Aluminum Leads Declines as Soybeans Gain: Commodities at CloseClaudia Carpenter
The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.8 percent to 620.31 by 5:17 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 1 percent at 1,466.394.
Industrial metals extended declines on the London Metal Exchange, paced by aluminum for delivery in three months. The lightweight metal fell as much as 2.3 percent to $1,896.50 a metric ton. Copper, nickel, tin, zinc and lead declined. Base metals markets: NI BMMKTS
West Texas Intermediate crude fell, trimming the biggest weekly increase since June, as the U.S. economy grew less than expected in the first quarter.
WTI for June delivery declined $1.21, or 1.3 percent, to $92.43 a barrel on the New York Mercantile Exchange. The volume of all futures traded was 17 percent below the 100-day average for the time of day.
Brent for June settlement slid 81 cents, or 0.8 percent, to $102.60 on the London-based ICE Futures Europe exchange. Volume was 16 percent above the 100-day average.
Oil markets: NI OILMARKET
Corn futures fell, heading for a second weekly loss, on expectations for higher global output as U.S. farmers prepare to plant a record crop amid forecasts for drier weather in the Midwest. Wheat slid, while soybeans rose.
Corn futures for July delivery declined 0.6 percent to $6.2075 a bushel on the Chicago Board of Trade. Prices, heading for a 2 percent drop this week, retreated 1.3 percent last week. The most-active contract touched $6.10 on April 24, the lowest since June 26.
Wheat futures for July delivery slid 0.8 percent to $6.9825 a bushel in Chicago, also poised for a second straight weekly loss.
Soybean futures climbed 0.7 percent to $13.8125 a bushel on the CBOT.
Grains markets: NI GRMKTS
Gold futures fell 0.7 percent to $1,451.80 an ounce on the Comex in New York, erasing earlier gains after the U.S. economy grew less than forecast in the first quarter.
Silver futures for July delivery dropped 1.9 percent to $23.725 an ounce on the Comex.
Precious metal markets: NI PCMKTS
Arabica coffee fell for a second day in New York as ample supplies from leading grower Brazil compensate for potential crop losses from leaf rust disease in Central America. Cocoa retreated and sugar advanced.
Arabica coffee futures for July delivery fell 0.7 percent to $1.364 a pound by 8:30 a.m. on ICE Futures U.S. in New York. Prices closed above $1.40 cents a pound from April 18 to April 22. Robusta futures for delivery in July retreated 0.5 percent to $1,975 a ton on NYSE Liffe in London.
Raw sugar for delivery in July rose 0.3 percent to 17.43 cents a pound in New York. White, or refined, sugar for delivery in August added 0.6 percent to $501.50 a ton in London.
Cocoa for the July delivery month slid 0.3 percent to $2,352 a ton on ICE. Cocoa for delivery in July declined 1 percent to 1,539 pounds ($2,384) a ton on NYSE Liffe.
Soft commodities markets: NI SOMKTS
Hog futures extended a climb to a three-week high on speculation that U.S. demand for pork will increase as higher temperatures send people outdoors for barbeques. Cattle fell.
Hog futures for June settlement advanced 0.4 percent to 92.225 cents a pound at 10:25 a.m. on the Chicago Mercantile Exchange. Earlier, the price reached 92.55 cents, the highest for a most-active contract since April 4.
The June price headed for the biggest weekly gain since July. Yesterday, wholesale pork climbed 1 percent to 87.33 cents a pound, the highest since Oct. 23, and spot hogs jumped 3.6 percent to 79.93 cents a pound, the biggest gain since Sept. 26.
Cattle futures for June delivery fell 0.2 percent to $1.227 a pound.
Feeder-cattle futures for August settlement declined 0.5 percent to $1.5135 a pound.
Livestock markets: NI LVMKTS
Natural gas fell in New York for the fourth time in five days, heading for the first weekly drop since February, on speculation that fuel demand will slump after a shot of unusually cold weather next week.
Natural gas for May delivery fell 9.5 cents, or 2.3 percent, to $4.072 per million Btu at 10:56 a.m. on the New York Mercantile Exchange. Trading was 20 percent above the 100-day average for the time of day. Prices have climbed 22 percent this year. Gas is down 7.6 percent this week, heading for the first decline in 10 weeks to snap a record streak of gains.
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
Gasoline slipped along with crude as the U.S. economy grew less than expected in the first quarter and traders cashed in on prices rising 3.4 percent in the past two days. Crack spreads widened.
Gasoline for May delivery fell 0.55 cent to $2.8063 a gallon at 10:01 a.m. on the New York Mercantile Exchange on volume that was 46 percent above the 100-day average for the time of day.
Gasoline at the pump, averaged nationwide, fell 0.7 cent to $3.505 a gallon, AAA said on its website today. It’s the lowest price since Feb. 1.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
European Carbon Permits
European Union emission permits rallied 4.7 percent to 3.11 euros a metric ton.
EU Carbon Emissions: NI ECBMKT