Commodities headed for the longest run of weekly gains in 17 years on mounting speculation that the economies in the U.S. and China will rebound, boosting demand for metals, energy and crops.
The Standard & Poor’s GSCI gauge of 24 commodities rose 0.5 percent to 679.03 by 6:02 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.7 percent to 1,627.362.
Gold gained for the third time in four days as U.S. hiring picked up in the past three months, signaling an improving economy that may fuel inflation as the Federal Reserve adds more stimulus. Silver also climbed.
Gold futures for April delivery climbed 0.5 percent to $1,670.90 an ounce on the Comex in New York.
Precious metal markets: NI PCMKTS
European gasoline barges rose for a 12th day to the highest level in more than three months. Gasoil futures advanced to the highest since October.
Heating oil rose, heading for the biggest weekly gain since July, as Brent crude advanced and economic reports indicated the U.S. economy is growing.
Heating oil rose 1.4 percent to $3.1535 a gallon and gasoline gained 0.7 percent to $3.0523 a gallon.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
Natural gas fell 0.8 percent to $3.311 per million British thermal units.
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
Orange juice headed for the largest weekly gain since mid-December on signs that a crop disease will reduce output in Florida.
Orange juice for March delivery jumped 1.5 percent to $1.2145 a pound on ICE Futures U.S. in New York, heading for the sixth straight gain.
Also in New York, arabica-coffee futures for March delivery advanced 0.6 percent to $1.4785 a pound.
Cotton futures climbed 0.4 percent to 83.31 cents a pound on ICE. Prices surged 10 percent last month, the most since February 2011.
Raw-sugar futures for March delivery gained 0.8 percent to 18.93 cents a pound in New York, while cocoa futures for March delivery were slid less than 0.1 percent to $2,204 a metric ton.
Soft commodities markets: NI SOMKTS
European Carbon Permits
European carbon jumped by the most ever after German Chancellor Angela Merkel said she backed moves to claw back renewable energy subsidies and as the nation considers ways to fix a glut of greenhouse-gas allowances.
EU carbon permits for December closed 92 cents or 27 percent higher at 4.34 euros ($5.93) a ton on London’s ICE Futures Europe exchange. That’s the biggest-ever increase for the contract.
EU Carbon Emissions: NI ECBMKT
Hog futures headed for a fourth straight weekly gain, the longest rally since November 2011, on speculation that demand for animals will rise as winter weather disrupts supplies. Cattle fell.
Hog futures for April settlement climbed 0.4 percent to 89.675 cents a pound on the Chicago Mercantile Exchange. A close at that price would be a 0.8 percent weekly gain.
Cash hogs rose 2.4 percent yesterday to 86.33 cents a
Cattle futures for April delivery dropped 0.3 percent to $1.3245 a pound in Chicago. Prices rallied 0.4 percent in January, the fourth straight monthly gain.
Feeder-cattle futures for March settlement slid 0.3 percent to $1.49075 a pound on the CME. Prices fell 3.1 percent last month, the biggest decline since July.
Livestock markets: NI LVMKTS
Wheat rose as production prospects dimmed because of a persistent drought in the southern Great Plains, the biggest U.S. growing region for winter crops.
Wheat futures for March delivery climbed 0.9 percent to $7.8625 a bushel on the Chicago Board of Trade. The price gained 0.2 percent last month, the first increase since September.
Soybean futures for March delivery rose 0.3 percent to $14.725 a bushel on the Chicago Board of Trade.
Corn futures for March delivery slipped 0.3 percent to $7.3825 a bushel in Chicago.
Grain markets: NI GRMKTS
Oil gained in New York, heading for the longest stretch of weekly advances in more than eight years, after reports showed that U.S. hiring and manufacturing expanded last month.
West Texas Intermediate crude oil for March delivery rose 16 cents to $97.65 a barrel at 12:34 p.m. on the New York Mercantile Exchange.
Brent oil for March settlement gained $1.32, or 1.1 percent, to $116.87 a barrel on the London-based ICE Futures Europe exchange.
Oil markets: NI OILMARKET
Nickel rose, heading for the largest weekly gain since September, amid indications that economies are reviving in the U.S. and China, the world’s biggest user.
Nickel for delivery in three months climbed 1.3 percent to $18,570 a metric ton on the London Metal Exchange. Prices are up 6.8 percent this week, the most since the week ended on Sept. 14.
Copper futures for delivery in March rose 0.7 percent to $3.7565 a pound on the Comex in New York.
Aluminum climbed as much as 2.2 percent in London, and zinc, lead and tin also increased.
Base metals markets: NI BMMKTS