Copper Gains on U.S. Homes Sales: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.3 percent to 676.26 at 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.6 percent at 1,566.814.


Copper rose for the second time in three sessions as reports showed the housing market is mending in the U.S., the world’s top metals consumer after China.

Copper futures for July delivery advanced 1.1 percent to $3.6755 a pound on the Comex in New York.

On the London Metal Exchange, copper for delivery in three months rose 0.9 percent to $8,115.50 a metric ton ($3.68 a pound).

Aluminum, zinc and tin also climbed in London. Nickel fell, and lead was little changed.


Oil rose in New York after home prices in 20 U.S. cities dropped at a slower pace in February, bolstering optimism that economic expansion will accelerate in the world’s biggest crude-consuming country.

Crude oil for June delivery climbed 71 cents, or 0.7 percent, to $103.82 a barrel on the New York Mercantile Exchange. Earlier, futures touched $104.10.

Brent crude for June settlement declined 16 cents to $118.55 a barrel on London-based ICE Futures Europe.


Gold advanced for the third time in four sessions as a weaker dollar increased the appeal of the precious metal as an alternative investment.

Gold futures for June delivery rose 0.9 percent to $1,647.80 an ounce on the Comex in New York.

Silver futures for July delivery gained 1.7 percent to $31.12 an ounce on the Comex.


Gasoline dropped as concerns eased that Northeastern supplies may tighten during the summer driving season after Sunoco Inc. said it would operate its Philadelphia refinery through July.

Gasoline for May delivery slid 3.8 cents, or 1.2 percent, to $3.1493 a gallon in New York. Prices have fallen 26.73 cents since reaching a high this year of $3.4166 on March 26.


Corn rose for a second straight day on speculation that China, the world’s biggest grower after the U.S., is increasing purchases to build state reserves. Soybeans also advanced.

Corn futures for July delivery gained 0.7 percent to $6.1675 a bushel on the Chicago Board of Trade.

Soybean futures for July delivery rose 0.9 percent to $14.5375 a bushel, gaining for the third time in four sessions.


Cattle futures rebounded from a seven-month low on signs of increasing demand for U.S. beef. Hog prices were little changed.

Cattle futures for June delivery rose 0.1 percent to $1.147 a pound on the Chicago Mercantile Exchange.

Hog futures for June settlement climbed 0.2 percent to 87.95 cents a pound on the CME.

Feeder-cattle futures for August settlement fell 0.2 percent to $1.5395 a pound in Chicago.


Cocoa futures rose the most in a week, on speculation demand may rebound after the price tumbled the most since late March the previous day. Coffee, sugar, orange juice also advanced, while cotton dropped.

Cocoa for July delivery climbed 2.6 percent to $2,261 a metric ton on ICE Futures U.S. in New York.

Also in New York, Arabica-coffee futures for July delivery jumped 2.3 percent to $1.83 a pound on ICE, while raw-sugar futures for July delivery added 0.7 percent to 21.69 cents a pound, heading for the first gain in five sessions.

Orange-juice futures for July delivery advanced 1.2 percent to $1.435 a pound on ICE.

Cotton futures for July delivery dropped 0.7 percent to 91.87 cents a pound in New York, heading for the first decline since April 16.

In London futures trading, cocoa, robusta coffee and refined sugar also climbed on NYSE Liffe.


U.K. natural gas for next month fell to its lowest for seven weeks as weather was predicted to normalize and demand stayed below seasonal averages. Electricity for May also declined.

Gas for delivery in May retreated to as low as 57 pence a therm, the least since March 6, and was at 57.25 pence London time. That’s equivalent to $9.24 per million British thermal units and compares with $2.003 per million Btu for next-month U.S. gas. Day-ahead U.K. gas fell 0.8 percent to 59.35 pence a therm.

Next-month electricity dropped 0.9 percent to 44.45 pounds ($71.70) per megawatt-hour. Day-ahead power slid as much as 4 percent, the biggest decline since March 26.

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