May 15 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities rose 0.3 percent to 636.10 at 4:02 p.m. New York time. The UBS Bloomberg CMCI index of 26 raw materials was up 3.2 percent to 1,495.82.
Oil fell near a five-month low after a second Greek election was called for as attempts to form a government failed, sending the euro tumbling.
Crude oil for June delivery decreased 80 cents to $93.98 a barrel on the New York Mercantile Exchange, the lowest settlement since Dec. 19. Prices are down 4.9 percent this year.
Brent oil for June settlement gained 67 cents, or 0.6 percent, to $112.24 a barrel on the London-based ICE Futures Europe exchange. June futures expire tomorrow. The more-active July contract rose 45 cents, or 0.4 percent, to $111.45.
Natural gas futures advanced in New York for the sixth time in seven days on forecasts of warmer-than-normal weather that may boost demand for the power-plant fuel.
Natural gas for June delivery rose 6.9 cents to settle at $2.50 per million British thermal units on the Nymex. The futures jumped 10 percent last week.
August $3.90 calls, bets that prices will rise, were the most active options in electronic trading on the exchange. They were 0.2 cent lower at 1 cent per million Btu on volume of 3,770 contracts at 2:44 p.m.
Gasoline slid to a three-month low after Greece failed to form a coalition government, increasing concern that Europe’s economy may slow, reducing fuel demand.
Gasoline for June delivery fell 1.49 cents, or 0.5 percent, to settle at $2.9441 a gallon on the Nymex. It was the fourth consecutive decline.
June-delivery heating oil rose 0.35 cent to settle at $2.933 a gallon on the exchange, the first gain in four days.
Gold fell to a 19-week low as the dollar rose on Greece’s failure to form a new government.
Gold for June delivery slipped 0.2 percent to settle at $1,557.10 an ounce at 1:42 p.m. on the Comex in New York.
Silver for July delivery dropped 1 percent to close at $28.08 an ounce on the Comex. The metal fell as low as $27.895, the lowest since Dec. 30.
On the Nymex, palladium for June delivery rose 1 percent to $601.10 an ounce, the first gain in three sessions. Platinum for July delivery increased 0.3 percent to $1,446.50 an ounce. The gain was the first in seven sessions.
Copper fell to a four-month low in New York on concern that Greece’s failure to form a new government and a slowing U.S. recovery signal weaker demand.
Copper for July delivery dropped 1 percent to settle at $3.5175 a pound at 1:20 p.m. on the Comex. Prices earlier touched $3.5005, the lowest for a most-active contract since Jan. 11. The metal has lost 8.1 percent this month after gaining 11 percent in the first quarter.
Wheat rose the most in more than two weeks on speculation that dry weather will curb yields in Kansas, the biggest U.S. producer of winter varieties.
Wheat futures for July delivery advanced 1.7 percent to $6.085 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest jump since April 27.
Corn futures for July delivery climbed 2.4 percent to close at $5.9725 a bushel, the biggest gain since April 27.
Soybean futures for July delivery advanced 1.9 percent to $14.13 a bushel.
Raw-sugar futures climbed the most in a week on speculation that rains in Brazil’s main growing region will reduce yields while a dry spell in the northeast will cut output. Cocoa, cotton and coffee rose, while orange juice fell.
Raw sugar for July delivery advanced 0.6 percent to settle at 20.4 cents a pound at 2 p.m. on ICE Futures U.S. in New York, the biggest gain since May 7.
Cocoa futures for July delivery gained 0.3 percent to $2,268 a metric ton. Arabica-coffee futures for July delivery rose 0.3 percent to $1.784 a pound on ICE.
Cotton for July delivery climbed 0.4 percent to settle at 79.16 cents a pound, the first increase since May 1.
Orange-juice futures for July delivery fell 2.2 percent to $1.14 a pound in New York, after touching $1.1175, the lowest since November 2009.
Hog futures climbed to the highest level in more than two weeks on signs of increasing demand for U.S. pork. Cattle prices rose to the highest since March.
Hog futures for June settlement rose 1.2 percent to settle at 86.4 cents a pound on the Chicago Mercantile Exchange, after reaching 86.925 cents, the highest level for a most-active contract since April 27.
Cattle futures for August delivery climbed 0.2 percent to settle at $1.18725 a pound.
Feeder-cattle futures for August settlement advanced 0.3 percent to $1.57675 a pound in Chicago.
With assistance from Christine Buurma, Mark Shenk, Marvin G. Perez, Joe Richter and Debarati Roy in New York; Elizabeth Campbell and Tony C. Dreibus in Chicago; Isis Almeida and Maria Kolesnikova in London, and Barbara J Powell in Dallas. Editors:
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