Natural Gas, Crude Oil, Coffee Lead Gains: Commodities at CloseEliot Caroom
The Standard & Poor’s GSCI gauge of 24 commodities gained 0.8 percent to 606.01 in New York, with natural gas, crude and coffee leading the advance.
The UBS Bloomberg CMCI index of 26 raw materials gained 0.6 percent at 1,462.782 at 4:19 p.m.
Natural gas futures advanced to a 21-month high in New York after a government report showed that U.S. stockpiles expanded by less than forecast, widening a supply deficit to seasonal averages.
Gas gained 4.4 percent after the Energy Information Administration said inventories rose 31 billion cubic feet in the week ended April 12 to 1.704 trillion. Analyst estimates compiled by Bloomberg and a survey of Bloomberg users predicted a gain of 38 billion. Supplies were 4.2 percent below the five-year average, compared with 3.8 percent the previous week.
Natural gas for May delivery rose 18.7 cents to settle at $4.401 per million British thermal units on the New York Mercantile Exchange, the highest closing price since July 20, 2011. The futures have climbed 31 percent this year.
U.S. natural gas futures: NI NUSMKT
West Texas Intermediate crude rose from a four-month low on signals that recent losses were exaggerated and as Spain sold more debt than planned.
WTI for May delivery rose $1.05 to settle at $87.73 a barrel on the Nymex. It was the biggest gain since March 26.
Brent for June settlement rose $1.44, or 1.5 percent, to end at $99.13 a barrel on the London-based ICE Futures Europe exchange. It was the first increase in six trading days. Brent touched $96.75, the lowest level since July 2.
Oil markets: NI CRMKTS
Sugar futures fell to the lowest level in almost 33 months on speculation that rain will boost crops in Brazil, the world’s top producer. Cotton and orange juice dropped. Coffee and cocoa rose.
Raw sugar for July delivery declined 1 percent to settle at 17.61 cents a pound on ICE Futures U.S. Earlier, the price touched 17.43 cents, the lowest for a most-active contract since July 21, 2010.
Cotton futures for July delivery dropped 1.4 percent to 85.48 cents a pound, the third decline this week.
Orange juice for May delivery fell 1.6 percent to $1.461 a pound. Arabica coffee for July delivery rose 2.9 percent to $1.408 a pound. Cocoa for July delivery gained 0.1 percent to $2,319 a metric ton.
Soft commodities markets: NI SOMKTS
Copper futures gained in New York, rebounding from the biggest drop in 16 months, as rising crude-oil prices helped boost commodities.
Copper futures for delivery in July rose 0.5 percent to settle at $3.219 a pound on the Comex in New York. Prices yesterday dropped 3.6 percent, the biggest decline for a most-active contract since Dec. 14, 2011, on a weaker outlook for world economic growth and slowing car sales in Europe.
On the London Metal Exchange, copper for delivery in three months climbed 0.1 percent to $7,088 a metric ton ($3.22 a pound). Tin, aluminum and nickel gained, while lead fell.
Base metals markets: NI BMMKTS
Gold futures climbed and the spot price headed for the longest rally in four weeks on signs that demand is rebounding among consumers and investors.
On the Comex, gold futures for June delivery rose 0.7 percent to settle at $1,392.50 an ounce. On April 16, the metal touched $1,321.50, a two-year low. India is the biggest buyer, following by China.
Gold for immediate delivery advanced 0.8 percent to $1,387.90. The price headed for the third straight gain, the longest rally since March 19.
Silver futures for May delivery fell 0.3 percent to $23.245 an ounce.
Precious metal markets: NI PCMKTS
Soybeans rose for a third day and soybean meal jumped to the highest price this month after a government report showed improved U.S. exports amid shipping delays in South America. Corn and wheat fell.
Soybean futures for July delivery increased 0.7 percent to close at $13.90 a bushel on the Chicago Board of Trade, capping a three-day gain. Soybean-meal futures for July delivery jumped 1 percent to $403.10 for 2,000 pounds after reaching $408.90, the highest level for the most-active contract since March 28.
Corn futures for delivery in July fell 1.8 percent to $6.2975 a bushel in Chicago, the first drop in three sessions.
Wheat futures for July delivery slid 0.1 percent to $7.0675 a bushel on the CBOT, the third decline this week.
Grains markets: NI GRMKTS
Hog futures rose to the highest price in almost two weeks on signs of shrinking U.S. pork supplies and the outlook for increasing demand. Cattle prices fell.
Hog futures for June settlement added 0.3 percent to close at 90.6 cents a pound on the Chicago Mercantile Exchange. Earlier, the price reached 91 cents, the highest for a most-active contract since April 5. The commodity has climbed 5.7 percent this year.
Cattle futures for June delivery fell 0.4 percent to settle at $1.21375 a pound.
Feeder-cattle futures for August settlement slid 0.2 percent to $1.47175 a pound.
Livestock markets: NI LVMKTS
Ultra-low-sulfur diesel futures advanced for the first time in seven days as part of a broader rally in commodities.
Ultra-low-sulfur diesel for May delivery advanced 4.45 cents to $2.7791 a gallon on the Nymex after settling yesterday at the lowest level since July 10.
Gasoline for May delivery rose 2.65 cents, or 1 percent, to settle at $2.7555 a gallon.
U.S. oil-product futures: NI OPFMKT