The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.2 percent to 650.04 at 5:11 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.1 percent at 1,573.016.
Wheat rose for a second day on speculation that rainfall in parts of Kansas and Oklahoma won’t boost soil moisture as the worst drought since the 1930s persists. Corn advanced, and soybeans were little changed.
Wheat futures for delivery in March climbed 0.7 percent to $7.565 a bushel on the Chicago Board of Trade. Prices reached $7.3975 on Jan. 4, the lowest for a most-active contract since June.
Corn futures for delivery in March gained 1.1 percent to $6.93 a bushel in Chicago. Soybeans futures for the same delivery month rose less than 0.1 percent to $13.89 a bushel on the CBOT.
Grain markets: NI GRMKTS
Arabica coffee retreated in New York, after gaining as much as 2.5 percent yesterday, on speculation investors will continue to bet on lower prices as production in top-grower Brazil may be large next season. Cocoa slumped 2.3 percent.
Arabica coffee for March delivery slid 0.6 percent to $1.4955 a pound on ICE Futures U.S. in New York. Robusta coffee for March delivery advanced 0.3 percent to $1,969 a metric ton on NYSE Liffe in London.
Raw sugar for March delivery gained 0.2 percent to 18.90 cents a pound in New York. White sugar for March delivery was down 0.2 percent at $509.70 a ton in London.
Soft commodities markets: NI SOMKTS
Copper rose in New York, rebounding from three sessions of declines, on speculation investors were buying futures as the metal’s weighting climbs in a benchmark commodity index.
Copper for delivery in March advanced 0.1 percent to $3.681 a pound by 7:43 a.m. on the Comex in New York. Copper for delivery in three months rose 0.2 percent to $8,087 a metric ton on the London Metal Exchange.
Aluminum, zinc and tin declined in London as lead and nickel rose.
Base metals markets: NI BMMKTS
Gold futures gained for the first time in four sessions as demand increased in China, the world’s second-biggest buyer.
Gold futures for February delivery rose 0.6 percent to $1,656.70 an ounce at 10:18 a.m. on the Comex in New York. The price dropped 2.5 percent in the previous three sessions.
Silver futures for March delivery rose 1 percent to $30.38 an ounce on the Comex. On Jan. 4, the price touched $29.24, the lowest for a most-active contract since Aug. 21.
Precious metal markets: NI PCMKTS
Natural gas futures declined for a second day in New York on forecasts of milder weather that would reduce demand for the heating fuel.
Natural gas for February delivery fell 3.4 cents, or 1 percent, to $3.232 per million British thermal units at 9:29 a.m. on the New York Mercantile Exchange. Trading volume was 26 percent below the 100-day average. Futures tumbled to $3.05 per million Btu on Jan. 2, the lowest intraday price since Sept. 26. Gas is up 5.6 percent from a year ago.
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
Power for February delivery in Germany dropped after rising to a record yesterday amid forecasts for colder weather. The equivalent French contract fell for the first time in four days.
Baseload German next-month electricity, for supplies delivered around the clock, lost 0.9 percent to 50.65 euros ($66.23) a megawatt-hour as of 4:20 p.m. Berlin time. The French February contract, which yesterday rose as high as 60 euros, the most since Dec. 6, slipped 1.2 percent to 58.80 euros a megawatt-hour.
Power markets: NI PWRMARKET
Oil fell for the first time in three days in New York on expectations that U.S. stockpiles rose from a three-month low last week.
Crude oil for February delivery slid 41 cents, or 0.4 percent, to $92.78 a barrel at 10:39 a.m. on the New York Mercantile Exchange. Prices are down 8.6 percent from this point last year. Trading volume was 7 percent below the 100-day average.
Brent oil for February settlement advanced 13 cents to $111.53 a barrel on the London-based ICE Futures Europe exchange. Brent volume was 15 percent above the 100-day average.
Oil markets: NI OILMARKET
Heating oil advanced on speculation that refinery unit shutdowns will reduce supplies and that higher gasoil prices in Europe will attract diesel shipments from the U.S.
Heating oil for February delivery rose 3.13 cents, or 1 percent, to $3.0634 a gallon at 10:17 a.m. on the New York Mercantile Exchange, after touching $3.0752.
Gasoline for February delivery gained 1.49 cents, or 0.5 percent, to $2.2923 a gallon on the exchange.
The average nationwide retail price for regular gasoline rose 0.3 cent to $3.30 a gallon, AAA said today on its website.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
Hog futures jumped the most in two weeks on signs of increasing U.S. pork demand. Cattle prices were little changed.
Hog futures for February settlement climbed 0.7 percent to 86.9 cents a pound at 9:22 a.m. on the Chicago Mercantile Exchange, heading for the biggest gain for a most-active contract since Dec. 24.
Cattle futures for February delivery rose less than 0.1 percent to $1.33075 a pound on the CME. Last week, prices fell 0.5 percent, the first drop since Nov. 30.
Feeder-cattle futures for March settlement dropped 0.2 percent to $1.55825 a pound.
Livestock markets: NI LVMKTS
European Carbon Permits
European Union carbon permits for December 2013 dropped 3.8 percent to 6.41 euros a metric ton.
EU Carbon Emissions: NI ECBMKT