Gasoline Falls Most as Wheat Extends Gain: Commodities at CloseClaudia Carpenter
The Standard & Poor’s GSCI gauge of 24 commodities fell less than 0.1 percent to 654.81 at 5:04 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.1 percent at 1,579.63.
Gasoline fell on speculation that U.S. inventories rose an eighth consecutive week amid seasonally low demand.
Gasoline for February delivery fell 1 percent to $2.728 a gallon on the New York Mercantile Exchange. Volume was 23 percent above the 100-day average.
Heating oil for February delivery fell 1.63 cents, or 0.5 percent, to $3.0462 a gallon after touching $3.0774.
Distillate inventories probably rose 1.5 million barrels last week, according to the survey.
Gasoil rallied in Europe as the cold deepened across the continent, with the February contract gaining $5 to $959.50 a metric ton on the ICE Futures Europe exchange in London.
The average nationwide retail price for regular gasoline fell 0.7 cent to $3.297 a gallon, AAA said today on its website. That’s the fourth consecutive decline.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
Corn futures rose, heading for the longest rally in a year, and soybeans gained on concern that drier weather will deplete soil moisture in South America and increase stress on crops. Wheat also advanced.
Corn futures for March delivery rose 1 percent to $7.3125 a bushel on the Chicago Board of Trade. The price climbed for the seventh straight session, the longest rally since Dec. 28, 2011. Earlier, the grain reached $7.3225, the highest for a most-active contract since Dec. 17.
Soybean futures for March delivery gained 0.1 percent to $14.20 a bushel, heading for the first two-day gain since Dec. 24. Earlier, the oilseed touched $14.3625, the highest since Dec. 26.
Wheat futures for March delivery jumped 2 percent to $7.82 a bushel, heading for the first three-session rally since Nov. 28. Earlier, the price reached $7.84, the highest since Jan. 2, as drought and cold threatened U.S. winter plants.
Grain markets: NI GRMKTS
Copper dropped to a two-week low as Germany’s economy slowed and U.S. lawmakers struggled to reach an agreement to raise the nation’s borrowing limit.
Copper futures for delivery in March lost 0.2 percent to $3.6255 a pound at 11:08 a.m. on the Comex in New York after touching $3.606, the lowest since Dec. 31.
On the LME, copper for delivery in three months fell 0.3 percent to $7,972 a metric ton ($3.62 a pound). Nickel, zinc and lead also slid in London. Aluminum was little changed, while tin rose.
Base metals markets: NI BMMKTS
Natural gas futures fluctuated in New York as meteorologists predicted below-normal temperatures that would boost heating-fuel demand and Morgan Stanley reduced its price outlook.
Natural gas for February delivery rose 0.6 cent to $3.379 per million British thermal units at 10:11 a.m. on the New York Mercantile Exchange. The futures earlier advanced to $3.431 per million Btu, the highest price since Dec. 31. Trading volume was 70 percent above the 100-day average. Gas has climbed 27 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
Hog futures declined on speculation that supplies of U.S. pork are outpacing demand. Cattle prices rose.
Hog futures for April settlement fell 0.2 percent to 87.7 cents a pound at 9:51 a.m. on the Chicago Mercantile Exchange.
Wholesale pork declined 0.6 percent yesterday to 83.42 cents a pound, the biggest drop since Jan. 2.
Cattle futures for April delivery rose 0.1 percent to $1.34825 a pound in Chicago.
Feeder-cattle futures for March settlement gained 0.1 percent to $1.51525 a pound.
Livestock markets: NI LVMKTS
Cocoa futures fell for the second time in three sessions on signs that global demand is ebbing. Sugar and orange juice also slid, while coffee and cotton advanced.
Cocoa for March delivery fell 0.7 percent to $2,252 a metric ton at 11:09 a.m. on ICE Futures U.S. in New York. The price is down 0.7 percent since Jan. 10.
Also in New York, raw-sugar futures for March delivery retreated 0.4 percent to 18.82 cents a pound.
Orange-juice futures for March delivery fell 0.5 percent to $1.109 a pound on ICE.
Arabica-coffee futures for March delivery climbed 0.8 percent to $1.5465 a pound in New York, after touching $1.565, the highest for a most-active contract since Nov. 29.
Cotton futures for March delivery gained 0.5 percent to 75.88 cents a pound on ICE.
Soft commodities markets: NI SOMKTS
Platinum surged to a three-month high, exceeding the price of gold for the first time since April, after the world’s largest producer said it will cut production. Palladium reached a 10-month high and gold rose.
Platinum futures for April delivery climbed 2.3 percent to $1,696.40 an ounce at 10:01 a.m. on the New York Mercantile Exchange after touching $1,706.80, the highest for a most-active contract since Oct. 9. The precious metal has risen 9.9 percent this month, surpassing last year’s 9.8 percent gain.
Palladium futures for March delivery added 1.6 percent to $714.90 on the Nymex, after reaching $725, the highest since Feb. 29.
Gold advanced for a second day after Federal Reserve Chairman Ben S. Bernanke said yesterday that while the economy is responding to monetary stimulus there is still “quite a ways to go.”
“The market is reading this as a sign that the easing will continue for some time,” Klopfenstein said.
Gold futures for February delivery rose 0.6 percent to $1,680.20 an ounce on the Comex in New York. Yesterday, prices climbed 0.5 percent.
Silver futures for March delivery increased 0.5 percent to $31.265 an ounce on the Comex.
Precious metal markets: NI PCMKTS
German electricity for delivery in 2014 advanced for the first time in eight days as European carbon permit prices rose. February power in France and Germany declined to a record.
Baseload German 2014 electricity, for supplies delivered around the clock, adding as much as 0.6 percent after earlier declining to a record while carbon permits gained as much as 5.1 percent. Power can track fuel and emissions prices, which affect the cost of production at plants that burn fossil fuels.
The power contract rose as much as 25 cents to 44 euros ($58.74) a megawatt-hour and was at 43.90 euros at 5:12 p.m. in Berlin, according to broker data compiled by Bloomberg.
Power markets: NI PWRMARKET
Oil dropped from the highest level in almost four months on concern that debt-ceiling talks will harm the U.S. economy and as a gauge of New York-area manufacturing contracted for a sixth straight month.
Crude oil for February delivery decreased 30 cents, or 0.3 percent, to $93.84 a barrel at 11:39 a.m. on the New York Mercantile Exchange. The contract increased to $94.14 yesterday, the highest settlement since Sept. 18. Prices are down 4.9 percent from a year earlier.
Brent for February settlement dropped 71 cents, or 0.6 percent, to $111.17 a barrel on the London-based ICE Futures Europe exchange. February futures expire tomorrow. The more-active March contract fell 58 cents, or 0.5 percent, to $110.37.
Oil markets: NI OILMARKET
European Carbon Permits
European Union carbon permits for December 2013 climbed 3.6 percent to 6.11 euros a metric ton, the first gain in six days.
EU Carbon Emissions: NI ECBMKT