The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.4% to 623.54 by 5:25 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.1% to 1,546.233.
Cotton futures fell to the lowest in almost three months on concern that a slowing economy will curb demand in China, the world’s biggest importer. Sugar, coffee and orange juice rose, while cocoa dropped. * Arabica coffee gained 0.8% to $1.2945/lb on ICE * Raw sugar rose 1% to 16.81c/lb * Cocoa dropped 0.6% at $2,303/mt * Cotton declined 1.4% to 82.27c/lb * Orange juice advanced 1.6% to $1.4835/lb
Soft commodities markets: NI SOMKTS
Soybean futures headed for the longest rally since March 2012 on signs of rising demand from China, the world’s largest buyer. * Soybean gained 1.3% to $15.1425/bu * Corn futures rose 0.3% to $5.325/b on CBOT * Wheat futures gained 1.8% to $7.0075/b
Grains markets: NI GRMKTS
Gold rose for the first time in three days on signs that Chinese manufacturing will slow in May for the first time in seven months, sparking a drop in global equities and increased demand for bullion as a protection of wealth. * Gold futures rose 1.3% to $1,384.90/oz on Comex * Silver fell 0.5% to $22.37/oz
Precious metal markets: NI PCMKTS
Natural gas futures rose in New York after a smaller-than-forecast U.S. stockpile gain.
* U.S. natural gas rose 0.9% to $4.225/m BTU on Nymex
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
Copper fell the most in three weeks in New York after manufacturing shrank for the first time in seven months in China, the world’s biggest user of the metal.
* Copper futures dropped 2.8% to $3.286/lb on Comex in New York
Base metals markets: NI BMMKTS
Cattle futures fell for a second straight day on speculation that U.S. beef demand is easing. Hog prices also declined. * Cattle futures fell 0.1% to $1.1915/lb * Feeder-cattle futures dropped 0.1% to $1.442/lb * Hog futures declined 0.4% to 93.025c/lb
Livestock markets: NI LVMKTS
West Texas Intermediate oil fell for a third day as Chinese manufacturing contracted and speculation mounted that the Federal Reserve will cut bond purchases.
* WTI fell 1.6% to $92.79/b on the Nymex
Oil markets: NI OILMARKET
OIL PRODUCTS * Gasoline fell 0.2% to $2.8133/gal on the Nymex * Heating oil dropped 0.8% to $2.8521/gal * Retail fuel, averaged nationwide, fell for the first time in 18 days yesterday and is up 3.9% since May 4 at $3.659/gal, according to Heathrow, Florida-based AAA, the nation’s largest motoring organization.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
European Carbon Permits * European Union emission permits climbed 2.4% to 3.4EU/t.
EU Carbon Emissions: NI ECBMKT