Cotton Leads Drop as Chicago Wheat Rallies: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.4% to 623.54 by 5:25 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.1% to 1,546.233.

SOFT COMMODITIES

Cotton futures fell to the lowest in almost three months on concern that a slowing economy will curb demand in China, the world’s biggest importer. Sugar, coffee and orange juice rose, while cocoa dropped. * Arabica coffee gained 0.8% to $1.2945/lb on ICE * Raw sugar rose 1% to 16.81c/lb * Cocoa dropped 0.6% at $2,303/mt * Cotton declined 1.4% to 82.27c/lb * Orange juice advanced 1.6% to $1.4835/lb

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Soybean futures headed for the longest rally since March 2012 on signs of rising demand from China, the world’s largest buyer. * Soybean gained 1.3% to $15.1425/bu * Corn futures rose 0.3% to $5.325/b on CBOT * Wheat futures gained 1.8% to $7.0075/b

Grains markets: NI GRMKTS

PRECIOUS METALS

Gold rose for the first time in three days on signs that Chinese manufacturing will slow in May for the first time in seven months, sparking a drop in global equities and increased demand for bullion as a protection of wealth. * Gold futures rose 1.3% to $1,384.90/oz on Comex * Silver fell 0.5% to $22.37/oz

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures rose in New York after a smaller-than-forecast U.S. stockpile gain.

* U.S. natural gas rose 0.9% to $4.225/m BTU on Nymex

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

BASE METALS

Copper fell the most in three weeks in New York after manufacturing shrank for the first time in seven months in China, the world’s biggest user of the metal.

* Copper futures dropped 2.8% to $3.286/lb on Comex in New York

Base metals markets: NI BMMKTS

LIVESTOCK

Cattle futures fell for a second straight day on speculation that U.S. beef demand is easing. Hog prices also declined. * Cattle futures fell 0.1% to $1.1915/lb * Feeder-cattle futures dropped 0.1% to $1.442/lb * Hog futures declined 0.4% to 93.025c/lb

Livestock markets: NI LVMKTS

CRUDE OIL

West Texas Intermediate oil fell for a third day as Chinese manufacturing contracted and speculation mounted that the Federal Reserve will cut bond purchases.

* WTI fell 1.6% to $92.79/b on the Nymex

Oil markets: NI OILMARKET

OIL PRODUCTS * Gasoline fell 0.2% to $2.8133/gal on the Nymex * Heating oil dropped 0.8% to $2.8521/gal * Retail fuel, averaged nationwide, fell for the first time in 18 days yesterday and is up 3.9% since May 4 at $3.659/gal, according to Heathrow, Florida-based AAA, the nation’s largest motoring organization.

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

European Carbon Permits * European Union emission permits climbed 2.4% to 3.4EU/t.

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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