Copper Leads Declines as Wheat Advances: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 1.2 percent to 602.67 by 4:47 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.9 percent at 1,456.318.

BASE METALS

Copper fell in New York, leading declines by industrial metals, as a weaker outlook for world growth and slowing car sales stoked concern demand will take time to revive.

Copper for delivery in July slid 3 percent to $3.223 a pound on the Comex in New York, poised for a third retreat in four. Copper for delivery in three months fell 3.2 percent to $7,070 a metric ton on the London Metal Exchange.

Copper for immediate delivery settled $33.50 a ton below the three-month contract yesterday.

Zinc, lead and tin dropped in London.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Wheat rose on concern dry conditions and freezing weather in the U.S., the largest shipper of the grain, will further damage drought-hit crops in some of the country’s main growing regions.

Wheat gained 1.1 percent to $7.1575 a bushel. Corn climbed 0.2 percent to $6.4175 a bushel and soybeans fell 0.3 percent.

Grains markets: NI GRMKTS

OIL PRODUCTS

Gasoline fell after the Energy Information Administration reported inventories dropped less than analysts forecast.

Futures dropped 1.8 percent to $2.732 a gallon on the New York Mercantile Exchange. Inventories fell 633,000 barrels to 221.7 million barrels in the week ended April 12. Analysts estimated a decrease of 800,000 barrels.

Heating oil fell 2 percent.

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

European Carbon Permits

European Union emission permits dropped another 9.7 percent to 2.79 euros a metric ton after tumbling 35 percent yesterday when the European Parliament rejected a proposed change to Europe’s emissions-trading law that would allow the supply of carbon permits to be curbed temporarily.

EU Carbon Emissions: NI ECBMKT

SOFT COMMODITIES

Cocoa futures rose to the highest in almost four months on speculation that supplies will remain limited as demand shows signs of improvement. Orange juice also gained. Coffee, cotton and sugar fell.

Cocoa for July delivery climbed 0.2 percent to $2,320 a metric ton on ICE Futures U.S. in New York at 10:39 a.m. Earlier, the price reached $2,337, the highest for a most-active contract since Dec. 21.

Orange-juice futures for May delivery advanced 0.6 percent to $1.49 a pound.

Arabica-coffee futures for July delivery fell 0.5 percent to $1.3655 a pound.

Cotton futures for July delivery slipped 0.3 percent to 85.14 cents a pound.

Raw-sugar futures for July delivery dropped 0.4 percent to 17.8 cents a pound in New York.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold advanced for a second day in London on speculation that the biggest slump in three decades will spur increased purchases from investors and consumers.

Gold rose 1.5 percent to $1,388.88 an ounce, silver advanced 0.2 percent to $23.4425 an ounce and platinum fell 1.1 percent to $1,432.70 an ounce.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures gained for a second day in New York on forecasts for colder-than-normal Midwestern weather that would stoke demand for the heating fuel and increase a supply deficit.

Natural gas for May delivery rose 2 cents to $4.18 per million British thermal units at 10:20 a.m. on the New York Mercantile Exchange. The futures have gained 25 percent this year. Trading volume was 3.8 percent above the 100-day average for the time of day. Prices reached $4.29 per million Btu on April 15, the highest level since July 28, 2011.

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

LIVESTOCK

Hog futures for June settlement rose 1 percent to 89.875 cents a pound on the Chicago Mercantile Exchange.

Cattle futures for June delivery gained 0.6 percent to $1.21125 a pound on the CME.

Feeder-cattle futures for August settlement rose 0.1 percent to $1.4655 a pound.

Livestock markets: NI LVMKTS

CRUDE OIL

West Texas Intermediate oil fell for the fourth time in five days as a government report showed production rose to the highest level since July 1992 and gasoline demand waned.

WTI for May delivery fell $1.42, or 1.6 percent, to $87.30 a barrel at 10:57 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 55 percent above the 100-day average for the time of day. The contract closed at $88.71 on April 15, the lowest level since Dec. 24. Prices have tumbled 7.8 percent since April 10.

Brent for June settlement slipped $1.63, or 1.6 percent, to $98.28 a barrel on the London-based ICE Futures Europe exchange. The contract decreased to $99.91 yesterday, the lowest close since July 10. Volume was 24 percent above the 100-day average.

Oil markets: NI OILMARKET

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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