Copper Swings Between Gains and Declines: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities was little changed at 629.82 by 5:12 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials rose 0.3% to 1,484.309.

BASE METALS

Copper swung between gains and losses in New York as investors weighed signs demand is poised to strengthen in China against weaker-than-expected industrial output in the nation, the world’s biggest metals consumer. * Copper futures for delivery in July rose 0.1% to $3.356/lb on the Comex in New York * Lead on the LME advanced 0.8% to $2,009.50/mt

Base metals markets: NI BMMKTS

SOFT COMMODITIES

Orange juice futures for July delivery rose 2.7 percent to $1.4825 a pound on ICE Futures U.S. in New York. It’s up for the fourth consecutive session, the longest streak since March 12. Sugar and cotton fell, while cocoa and coffee advanced. * Arabica coffee rose 1% to $1.4585/lb on ICE * Raw sugar dropped 0.5% to 17.34c/lb * Cocoa rose 1% at $2,323/mt * Cotton declined 1.3% to 85.35c/lb

Soft commodities markets: NI SOMKTS

NATURAL GAS

Natural gas rose in New York from the lowest level in more than a month as weather forecasts for Western heat and Eastern cold spurred speculation that demand will increase. * U.S. Natural gas rose 1.5% to $3.968/m BTU on Nymex

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

PRECIOUS METALS

Gold futures fell, heading for the longest slump in five weeks, as holdings in exchange-traded products backed by the metal extended a decline to the lowest since July 2011. * Gold futures for June delivery fell 0.3% to $1,432.40/oz on Comex. Silver advanced 0.4% to $23.75/oz

Precious metal markets: NI PCMKTS

LIVESTOCK

Cattle rose for the second time in three sessions on speculation that demand for beef will rise before the U.S. Memorial Day holiday on May 27 and Father’s Day on June 16, traditionally popular times to grill steaks. * Cattle futures for June delivery advanced 0.4% to $1.209/lb on CME * Feeder-cattle futures gained 0.1% to $1.46825/lb * Hog futures rose 0.4% to 90.875c/lb

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Corn rose the most in two weeks on speculation that persistent wet weather in parts of the Midwest will delay planting and curb yield potential of the biggest U.S. crop. Soybeans and wheat also rose. * Corn futures rose 3.1% to $6.56/b on CBOT * Wheat futures advanced 1.7% to $7.16/b * Soybean futures rose 1% to $14.13/b

Grains markets: NI GRMKTS

CRUDE OIL

West Texas Intermediate oil fell for a third day as China’s crude processing reached the lowest level in eight months in April and OPEC boosted output. * WTI dropped 1.25% to $94.79/b on the Nymex

Oil markets: NI OILMARKET

OIL PRODUCTS * Gasoline for June delivery fell 1.4% to $2.8204/gal on the Nymex.

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

To contact the reporter on this story: Sharon Lindores in London at slindores@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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