Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Crude Declines; Wheat, Corn Prices Rally: Commodities at Close

Don't Miss Out —
Follow us on:

Jan. 23 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities rose 0.2 percent to 653.44 at 5:07 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gained 0.2 percent to 1,565.089.

CRUDE OIL

Oil dropped a fourth day in New York as investors bet that sanctions against Iran may be delayed while Europe’s debt crisis may slow commodity demand.

Crude for March delivery declined as much as 93 cents to $97.40 a barrel in electronic trading on the New York Mercantile Exchange. It was at $97.87 at 4:05 p.m. Singapore time. The contract slid $2.21 to $98.33 on Jan. 20. Front-month prices are at the lowest level in almost five weeks and are 11 percent higher the past year.

NATURAL GAS

PRECIOUS METALS

Silver advanced to its highest level in more than six weeks as holdings in exchange-traded funds rose for a second day to the most since October. Gold increased to the highest price since Dec. 13.

BASE METALS

Three-month copper swung between a 0.4 percent gain and a loss of 0.2 percent on the London Metal Exchange before trading little changed at $8,213.25 a metric ton at 4:27 p.m. in Tokyo. The metal rose 2.8 percent last week, the second straight gain. The March-delivery contract on the Comex fell 0.3 percent. Aluminum fell 0.5 percent to $2,206.75 a ton and lead declined 0.2 percent to $2,179 a ton. Zinc was little changed at $2,014 a ton, while nickel gained 0.1 percent to $20,476 a ton. Base metals markets: NI BMMKTS

GRAINS, SOFT COMMODITIES, LIVESTOCK

Wheat and corn advanced for a third day as government data showed shipments climbed from the U.S., the world’s top exporter. Soybeans and soybean meal gained.

Wheat for March delivery rose as much as 1.2 percent to $6.1775 a bushel on the Chicago Board of Trade and was at $6.145 at 2:45 p.m. in Singapore. Corn for March increased 1 percent to $6.1725 a bushel, soybeans rose 1 percent to $11.9825 a bushel and meal gained 1.6 percent to $316.80 per 2,000 pounds.

The June-delivery rubber contract fell 2.7 percent to settle at 306 yen a kilogram ($3,973 a metric ton) on the Tokyo Commodity Exchange. The most-active contract climbed to 315.8 yen on Jan. 20, the highest level since Oct. 28, and advanced 13.3 percent last week, the most since the week ended Dec. 19, 2008.

Hog prices dropped to a one-week low on signs of increasing supplies of pork and slowing demand. Cattle futures fell from a record. Hog futures for April settlement declined 0.5 percent to settle at 87.05 cents a pound on Jan. 20 on the Chicago Mercantile Exchange after reaching 87 cents, the lowest for a most-active contract since Jan. 13.

Cattle futures for April delivery fell 0.1 percent to close at $1.27725 a pound, after reaching $1.29325, the highest for a most-active contract since the commodity began trading on the CME in 1964. the biggest monthly gain since September.

Feeder-cattle futures for March settlement dropped 0.1 percent to close at $1.5385 a pound on the CME. Earlier, the price reached a record $1.55275.

On ICE Futures U.S. in New York, orange juice for March delivery climbed by the exchange limit of 10 cents, or 5 percent, to a settle at $2.1065 a pound, the highest ever.

Raw sugar for March delivery rose 1.1 percent to close at 24.89 cents a pound on Jan. 20 on ICE Futures U.S. In London, refined-sugar futures for March delivery rose 0.6 percent to $645.60 a metric ton on NYSE Liffe.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.