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Oil Gains 1st Time in 7 Days on China: Commodities Close

May 21 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities gained 0.5 percent to 632.35 at 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was 0.2 percent higher at 1,499.526.


Oil rose for the first time in seven days in New York as China pledged to boost the nation’s economy and Goldman Sachs Group Inc. said the balance between the supply and demand of crude is tightening.

Crude oil for June delivery rose 46 cents, or 0.5 percent, to $91.94 a barrel on the New York Mercantile Exchange.

June futures expire tomorrow. The more active July contract climbed 39 cents, or 0.4 percent, to $92.19.

Brent oil for July settlement increased 86 cents, or 0.8 percent, to $108 a barrel on the London-based ICE Futures Europe exchange.

Crude oil futures: NI CRMKTS


Copper rose the most in more than a week after China’s government pledged to spur economic expansion, bolstering the outlook for demand in the world’s biggest consumer of the metal.

Copper futures for July delivery gained 0.7 percent to $3.492 a pound on the Comex in New York.

On the London Metal Exchange, copper for delivery in three months advanced 1.1 percent to $7,731 a metric ton ($3.51 a pound).

Zinc and nickel rose, while lead, aluminum and tin fell.

Base metals markets: NI BMMKTS


Wheat rose, heading for the longest rally since late January, on signs that dry U.S. weather will hurt crops, prompting investors to exit near-record bets on price declines.

Wheat futures for July delivery climbed 0.9 percent to $7.015 a bushel on the Chicago Board of Trade. A gain today would be the sixth straight advance, the longest rally since Jan. 26. Earlier, prices touched $7.22, the highest since Sept. 13.

Soybeans rose for the fourth time in five sessions on speculation that unusually warm, dry weather will increase stress for recently planted crops in the U.S., the world’s top producer.

Soybean futures for July delivery rose 0.6 percent to $14.413 a bushel on the Chicago Board of Trade.

Corn futures for July delivery fell 0.4 percent to $6.3275 a bushel in Chicago, after gaining for five straight sessions.

Grain markets: NI GRMKTS


Gold declined in New York as concerns that Europe’s debt crisis is worsening boosted the dollar and curbed the appeal of precious metals as alternative investments.

Gold futures for June delivery fell 0.3 percent to $1,587.70 an ounce on the Comex in New York.

Silver futures for July delivery declined 2.1 percent to $28.105 an ounce, retreating for the first time in three sessions.

Precious metal markets: NI PCMKTS


Natural gas futures declined in New York, retreating from a four-month high, on speculation that warmer-than-normal weather won’t boost demand enough to prevent stockpiles from approaching capacity in the fall.

Natural gas for June delivery fell 10.1 cents, or 3.7 percent, to $2.641 per million British thermal units on the New York Mercantile Exchange.

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


Orange-juice futures rose the most in four months on mounting speculation that this year’s hurricane season poses a greater risk than normal to Florida citrus groves, the world’s second largest.

Orange juice for July delivery surged 4.4 percent to $1.0665 a pound on ICE Futures U.S. in New York. A close at that level will mark the first gain in a week and the biggest since Jan. 23. Prices plunged 17 percent last week.

Cotton futures fell for the third time in four sessions on speculation that supplies will remain ample while a slowing global economy clouds the demand outlook.

Cotton for July delivery retreated 0.9 percent to 77.27 cents a pound on ICE Futures U.S. in New York.

Cocoa futures for July delivery fell 1.4 percent to $2,241 a metric ton in New York.

Raw-sugar futures for July delivery advanced less than 0.1 percent to 20.48 cents a pound on ICE.

Arabica-coffee futures for July delivery declined 1.1 percent to $1.7725 a pound in New York.

In London futures trading, cocoa and robusta coffee also dropped on NYSE Liffe. Refined sugar was little changed.

Soft commodities markets: NI SOMKTS


Cattle prices extended a rally to the highest in almost eight weeks as the number of animals in the U.S. declined, signaling tighter beef supplies. Hog futures fell.

Cattle futures for August delivery rose 0.2 percent to $1.2215 a pound on the Chicago Mercantile Exchange. Earlier, the commodity reached $1.22425, the highest for a most-active contract since March 27.

Feeder-cattle futures for August settlement advanced 0.1 percent to $1.60875 a pound in Chicago after reaching $1.615, the highest since March 5.

Hog futures for July settlement slid 1.2 percent to 87.525 cents a pound in Chicago. Before today, the commodity rose 5.1 percent this year.

Livestock markets: NI LVMKTS


Gasoline rose as a Federal Reserve report indicated increased U.S. economic activity and China’s premier pledged support for policies to boost the economy.

Gasoline for June delivery rose 2.81 cents, or 1 percent, to $2.9176 a gallon on the New York Mercantile Exchange.

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

To contact the reporter on this story: John Deane in London at

To contact the editor responsible for this story: Claudia Carpenter at

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