June 27 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities rose 0.8 percent to 577 at 5 p.m. New York time after cocoa and sugar advanced on concern that wet weather in West Africa will hurt crops.
The UBS Bloomberg CMCI index of 26 raw materials rose 0.7 percent to 1,443.656.
Cocoa futures climbed the most in more than seven weeks on concern that too much rain will hurt crops in West Africa, the world’s top growing region. Sugar advanced, while coffee fell.
Showers and thunderstorms from Ivory Coast, the biggest cocoa grower, to Nigeria and Cameroon through June 29 will be 0.2 inches (0.5 centimeters) to 0.7 inches daily, AccuWeather Inc. said in a report.
Cocoa for September delivery surged 3.9 percent to settle at $2,232 a metric ton on ICE Futures U.S. That was the biggest gain for a most-active contract since May 1.
Sugar for October delivery, the contract with the most open interest, jumped 3.6 percent to settle at 20.95 cents a pound on ICE.
Arabica-coffee futures for September delivery decreased 0.5 percent to $1.6485 a pound on ICE.
Cotton futures for December delivery slid 0.4 percent to 67.96 cents a pound in New York. The fiber has tumbled 27 percent this quarter.
Orange-juice futures for September delivery climbed 2.1 percent to $1.1345 a pound on ICE. The price is still down 33 percent in 2012.
Oil rose to a one-week high on signs the U.S. economy is recovering, easing concern that demand from the world’s biggest crude-consuming country will decline.
Futures gained 1.1 percent after Commerce Department data showed orders for durable goods climbed more than forecast in May. More Americans than estimated signed contracts to purchase previously owned homes last month, the National Association of Realtors reported.
Crude oil for August delivery advanced 85 cents to $80.21 a barrel on the New York Mercantile Exchange, the highest settlement in a week.
Brent oil for August settlement increased 48 cents, or 0.5 percent, to end the session at $93.50 a barrel on the London-based ICE Futures Europe exchange.
Gasoline slid as the Energy Department reported that stockpiles of the motor fuel jumped to a seven-week high and on concern that European leaders can’t contain the region’s debt crisis.
Prices sank as gasoline supplies rose 2.08 million barrels to 204.8 million, larger than the 1-million-barrel gain projected in a survey by Bloomberg. European Union leaders are preparing for a two-day summit beginning tomorrow in Brussels.
July-delivery gasoline fell 2.47 cents, or 0.9 percent, to settle at $2.6204 a gallon on the Nymex.
Heating oil for July delivery rose 1.72 cents, or 0.7 percent, to settle at $2.5937, the highest level in a week.
Regular gasoline at the pump, averaged nationwide, fell 1.4 cents to $3.383 a gallon yesterday, according to AAA. It was the lowest level since Jan. 25.
Natural gas futures rose to a five-month high in New York on forecasts for hotter-than-normal weather that would boost fuel demand from power plants.
MDA EarthSat Weather in Gaithersburg, Maryland, predicted above-normal temperatures across most of the U.S. through July 11. The high in Chicago tomorrow may be 101 degrees Fahrenheit (38 Celsius), 18 above normal, according to the National Weather Service in Silver Spring, Maryland.
Natural gas for July delivery gained 0.7 cent to $2.774 per million British thermal units on the Nymex, the highest settlement price since Jan. 11.
Copper rose the most in a week as a measure of U.S. home sales and orders for durable goods in May climbed more than expected, easing concern that demand will fade with slowing growth in the U.S.
Copper futures for September delivery gained 1.1 percent to settle at $3.3565 a pound on the Comex in New York, the biggest increase since June 19.
Aluminum and tin also advanced on the London Mercantile Exchange. Zinc, nickel and lead were lower.
Gold in New York advanced for the second time in three days on speculation that China may take more steps to boost economic growth.
China may introduce “more proactive” policies to ensure stable growth, the China Securities Journal said in a commentary today. The Asian country will topple India this year as the world’s largest consumer because rising incomes will bolster demand, the World Gold Council has forecast.
Gold futures for August delivery rose 0.2 percent to settle at $1,578.40 an ounce on the Comex.
Silver futures for September delivery dropped 0.4 percent to $27 an ounce on the Comex, extending this quarter’s drop to 17 percent, which would be the biggest loss since September 2008.
On the Nymex, platinum futures for October delivery dropped 1.2 percent to $1,413.30 an ounce, retreating for the second straight day. Palladium futures for September delivery slumped 2.3 percent to $579.75 an ounce, falling the most since May 23.
Hog prices rose the most in almost four weeks on speculation that pork supplies will shrink as rising temperatures in the U.S. reduce animal weights. Cattle futures climbed to a one-week high.
Temperatures may average 5 degrees Fahrenheit above normal from the Midwest to the East Coast until July 1, with parts of the central U.S. reaching 8 degrees above average, according to Commodity Weather Group LLC. On June 25, the average hog carcass weighed 204.1 pounds (92.6 kilograms), down 1.3 percent from the previous session, government data show. Livestock use more energy to stay cool during hot weather, reducing weights.
Hog futures for August settlement surged 3 percent to close at 91.7 cents a pound on the Chicago Mercantile Exchange, the biggest gain for a most-active contract since May 31.
Cattle futures for August delivery advanced 1.5 percent to settle at $1.1725 a pound. The price has dropped 3.5 percent this year.
Feeder-cattle futures for August settlement climbed 0.8 percent to settle at $1.4885 a pound.
Corn futures rose, capping the biggest four-session gain in 14 months, on signs that hot, dry weather in the next two weeks will reduce yields in the U.S., the world’s top producer. Soybeans fell.
On the Chicago Board of Trade, corn futures for December delivery, after the harvest, rose 1.4 percent, to close at $6.33 a bushel.
Soybean futures for November delivery fell 0.1 percent to $14.12 a bushel.
Wheat futures for September delivery rose 0.6 percent to settle at $7.5125 a bushel on the CBOT on speculation that livestock producers will use more of the grain in animal feed as corn prices surge.
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