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Gasoline Hits Two-Week High on Budget Deal: Commodities at Close

Oct. 16 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities climbed 1.4% to 641.27. The UBS Bloomberg CMCI index of raw materials advanced 0.6% to 1,474.435.


Gasoline jumped to a two-week high on the New York Mercantile Exchange as Senate leaders reached an agreement to end the budget impasse amid signs that House Speaker John Boehner will put the deal to a vote. * Gasoline climbed 1.6% to $2.7021/gal * Ultra-low-sulfur diesel rose 7% to $3.0393/gal * Oil product markets: NI OPFMKT


Soybean futures rose on speculation the harvest will slow because of cold, wet weather in central areas of the U.S., the world’s biggest producer. Corn and wheat prices fell. * Soybean futures advanced 0.7% to $12.765/b * Corn dropped 0.2% to $4.4275/b on CBOT * Wheat futures fell 0.6% to $6.815/b * Grains markets: NI GRMKTS


Sugar posted the biggest gain this month after rains halted cane harvesting in Brazil, the world’s top grower. Cotton, coffee, cocoa and orange juice declined. * Raw sugar gained 1.7% to 19.01c/lb on ICE in New York * Cotton declined 0.7% to 83.16c/lb * Arabica coffee fell 0.5% to $1.1585/lb * Cocoa fell 0.5% to $2,747/t * Orange juice fell 0.3% to $1.242/lb * Soft commodities markets: NI SOMKTS


Copper futures capped the longest rally since August after the Senate crafted a deal to end a U.S. fiscal impasse, boosting the outlook for economic growth and commodities demand. * Copper gained less than 0.1% to $3.308/lb on Comex * Base metals markets: NI BMMKTS


Gold futures rebounded as the dollar’s drop boosted demand for the precious metal and commodities as alternative investments. * Gold rose 0.7% to $1,282.30/oz on Comex * Silver rose 0.8% to $21.365/oz * Precious metal markets: NI PCMKTS


Natural gas futures dropped in New York on speculation that mild U.S. weather has bolstered supply gains and as prices near a four-month high prompted some traders to sell contracts. * U.S. natural gas fell 0.6% to $3.769/mmbtu on Nymex * Gas market: NI NUSMKT


West Texas Intermediate crude rose after Senate leaders reached a deal to increase the U.S. debt ceiling and end the government shutdown. * WTI advanced 1.1% to $102.29/bbl on the Nymex * Brent climbed 0.8% to $110.86/bbl on ICE Futures Europe * Oil markets: NI CRMKTS


Cattle futures advanced to an eight-month high on the Chicago Mercantile Exchange on mounting speculation that improved demand for U.S. beef is tightening animal supplies. Hog prices also gained. * Cattle futures rose 0.4% to $1.3325/lb * Feeder-cattle climbed 0.1% to $1.67725/lb * Hogs jumped 1.1% to 88.8c/lb * Livestock markets: NI LVMKTS

To contact the reporter on this story: Edward Welsch in Calgary at

To contact the editor responsible for this story: Dan Stets at

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