futures for delivery in May rose 0.9 percent to $7.185 a bushel at 10:22 a.m. on the Chicago Board of Trade, heading for the biggest gain for a most-active contract since Feb. 15. Prices on Feb. 26 touched $6.9775, the lowest for a most-active contract since June 25.

U.S. wheat exports totaled 584,708 metric tons in the week ended Feb. 21, up 13 percent from a week earlier, the Department of Agriculture said in a report today.

Grains markets: NI GRMKTS

CRUDE OIL

West Texas Intermediate declined for a third time this week as the U.S. economy grew less than economists forecast in the fourth quarter and the euro weakened against the dollar.

WTI for April delivery dropped 28 cents, or 0.3 percent, to $92.48 a barrel at 11:11 a.m. on the New York Mercantile Exchange. Prices are down 5.2 percent this month. Trading was 15 percent below the 100-day average for the time of day.

Brent for April settlement gained 33 cents, or 0.3 percent, to $112.20 a barrel on the London-based ICE Futures Europe exchange. Volume was 33 percent above the 100-day average. The European benchmark crude’s premium over WTI widened to $19.72.

Oil markets: NI OILMARKET

European Carbon Permits

European Union emission permits jumped 9.8 percent to 4.91 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Cattle futures rose, extending the longest rally in three months, on signs that supplies tightened after winter storms across the central U.S. disrupted animal shipments and spurred weight losses. Hogs also increased.

Cattle futures for April delivery increased 0.2 percent to $1.301 a pound at 10:23 a.m. on the Chicago Mercantile Exchange. The price rose for the fifth straight session, the longest rally since Nov. 23.

Through yesterday, the commodity dropped 2.2 percent in February, snapping a four-month rally.

Feeder-cattle futures for May settlement fell 0.1 percent to $1.47375 a pound.

Hog futures for April settlement rose 0.2 percent to 81.175 cents a pound. Through yesterday, the price dropped 9.3 percent this month, heading for the biggest decline since July.

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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