Cocoa to Wheat Lead Gains as Coffee Falls: Commodities at CloseClaudia Carpenter
The Standard & Poor’s GSCI gauge of 24 commodities advanced 0.2 percent to 629.37 by 5:15 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent at 1,501.119.
Coffee futures fell on signs of ample global supplies. Orange juice, cotton and sugar dropped, while cocoa rose.
Arabica coffee for May delivery dropped 1 percent to $1.387 a pound on ICE Futures U.S. in New York. Volume at this time was 58 percent above the average in the past 100 days, according to data compiled by Bloomberg.
Orange-juice futures for May delivery declined 1.1 percent to $1.4615 a pound on ICE.
Cotton futures for May delivery dropped 0.5 percent to 86.39 cents a pound.
Raw-sugar futures for May delivery fell 0.5 percent to 17.57 cents a pound.
Cocoa futures for May delivery jumped 2.6 percent to $2,187 a metric ton, halting a four-session slump.
Soft commodities markets: NI SOMKTS
Wheat futures advanced for a second day as China, the world’s biggest consumer, bought about 960,000 metric tons of U.S. wheat after prices plunged 30 percent from a four-year high in July. Corn and soybeans rose.
Wheat for May delivery rose 1.9 percent to $7.1225 a bushel on the Chicago Board of Trade. Prices have dropped from $9.4725 on July 23.
Milling wheat futures traded on NYSE Liffe in Paris were up 0.4 percent.
Corn for May delivery rose 0.8 percent to $6.3375 a bushel in Chicago and soybeans gained 1.1 percent to $13.77 a bushel.
Grains markets: NI GRMKTS
Copper rose the most in almost four weeks in New York as some investors bought the metal to close out bets on lower prices before miners in Chile, the world’s biggest producer, say when a strike will start.
Copper for delivery in May added 1.2 percent to $3.383 a pound by 8:06 a.m. the Comex in New York. Prices climbed as much as 1.5 percent, the most since March 12, after three weeks of declines. Copper for delivery in three months rose 1.2 percent to $7,498 a metric ton on the London Metal Exchange.
Lead, aluminum, tin, zinc and nickel gained in London.
Base metals markets: NI BMMKTS
Cattle futures rose, heading for the biggest gain in a week, on speculation that demand for U.S. beef is increasing. Hog prices also climbed.
Cattle futures for June delivery climbed 0.5 percent to $1.221 a pound at 10:30 a.m. on the Chicago Mercantile Exchange. A close at that price would be the biggest increase for the most-active contract since March 28.
Spot steers averaged $1.2829 a pound in the first four days of last week, up 5.2 percent from a year earlier, USDA data show.
Feeder-cattle futures for May settlement gained 0.6 percent to $1.452 a pound.
Hog futures for June settlement rose 1.1 percent to 90.725 cents a pound. Prices on April 5 fell as much as 3 percent to 89.275 cents, a two-week low.
Livestock markets: NI LVMKTS
West Texas Intermediate fluctuated as U.S. equities declined while militants and government forces clashed in Nigeria. Brent oil’s premium to the New York futures narrowed to the smallest level since June.
WTI crude oil for May delivery slipped 3 cents to $92.67 a barrel at 11:42 a.m. on the New York Mercantile Exchange. The volume of all WTI futures traded was 15 percent below the 100-day average for the time of day. The contract slid 56 cents to $92.70 on April 5, the lowest close since March 21.
Brent oil for May settlement dropped 53 cents, or 0.5 percent, to $103.59 a barrel on the London-based ICE Futures Europe exchange. The contract slumped 2.1 percent to $104.12 on April 5, the lowest settlement since July 24. The volume of all Brent futures was 50 percent higher than the 100-day average.
Oil markets: NI OILMARKET
Gold futures declined for the fourth time in five sessions as a stronger dollar reduced the appeal of the precious metal as an alternative investment.
Gold futures for June delivery slipped 0.3 percent to $1,571.20 an ounce at 11:12 a.m. on the Comex in New York. Prices dropped 1.2 percent last week, and were down 6 percent this year through April 5.
Silver futures for May delivery dropped 0.2 percent to $27.155 an ounce in New York.
Precious metal markets: NI PCMKTS
Gasoline rebounded from the biggest weekly drop in six months. Crack spreads widened.
Gasoline for May delivery rose 2.73 cents, or 1 percent, to $2.8909 a gallon at 9:47 a.m. on the New York Mercantile Exchange on trading volume that was 87 percent above the 100-day average. It was the first gain in seven days.
Ultra-low-sulfur-diesel for May delivery climbed 2.57 cents, or 0.9 percent, to $2.9355 a gallon on trading volume that was 16 percent above the 100-day average.
Gasoline at the pump, averaged nationwide, fell 0.8 cent to $3.593 a gallon, AAA said today on its website. Prices have fallen 19.3 cents from the year-to-date high of $3.786 on Feb. 26 and are 33.6 cents below a year earlier.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
Natural gas futures advanced to a 20-month high in New York as meteorologists predicted that cold weather in the Midwest will keep heating demand strong through late April as drilling declines.
Natural gas for May delivery rose 3.9 cents, or 1 percent, to $4.164 per million Btu at 9:54 a.m. on the New York Mercantile Exchange. The futures have climbed 24 percent this year. Trading volume was 76 percent above the average for the time of day. Prices advanced to $4.18, the highest intraday level since Aug. 3, 2011, in earlier trading.
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
European Carbon Permits
European Union emission permits gained 0.2 percent to 5.20 euros a metric ton.
EU Carbon Emissions: NI ECBMKT