New York Crude Falls Most as Lead Advances: Commodities at CloseClaudia Carpenter
The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.9 percent to 673.6 at 5:16 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.5 percent to 1,595.64.
West Texas Intermediate oil fell after U.S. industrial production unexpectedly shrank and euro-area exports declined the most in five months, raising concern that fuel demand may be weakened.
Crude for March delivery slid 1.9 percent to $95.43 a barrel on the New York Mercantile Exchange. The volume of all futures traded was 88 percent above the 100-day average for the time of day. Prices are down 0.3 percent this week and 3.9 percent higher this year.
Brent for April settlement fell $1.30, or 1.1 percent, to $116.70 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was 0.5 percent above the 100-day average.
Oil markets: NI OILMARKET
Copper fell after a report showed industrial production unexpectedly shrank last month in the U.S., the second-biggest global consumer of the metal.
Copper futures for May delivery declined 0.2 percent to $3.7435 a pound on the Comex in New York. Through yesterday, the metal fell 0.2 percent this week. Lead jumped 1.3 percent.
Base metals markets: NI BMMKTS
Gasoline reached a high of more than four months and the March contract’s discount to April futures narrowed for a second day.
March gasoline advanced 1.13 cents, or 0.4 percent, to $3.1279 a gallon at 9:46 a.m. on the New York Mercantile Exchange volume that was more than double the 100-day average.
The motor fuel has been the top performer this year on the Standard & Poor’s GSCI index of 24 commodities with a 12 percent gain.
Heating oil for March delivery fell 3.93 cents, or 1.2 percent, to $3.1844 a gallon on the Nymex on volume that was 21 percent.
The retail price for regular gasoline, averaged nationwide, rose 1.5 cents to $3.643 a gallon, the highest level since Oct. 22, AAA said today on its website.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
Natural gas futures in New York advanced for the second time in three days amid forecasts of colder-than-normal weather after tumbling yesterday to a five-week low.
Natural gas for March delivery rose 1.8 cents, or 0.6 percent, to $3.181 per million Btu at 9:59 a.m. on the New York Mercantile Exchange. Prices are up 31 percent from a year ago. Trading volume was 8.2 percent below the 100-day average for the time of day. Futures are down 2.8 percent this week, heading for a fourth weekly decline.
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
Cocoa futures fell to the lowest in seven months on signs of abundant supplies from Ivory Coast, the world’s top producer. Coffee, orange juice and sugar also dropped, while cotton rose.
Cocoa futures for delivery in May declined 0.8 percent to $2,139 a metric ton at 11:41 a.m. on ICE in New York. Earlier, the price touched $2,135, the lowest for a most-active contract since June 26.
Arabica-coffee futures for May delivery fell 0.2 percent to $1.4045 a pound. Trading volume at this time was double the average in the past 100 days.
Orange-juice futures for May delivery slipped 0.3 percent to $1.3065 a pound.
Raw-sugar futures for May delivery declined 0.4 percent to 17.7 cents a pound.
Cotton futures for May delivery rose 0.5 percent to 83.21 cents a pound.
Soft commodities markets: NI SOMKTS
Wheat rose in Chicago, narrowing a fourth weekly drop, on indications that livestock feeders are feeding more of the grain to cattle. Corn and soybeans advanced.
Wheat futures for May delivery climbed 1.1 percent to $7.485 a bushel at 10:20 a.m. on the Chicago Board of Trade. The most-active contract through yesterday was down 2.1 percent this week and reached $7.225, the lowest level since June, on Feb. 13.
Corn futures for delivery in May advanced 0.8 percent to $6.9825 a bushel in Chicago. Through yesterday, the price had fallen 6.4 percent this month and 0.8 percent this year.
Soybean futures for delivery in May added 0.4 percent to $14.1375 a bushel. The most-active contract this week was down 3 percent through yesterday.
Grain markets: NI GRMKTS
Gold futures slumped below $1,600 for the first time since August after Federal Reserve Chairman Ben S. Bernanke said the U.S. economy is recovering, easing pressure for more stimulus measures.
Gold futures for April delivery slumped $30.10, or 1.8 percent, to $1,605.40 an ounce at 11:06 a.m. on the Comex in New York. Earlier, the price touched $1,596.70, the lowest for a most-active contract since Aug. 15. The metal headed for the biggest weekly decline since June.
Precious metal markets: NI PCMKTS
European Carbon Permits
European Union emission permits fell 1 percent to 5.20 euros a metric ton.
EU Carbon Emissions: NI ECBMKT
Hog futures extended a decline to a two-month low on concern that demand for U.S. ham is slowing. Cattle prices were little changed.
Hog futures for April settlement fell 0.5 percent to 83.9 cents a pound at 10:08 a.m. on the Chicago Mercantile Exchange, after reaching 83.575, the lowest for the most-active contract since Dec. 10.
Cattle futures for April delivery climbed 0.1 percent to $1.2985 a pound.
Feeder-cattle futures for March settlement rose 0.3 percent to $1.4315 a pound.
Livestock markets: NI LVMKTS