Cotton Leads Advance as Natural Gas Slumps: Commodities at CloseClaudia Carpenter
The Standard & Poor’s GSCI gauge of 24 commodities gained 0.2 percent to 653.3 at 4:54 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.1 percent at 1,577.131.
Orange-juice futures gained the most in more than a month on speculation that unusually cold weather may harm groves in Florida, the world’s second-largest citrus grower. Coffee also rose, while sugar and cocoa slid. Cotton jumped 1.7 percent.
Orange juice for March delivery jumped 1.6 percent to $1.121 a pound on ICE Futures U.S. in New York. A close at that price would mark the biggest gain since Dec. 12.
Brazil’s is the world’s biggest orange grower.
Also in New York, arabica-coffee futures for March delivery rose 1 percent to $1.541 a pound.
Raw-sugar futures for delivery in March percent dropped 1.2 percent to 18.4 cents a pound on ICE, after touching 18.38 cents, the lowest for a most-active contract since Dec. 13.
Cocoa futures for March delivery slid 0.6 percent to $2,257 a metric ton on ICE.
Soft commodities markets: NI SOMKTS
Natural gas futures slipped in New York for the first time in five days before a government report tomorrow that may show a below-average inventory decline.
Natural gas for February delivery fell 1.2 percent to $3.412 per million British thermal units on the New York Mercantile Exchange. Prices yesterday closed at $3.455, the highest settlement since Dec. 28. Trading volume was 2.3 percent above the 100-day average. Gas has climbed 28 percent from a year ago.
Futures tumbled to $3.05 per million Btu on Jan. 2, the lowest intraday price since Sept. 26. Prices are down 13 percent from a one-year intraday high of $3.933 on Nov. 23.
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
Heating oil gained after the American Petroleum Institute reported that distillate supplies declined last week and as colder weather was predicted for the U.S. Northeast.
Heating oil for February delivery gained 1.27 cents, or 0.4 percent, to $3.024 a gallon at 9:36 a.m. on the New York Mercantile Exchange. Volume was 52 percent below the 100-day average.
Gasoline for February delivery fell 0.46 cent to $2.702 a gallon on the exchange. Volume was 18 percent below average
The average nationwide retail price for regular gasoline fell 0.3 cent to $3.294 a gallon, AAA said today on its website. That’s the fifth consecutive decline and lowest average since Jan. 2.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
Soybeans rose for the second time in three days on speculation that warmer, drier weather in South America may reduce yield potential, increasing demand for U.S. supplies. Corn and wheat fell.
Soybean futures for March delivery rose 0.8 percent to $14.2475 a bushel at 10:37 a.m. on the Chicago Board of Trade. Yesterday, the price reached $14.3625, the highest since Dec. 26.
Corn futures for March delivery declined 0.7 percent to $7.2525 a bushel. The price climbed in the previous seven sessions, the longest rally since December 2011.
Wheat futures for March delivery fell 0.7 percent to $7.775 a bushel. The price rose in the previous three sessions after the U.S. government said farmers planted less winter grain than forecast by analysts.
Grain markets: NI GRMKTS
Copper fell to a two-week low in New York as investment shrank in China, the world’s biggest metals consumer, and the World Bank lowered its forecast for global economic growth.
Copper futures for delivery in March slid 0.5 percent to $3.62 a pound at 11:22 a.m. on the Comex in New York, after touching $3.5995, the lowest since Dec. 31. Prices are headed for the third retreat in four sessions and are down 1 percent this month.
On the LME, copper for delivery in three months declined 0.5 percent to $7,955 a ton ($3.61 a pound).
Lead, zinc and aluminum also fell in London, while nickel and tin were higher.
Base metals markets: NI BMMKTS
Cattle prices fell on signs of slack demand for beef. Hog futures also declined.
Cattle futures for April delivery dropped 0.3 percent to $1.34025 a pound at 10:03 a.m. on the Chicago Mercantile Exchange. Through yesterday, the price climbed 1.6 percent this month.
Yesterday, wholesale beef declined 0.3 percent to $1.9346 a pound, the lowest since Dec. 21.
Feeder-cattle futures for March settlement fell 0.2 percent to $1.5005 a pound in Chicago.
Hog futures for April settlement dropped 0.1 percent to 87.525 cents a pound.
Livestock markets: NI LVMKTS
Gold futures retreated from a one-week high in New York amid concern that demand is easing while economic growth slows. Platinum slipped from a three-month high.
Gold futures for February delivery fell 0.4 percent to $1,676.70 an ounce at 10:36 a.m. on the Comex in New York. Prices reached $1,684.90 yesterday, the highest since Jan. 3. The metal rallied 7 percent last year, the 12th straight annual gain.
Silver futures for March delivery declined 0.6 percent to $31.33 an ounce on the Comex.
On the New York Mercantile Exchange, platinum futures for April delivery retreated 0.3 percent at $1,685 an ounce, heading for the biggest fall for a most-active contract since Jan. 4. Prices in New York reached a three-month high of $1,706.80 yesterday and exceeded the price of gold for the first time since March after Anglo American Platinum Ltd., the world’s biggest producer, said it will cut jobs and output.
Precious metal markets: NI PCMKTS
Polish electricity for next year dropped to a record along with German power, while the day-ahead contract fell amid rising wind output and lower exports.
Next-year power declined as much as 1.5 percent to 168.15 zloty ($54.15) a megawatt-hour, the lowest since it started trading in June, according to broker data compiled by Bloomberg. The comparable German contract, a European benchmark, fell as much as 1.3 percent to 43.40 euros ($57.70) a megawatt-hour, the lowest level since the start of trading in January 2010.
Polish day-ahead electricity decreased 3.6 percent to 188.45 zloty a megawatt-hour, exchange data compiled by Bloomberg show.
Power markets: NI PWRMARKET
Oil rose for the second time in three days in New York as government data showed U.S. inventories unexpectedly decreased last week.
West Texas Intermediate crude for February delivery climbed $1.01, or 1.1 percent, to $94.29 a barrel at 11:08 a.m. on the New York Mercantile Exchange. The contract declined 0.9 percent to $93.28 yesterday, the biggest drop since Dec. 21 and the lowest close since Jan. 9. Volume was 12 percent above the 100-day average.
Brent for February settlement, which expires today, gained 43 cents, or 0.4 percent, to $110.73 a barrel on the London-based ICE Futures Europe exchange. The more-active March contract increased 68 cents, or 0.6 percent, to $110.31. Volume was 7.6 percent below the 100-day average.
Oil markets: NI OILMARKET
European Carbon Permits
European Union carbon permits for December 2013 dropped 5.6 percent to 5.73 euros a metric ton, the biggest drop since Nov. 30.
EU Carbon Emissions: NI ECBMKT