Copper Drops on U.S., China Growth Concern: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.5 percent to settle at 622.29 at 3:41 p.m. New York time, led by industrial metals.

The UBS Bloomberg CMCI gauge of 26 prices declined 0.9 percent to 1,468.08.

BASE METALS

Copper dropped the most in a week on concern that growth in the U.S. is slowing and stockpiles continued to expand before a holiday that will close markets in China, the world’s biggest consumer.

Inventories tracked by the London Metal Exchange swelled for a 13th week. Chinese markets will shut for three days through May 1. Manufacturing gauges for the Asian nation and the euro zone released this week were weaker than estimated by analysts, while the U.S. economy grew at 2.5 percent, lower than forecast, the government said today.

On the Comex in New York, copper futures for July delivery slid 1.7 percent to $3.186 a pound, the biggest drop for a most- active contract since April 19, paring the weekly gain to 0.7 percent.

On the London Metal Exchange, copper for delivery in three months retreated 2.1 percent to $7,030 a metric ton ($3.19 a pound). Aluminum, tin, lead, nickel and zinc dropped.

PRECIOUS METALS

Gold futures fell, trimming the biggest weekly gain in 15 months, as the U.S. economy expanded less than forecast, driving commodities lower and crimping demand for the precious metal as a hedge against inflation.

On the Comex, gold futures for June delivery declined 0.6 percent to $1,453.60 an ounce. Prices earlier rose as much as 1.6 percent, mainly on increased physical demand.

Silver futures for July delivery fell 1.6 percent to $23.788 an ounce on the Comex.

On the New York Mercantile Exchange, platinum futures for July delivery climbed 0.8 percent to $1,476.50 an ounce.

Palladium futures for June delivery rose 0.1 percent to $681.95 an ounce.

CRUDE OIL

Crude oil fell, trimming the biggest weekly increase since June, as the U.S. economy grew less than expected in the first quarter.

On the Nymex, oil futures dropped 0.7 percent to $93 a barrel, paring the weekly gain to 5.7 percent, the biggest since Jun 29.

Brent oil for June settlement slid 0.2 percent to $103.16 a barrel on the London-based ICE Futures Europe exchange.

Statoil ASA failed to sell North Sea Oseberg crude for a second day. There were no bids or offers for Forties and Russian Urals blend.

Nigeria will ship no cargoes of Bonny Light crude in June, leaving a gap in its loading plans that will reduce the country’s exports to the lowest in three years, people with knowledge of the matter said, asking not to be identified as the information is confidential.

OIL PRODUCTS

Gasoline rebounded from an early drop, extending the first weekly gain since March.

On the Nymex, gasoline futures for May delivery climbed 0.8 percent to $2.8349 a gallon after falling as much as 0.9 percent.

Ultra low-sulfur diesel futures for May delivery slipped less than 0.1 percent to $2.9012 a gallon.

NATURAL GAS

Natural gas fell, capping the first weekly decline since February, on speculation that fuel demand will slump after a shot of unusually cold weather next week.

On the Nymex, gas futures for May delivery slid 0.4 percent to $4.152 per million British thermal units.

U.K. gas for next month dropped 1.3 percent to 64.65 pence a therm at 4:39 p.m. in London, according to broker data compiled by Bloomberg. A therm is 100,000 Btu.

SOFT COMMODITIES

Orange juice fell the most in five weeks on speculation that rain in Florida, the world’s second-biggest citrus grower, will ease dry conditions.

On ICE Futures U.S. in New York, orange juice for July delivery slid 3.1 percent to $1.3875 a pound, the biggest drop since March 20.

Arabica-coffee futures for July delivery declined 2.5 percent to $1.3395 a pound.

Cocoa futures for July delivery advanced 0.2 percent to $2,364 a metric ton.

Cotton futures for July delivery rose 1.2 percent to 84.25 cents a pound.

Raw-sugar futures for July delivery gained 0.2 percent to 17.42 cents a pound.

GRAINS, OILSEEDS

Corn futures fell, capping the second straight weekly loss, on expectations for higher global output as U.S. farmers prepare to plant a record crop amid forecasts for drier weather in the Midwest.

On the Chicago Board of Trade, corn futures for July delivery dropped 0.8 percent to $6.1975 a bushel. Prices fell 2.1 percent this week, capping a two-week decline of 3.4 percent.

Wheat futures for July delivery fell 1.6 percent to $6.925 a bushel.

Soybean futures climbed 0.6 percent to $13.81 a bushel.

LIVESTOCK

Hogs climbed to a three-week high on speculation that U.S. demand for pork will increase as warmer weather sends people outdoors for barbecues.

On the Chicago Mercantile Exchange, hog futures for June settlement advanced 0.8 percent to 92.525 cents a pound, after touching 92.55 cents, the highest for a most-active contract since April 4.

Cattle futures for June delivery fell 0.2 percent to $1.226 a pound.

Feeder-cattle futures for August settlement declined 0.6 percent to $1.51175 a pound.

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net

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