Bloomberg Feb. 8--
The Standard & Poor’s GSCI Spot Index of 24 raw
materials rose 0.3 percent to 674.96 at 3:43 p.m. in New York as
copper, oil and sugar climbed.
The UBS Bloomberg CMCI index of 26 prices increased
0.1 percent to 1,615.6.
BASE METALS
Copper futures rose to a 20-week high after the
government pledged to support first-time homebuyers in China, the
world’s biggest consumer of the metal used in pipes and wires.
Officials will boost support for affordable-housing
construction, the People’s Bank of China said yesterday. The Copper
Development Association estimates that builders account for more than 40
percent of the metal’s use.
On the Comex in New York, copper futures for March
delivery advanced 0.9 percent to close at $3.9095 a pound at 1:19 p.m.,
the highest settlement for a most-active contract since Sept. 16. The
price has gained 14 percent this year.
On the London Metal Exchange, copper for delivery in
three months rose 1.2 percent to $8,580 a metric ton ($3.89 a pound).
Tin, aluminum, nickel, lead and zinc fell on the LME.
CRUDE OIL
Oil in New York climbed to the highest level this
month after the U.S. Energy Department reported that supplies
increased less than analysts forecast and refineries bolstered fuel
production.
Futures rose 0.3 percent after the report showed
crude stockpiles gained 304,000 barrels, less than the 2.5 million
barrels estimated in a Bloomberg News survey. Refiners ramped up
gasoline output on the East Coast, and Brent Crude traded in London
jumped more than West Texas Intermediate oil in New York.
Crude oil for March delivery rose 30 cents to settle
at $98.71 a barrel on the New York Mercantile Exchange Prices are up 14
percent from a year ago.
Brent oil for March settlement increased 97 cents, or
0.8 percent, to settle at $117.20 a barrel on the London-based ICE
Futures Europe exchange.
NATURAL GAS
Natural gas futures fell for a second day in New
York on speculation that a government report tomorrow will show a
widening surplus of the furnace fuel as mild weather last week
crimped demand.
Gas dropped 1 percent after swinging between gains
and losses for most of the day. The Energy Department report tomorrow
may show a below-average decline in U.S. inventories, analyst estimates
show. Supplies reported last week were 25.4 percent above the five-year
average, the biggest weekly surplus since April 2007, according to
department data.
Natural gas for March delivery fell 2.4 cents to
$2.448 per million British thermal units on the New York Mercantile
Exchange after rising to $2.508. Gas has dropped 18 percent this year.
OIL PRODUCTS
Gasoline surged to the highest level since August
on speculation that refinery shutdowns in Europe and the U.S. will
trigger a supply crunch during the spring and summer driving season.
Futures rose 1.6 percent as Petroplus Holdings AG
said it’s halting production at its German refinery within two weeks.
The refiner shut three other plants and is operating a fifth in the U.K.
at reduced rates. Plants in the Virgin Islands and Pennsylvania that
supply the U.S. East Coast have also closed.
Gasoline for March delivery rose 4.77 cents to
$2.9752 a gallon on the New York Mercantile Exchange, the highest
settlement since Aug. 31 and largest gain since Jan. 27.
March-delivery heating oil fell 0.14 cent to settle
at $3.1895 a gallon a gallon on the exchange. Heating oil’s premium to
gasoline narrowed to 21.43 cents from 26.34 cents.
SOFT COMMODITIES
Sugar futures rose to the highest price in more
than a week on speculation that supply disruptions in exporting
countries and accelerating global consumption will trim a surplus.
Coffee and cocoa declined.
Demand for sugar will rise 2.7 percent to 170.6
million metric tons in the 12 months starting Oct. 1, faster than the
2.2 percent annual gains of the past decade, Kingsman SA, an industry
researcher and broker, said yesterday. Frost has delayed the cane
harvest in Brazil, drought reduced the crop in Mexico, and Thailand
reported today that sugar production fell
Raw sugar for March delivery advanced 0.3 percent to
settle at 24.48 cents a pound at 2 p.m. on ICE Futures U.S. in New York,
after reaching 24.77 cents, the highest for a most-active contract since
Jan. 27.
Arabica-coffee futures for March delivery fell 0.4
percent to close at $2.2005 a pound in New York, snapping a four-session
rally.
Cocoa futures for May delivery slid 0.6 percent to
$2,278 a ton, paring this year’s advance to 8 percent.
GRAINS, OILSEEDS
Corn futures rose for the first time this week on
speculation that dry weather in Argentina and Brazil damaged crops.
Soybeans fell as rain this week may boost yields in South America.
Global inventories of both crops will fall before the
harvests in the Northern Hemisphere, and the U.S. Department of
Agriculture probably will trim its output forecast for South America in
a report tomorrow, a Bloomberg News survey showed. Argentina is the
world’s second-biggest corn exporter, and Brazil is forecast to be the
top soybean shipper this year, according to the USDA.
Corn futures for March delivery rose 0.25 cent to
close at $6.425 a bushel on the Chicago Board of Trade. Soybean futures
for March delivery fell 0.5 cent to $12.315 a bushel. Earlier, the price
reached $12.4475, the highest for a most-active contract since Jan. 3.
Wheat fell to a one-week low on speculation that a
U.S. government report tomorrow may show global stockpiles are at the
highest in 12 years.
World inventories before the 2012 Northern Hemisphere
harvest will total 208.69 million metric tons, 0.6 percent less than
forecast last month while still the highest since 2000, according to a
Bloomberg survey. The Department of Agriculture will release its
forecasts at 8:30 a.m. tomorrow in Washington start seeing it drift
lower. There is no shortage of wheat.’’
Wheat futures for March delivery dropped 0.2 percent
to settle at $6.6075 a bushel at 1:15 p.m. Earlier, the price touched
$6.53, the lowest since Jan. 31. The most-active contract is up 1.2
percent this year.
LIVESTOCK
Hog prices declined for the second time this week
on signs of increasing U.S. supplies of pork. Cattle futures were
little changed.
Slaughtered hogs in Iowa and southern Minnisota the
biggest U.S. pork-producing area, averaged 275.4 pounds (124.9
kilograms) in the week ending Feb. 4, up 1.6 pounds from a year earlier,
U.S. Department of Agriculture data show.
Hog futures for April settlement fell 0.2 percent to
88.95 cents a pound on the Chicago Mercantile Exchange.
Cattle futures for April delivery rose 0.2 percent to
$1.288 a pound in Chicago.
Feeder-cattle futures for March settlement rose 0.2
percent to $1.55275 a pound.
Gold futures fell for the third time in four
sessions as the dollar’s rebound eroded demand for the metal as an
alternative investment. Silver dropped from a 12-week high.
The dollar was little changed against a basket of
major currencies, recovering from an eight-week low, amid speculation
that the Greek Prime Minister and coalition party members would fail to
agree on terms for a bailout.
Gold futures for April delivery fell 1 percent to
settle at $1,729.30 an ounce on the Comex in New York.
Silver futures for March delivery fell 1.4 percent to
$33.704 an ounce on the Comex. Earlier, the price reached $34.52, the
highest for a most-active contract since Nov. 16.
On the New York Mercantile Exchange, platinum futures
for April delivery jumped 0.8 percent to $1,668.10 an ounce. Palladium
futures for March delivery rose 1 percent to $715.90 an ounce.
