Metals Lead Declines as April Losses Widen: Commodities at Close
The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.8 percent to 624.66 by 4:50 p.m. in London, heading for a monthly decline of 4.6 percent. That would be the biggest monthly drop since May. The UBS Bloomberg CMCI index of 26 raw materials was down 0.5 percent at 1,481.091.
Copper fell in New York, set for the biggest monthly decline since October, on signs demand has yet to revive as stockpiles of the metal increase.
Copper for delivery in July declined 1.1 percent to $3.191 a pound on the Comex in New York. Prices are down 6.2 percent this month. Copper in London dropped 1.5 percent, zinc was down 2.4 percent and aluminum slipped 1.8 percent.
Base metals markets: NI BMMKTS
Corn fell from a four-week high on increased sales by U.S. farmers and on speculation that drier weather in the next five days may accelerate delayed Midwest planting. Soybeans dropped while wheat rose.
Corn futures for delivery in July fell 1.2 percent to $6.52 a bushel on the Chicago Board of Trade, after touching $6.69, the highest since April 1.
Soybean futures for delivery in July slid 0.1 percent to $14.0775 a bushel on the CBOT.
Wheat futures for delivery in July jumped 2.3 percent to $7.3275 a bushel in Chicago.
Grains markets: NI GRMKTS
Orange-juice futures rose for the second day on speculation that demand will outpace supplies as the crop shrinks in Florida, the world’s second-biggest citrus grower. Sugar, cocoa, coffee and cotton also climbed.
On ICE Futures U.S. in New York, orange juice for July delivery climbed 2 percent to $1.455 a pound at 11:37 a.m. Yesterday, the price jumped 2.8 percent, the most in two weeks. Brazil is the top grower. A box weighs 90 pounds, or 41 kilograms.
Orange juice headed for the fourth straight monthly gain, the longest rally since July 2011.
Raw-sugar futures for July delivery increased 0.9 percent to 17.6 cents a pound on ICE. The price was poised for the fourth consecutive monthly drop, the longest slump since May 2010.
Cocoa futures for July delivery rose 1.2 percent to $2,362 a metric ton. The price headed for the biggest monthly gain since August.
Arabica-coffee futures for July delivery advanced 0.6 percent to $1.346 a pound.
Cotton futures for July delivery climbed 0.4 percent to 86.12 cents a pound. The price was poised for the first monthly decline since October.
Soft commodities markets: NI SOMKTS
West Texas Intermediate crude declined, extending the monthly drop, before a report that may show that U.S. inventories climbed to the highest level in more than two decades.
WTI for June delivery fell 85 cents, or 0.9 percent, to $93.65 a barrel at 10:38 a.m. on the New York Mercantile Exchange. The volume of all contracts traded was 12 percent above the 100-day average.
Brent oil for June settlement slipped $1.07, or 1 percent, to $102.74 a barrel on the London-based ICE Futures Europe exchange. Volume was 28 percent above the 100-day average.
The European benchmark grade dropped to a premium of as little as $9.02 to WTI, the smallest gap since Jan. 19, 2012.
Oil markets: NI OILMARKET
Gold swung between gains and losses in New York before global monetary policy meetings this week.
Gold futures for June delivery slid less than 0.1 percent to $1,467.10 an ounce at 11:01 a.m. on the Comex in New York. The metal earlier fell as much as 0.5 percent and rose as much as 0.8 percent.
While prices have rebounded since touching a 26-month low on April 16, they are down 8 percent this month through yesterday, heading for the biggest loss since December 2011.
Precious metal markets: NI PCMKTS
Cattle futures rose for the first time in three sessions on signs of improving demand for U.S. beef. Hog prices also gained.
Cattle futures for June delivery climbed 0.3 percent to $1.22875 a pound at 9:40 a.m. on the Chicago Mercantile Exchange. Prices are down 1.5 percent this month through yesterday, heading for the third straight decline.
Feeder-cattle futures for August settlement rose 0.3 percent to $1.50275 a pound.
Hog futures for June settlement gained 0.5 percent to 92.575 cents a pound on the CME. Prices are up 1.2 percent this month through yesterday.
Livestock markets: NI LVMKTS
Natural gas futures dropped in New York on forecasts for milder weather that would cut demand for the heating and power- plant fuel.
Natural gas for June delivery fell 3.8 cents, or 0.9 percent, to $4.354 per million Btu at 9:36 a.m. on the New York Mercantile Exchange. Trading volume was 37 percent below the 100-day average for the time of day. The futures are heading for their third consecutive monthly gain after climbing 30 percent this year.
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
Ethanol’s discount to gasoline dropped to a more than four- month low on speculation the slowest pace of corn planting since 1986 will make it difficult to replenish supplies.
Denatured ethanol for May delivery rose 0.8 cent to $2.579 a gallon on the Chicago Board of Trade, the highest price since March 27. Futures have gained 18 percent this year.
Gasoline for May delivery decreased 3.75 cents, or 1.3 percent, to $2.79 a gallon on the New York Mercantile Exchange. The contract covers reformulated gasoline, made to be blended with ethanol before delivery to filling stations.
That left ethanol’s discount to gasoline at the narrowest since Dec. 6 and down from 78.76 cents as recently as Feb. 14.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
European Carbon Permits
European Union emission permits dropped 5.4 percent to 3.14 euros a metric ton.
EU Carbon Emissions: NI ECBMKT
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