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Silver Leads Drop as Cocoa to Cattle Gain: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities dropped 2.4 percent to 609.4 by 4:39 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 1.9 percent at 1,451.86.

PRECIOUS METALS

Gold fell the most in two weeks on speculation the Federal Reserve will scale back its U.S. monetary stimulus, reducing demand for the metal as a store of value. Silver slumped 3.9 percent.

Gold futures for June delivery retreated 1.3 percent to $1,453.40 an ounce on the Comex in New York, heading for the biggest drop since April 15, when prices slumped the most in 33 years.

Precious metal markets: NI PCMKTS

SOFT COMMODITIES

Sugar fell in New York after the biggest delivery since 1989. Cocoa advanced.

Raw sugar for delivery in July fell 0.2 percent to 17.56 cents a pound on ICE Futures U.S.

Cocoa for July delivery gained 2 percent.

Arabica coffee futures for July delivery were down 0.3 percent to $1.3465 a pound on ICE. Robusta coffee futures for delivery in July were down 0.4 percent at $1,999 a ton on NYSE Liffe.

Soft commodities markets: NI SOMKTS

LIVESTOCK

Cattle futures rose for the first time in four sessions on speculation that U.S. beef demand will outpace supplies. Hogs fell.

Cattle futures for June delivery rose 0.5 percent to $1.225 a pound on the Chicago Mercantile Exchange, heading for the first gain since April 25.

Feeder-cattle futures for August settlement increased 0.2 percent to $1.4925 a pound.

Hog futures for June settlement slid 0.1 percent to 92.475 cents a pound. Prices were up 8 percent this year through yesterday.

Livestock markets: NI LVMKTS

BASE METALS

Copper fell for a second day in New York on concern demand will take time to revive after an official manufacturing gauge was weaker than projected in China, the world’s biggest consumer of the metal.

Copper for delivery in July dropped 1.7 percent to $3.1325 a pound by 8:30 a.m. on the Comex in New York, where futures trading volumes were 36 percent lower than the average in the past 100 days for the time of day. Copper for delivery in three months lost 1.9 percent to $6,918 a ton on the LME.

Tin for delivery in three months on the LME dropped as much as 2.9 percent. Nickel, zinc, lead and aluminum fell.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Wheat fell in Chicago on speculation rising world supplies will make up for losses in the U.S. Great Plains, where cold and dry weather damaged crops.

Wheat for delivery in July dropped 1.9 percent to $7.1725 a bushel at 6:56 a.m. on the Chicago Board of Trade, after rising 5.6 percent in the past two days. Trading of grain futures on NYSE Liffe in Paris is closed today for a national holiday.

Corn for delivery in July declined 1.2 percent to $6.425 a bushel in Chicago and soybeans for the same delivery month fell 1 percent to $13.855 a bushel.

Grains markets: NI GRMKTS

CRUDE OIL

West Texas Intermediate oil fell for a second day as U.S. inventories reached a record high last week and on signs of economic slowdown in the U.S. and China.

WTI for June delivery retreated $2.96, or 3.2 percent, to $90.50 a barrel at 10:33 a.m. on the New York Mercantile Exchange. The futures were at $90.95 before the report. The volume of all futures traded was 35 percent above the 100-day average for the time of day. Prices were down 3.9 percent last month.

Brent for June settlement slid $3.03, or 3 percent, to $99.34 a barrel on the London-based ICE Futures Europe exchange. Volume was 22 percent above the 100-day average. Brent’s premium to WTI decreased to as small as $8.39, the narrowest since January 2012.

Oil markets: NI OILMARKET NATURAL GAS

Natural gas futures climbed in New York for the second time in three days on forecasts for a smaller-than-normal gain in inventories of the heating fuel, widening a supply deficit.

Natural gas for June delivery rose 4.9 cents, or 1.1 percent, to $4.392 per million Btu at 9:32 a.m. on the New York Mercantile Exchange. Trading volume was 56 percent above the 100-day average for the time of day. The futures have climbed 31 percent this year.

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

OIL PRODUCTS

Gasoline fell 3.5 percent after the EIA inventory report. Gasoline inventories fell 1.82m bbl to 216m bbl in week ended April 26; analysts estimated 900,000 bbl decrease.

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

European Carbon Permits

European Union emission permits dropped 4.8 percent to 2.97 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

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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