Oct. 17 (Bloomberg) -- The Standard & Poor’s GSCI Spot Index of 24 raw materials gained 0.1 percent to 664.94. Cotton and base metals increased while gasoline decreased.
The UBS Bloomberg CMCI gauge of 26 prices rose 0.4 percent to 1,611.584 at 4:19 p.m. New York time.
Cotton futures surged to the highest price since May after inventories fell to the lowest level in at least 10 years in the U.S., the world’s biggest exporter.
Cotton futures for December delivery rose by the exchange limit of 3 cents to 77.86 cents a pound on ICE Futures U.S. in New York, the highest settlement for a most-active contract since May 22. The price climbed for the fourth straight session, the longest rally since mid-July.
Coffee futures fell after U.S. inventories had the longest run of gains in nine years, while speculation mounted that growers will increase sales from Brazil, the world’s top exporter. Cocoa and sugar also declined.
Arabica coffee for December delivery declined 0.8 percent to close at $1.615 a pound on ICE. Inventories fell less than 1 percent to 2.31 million bags.
Cocoa futures for December delivery dropped 1.4 percent to $2,385 a metric ton.
Raw-sugar futures for March delivery fell 0.3 percent to 20.11 cents a pound.
Soft commodities markets: NI SOMKTS
Copper posted the biggest gain in almost five weeks as U.S. homebuilding climbed to a four-year high, boosting demand prospects for the metal used in pipes and wiring.
On the Comex in New York, copper futures for December delivery climbed 1.3 percent to settle at $3.748 a pound, the biggest gain for a most-active contract since Sept. 14.
Copper for delivery in three months rose 1.2 percent to $8,220 a metric ton ($3.73 a pound) on the London Metal Exchange. Aluminum, nickel, lead, tin and zinc also gained.
Base metals markets: NI BMMKTS
Gasoline fell to a three-month low after the Energy Department said stockpiles increased the most since July.
Gasoline for November delivery fell 6.36 cents to $2.7817 a gallon on the New York Mercantile Exchange, the lowest settlement since July 11.
November-delivery heating oil fell 0.91 cent, or 0.3 percent, to $3.1894 a gallon on the exchange.
Oil Products Europe: NI OPEMKT
Gasoline: NI GASOLINE
Heating oil: NI HEATOIL
Gold futures rose for the second straight day as the dollar’s decline spurred demand for the metal as an alternative investment.
Gold futures for December delivery climbed 0.4 percent to settle at $1,753 an ounce on the Comex. The price has increased 12 percent this year.
Silver futures for December delivery rose 0.8 percent to $33.232 an ounce, extending this year’s gain to 19 percent.
Precious metal markets: NI PCMKTS
Natural gas futures climbed for the first time in three days on speculation that government data may show a smaller-than-normal increase in stockpiles for last week.
Natural gas for November delivery rose 3.3 cents to settle at $3.47 per million British thermal units on the Nymex. The futures have climbed 16 percent this year.
U.K. natural gas: NI NUKMKT
Gas market: NI GASMARKET
Americas natural gas: NI AGASMARKET
European natural gas: NI EGASMARKET
Oil was little changed as U.S. new-home construction rose and crude supplies climbed to the most for this time of year since government records began in 1982.
Crude oil for November delivery rose 3 cents to settle at $92.12 a barrel on the Nymex.
Brent for December settlement fell 78 cents, or 0.7 percent, to end the session at $113.22 a barrel on the London-based ICE Futures Europe.
Oil markets: NI OILMARKET
Cattle futures rose, capping the biggest three-day rally in a month, as animal supplies shrink and demand for U.S. beef increases. Hog prices gained.
Cattle futures for December delivery rose 0.7 percent to settle at $1.276 a pound on the Chicago Mercantile Exchange. Prices rose 1.7 percent in three sessions, the most since Sept. 14.
Feeder-cattle futures for November settlement climbed 1 percent to $1.49275 a pound.
Hog futures for December settlement advanced 0.7 percent to 79.175 cents a pound. Prices have declined 6.1 percent this year.
Livestock markets: NI LVMKTS
Soybeans advanced for a second straight day on speculation that the U.S. Agriculture Department won’t raise its domestic production estimate again as the harvest nears completion. Corn and wheat also climbed.
Soybean futures for November delivery gained 1 percent to settle at $15.0925 a bushel on the Chicago Board of Trade. The price has climbed 25 percent in 2012 as the worst U.S. drought since 1956 curbed production. The USDA will update its global crop outlook on Nov. 9.
Corn futures for December delivery rose 1 percent to $7.455 a bushel. The most-active contract is up 15 percent this year because of dry weather.
Wheat futures for December delivery advanced 1 percent to $8.5625 a bushel. The grain has surged 31 percent this year as dry weather in Russia and Australia cut world production.
Grain markets: NI GRMKTS
To contact the reporter on this story: Joshua Falk in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Dan Stets at email@example.com