Tags: Crude | Oil | Metals | Commodities

Crude Oil, Metals Lead Commodities Rally

Wednesday, 24 Apr 2013 05:54 PM

 

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The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 1.2 percent Wednesday—the biggest gain this year—to settle at 614.65 at 3:51 p.m. New York time, led by crude oil and metals.

The UBS Bloomberg CMCI gauge of 26 prices advanced 0.8 percent to 1,461.57.

CRUDE OIL

Crude oil jumped the most this year as a government report showed that U.S. gasoline stockpiles tumbled while petroleum inventories rose less than analysts estimated.

The Energy Information Administration said gasoline supplies fell 3.93 million barrels last week to 217.8 million in the biggest drop in a year. Demand increased and refineries cut operating rates. Crude in storage climbed 947,000 barrels to 388.6 million, below the projected estimates by analysts.

On the New York Mercantile Exchange, oil futures for June delivery advanced 2.5 percent to $91.43 a barrel, the biggest gain since Dec. 26.

Brent oil for June settlement rose 1.4 percent to $101.73 a barrel on the London-based ICE Futures Europe exchange.

Total SA bought a cargo of North Sea Forties crude at a higher price than the previous trade. There were no bids or offers for Urals grade for a third day.

Nigeria, Africa’s largest oil producer, cut exports of its benchmark Qua Iboe grade to 10 cargoes in June, according to a loading program obtained by Bloomberg News.

On the Nymex, gasoline futures for May delivery rose 1 percent to $2.7474 a gallon.

Ultra low-sulfur diesel futures for May delivery rose 1.1 percent to $2.8413 a gallon.

PRECIOUS METALS

Gold rose for the fourth time in five sessions as investor demand for coins surged amid a slump in exchange-traded products backed by the metal.

On the Comex, gold futures for June delivery climbed 1.1 percent to $1,423.70 an ounce. Since touching a 26-month low of $1,321.50 on April 16, the price has climbed 7.7 percent.

Silver futures for July delivery increased 0.1 percent to $22.978 an ounce.

On the Nymex, platinum futures for July delivery rose 0.9 percent to $1,430.80 an ounce.

Palladium futures for June delivery fell 0.8 percent to $667.65 an ounce.

 

BASE METALS

Copper jumped the most in two weeks on speculation that central banks will take more steps to spur economic growth.

On the Comex in New York, copper futures for July delivery rose 2 percent to $3.165 a pound, the biggest gain for a most- active contract since April 9.

On the London Metal Exchange, copper for delivery in three months rose 2.3 percent to $7,030 a metric ton ($3.19 a pound). Aluminum, nickel, zinc, lead and tin climbed.

LIVESTOCK

Hog prices posted the biggest gain in almost seven weeks on signs of increasing demand for U.S. pork as temperatures rise and consumers buy more meat for outdoor grilling.

On the Chicago Mercantile Exchange, hog futures for June settlement advanced 1.6 percent to 91 cents a pound, the biggest increase since March 7.

Cattle futures for June delivery added 1 percent to settle at $1.22075 a pound.

Feeder-cattle futures for August settlement climbed 1.7 percent to $1.50625 a pound.

GRAINS, OILSEEDS

Corn rebounded from the lowest in almost 10 months after a government report showed increased U.S. production of grain-based ethanol in the U.S.

On the Chicago Board of Trade, corn futures for delivery in July gained 0.7 percent to $6.1825 a bushel after touching $6.10, the lowest since June 26 for a most-active contract.

Soybean futures for delivery in July fell 1 percent to $13.4525 a bushel.

Wheat futures for July delivery declined 0.5 percent to $6.92 a bushel.

NATURAL GAS

Natural gas declined for the third straight day as forecasts showed mild weather that would limit demand for the heating and power-plant fuel.

On the Nymex, gas futures for May delivery tumbled 1.7 percent to $4.166 per million British thermal units.

U.K. month-ahead gas advanced for the first time since April 12 as forecasters predict lower-than-average temperatures in May, potentially boosting demand for the heating fuel.

Gas rose 0.4 percent to 65.8 pence a therm at 4:37 p.m. in London, according to broker data compiled by Bloomberg. A therm is 100,000 Btu.

SOFT COMMODITIES

Cotton fell the most since January on speculation that wet weather boosted crops in the U.S., the world’s top exporter.

On ICE Futures U.S. in New York, cotton for July delivery fell 2.5 percent to 82.95 cents a pound, the biggest drop for a most-active contract since Jan. 25.

Raw-sugar futures for July delivery dropped 1.7 percent to 17.37 cents a pound. The price touched 17.33 cents, the lowest since July 21, 2010.

Cocoa futures for July delivery fell less than 0.1 percent to $2,326 a metric ton.

Arabica-coffee futures for July delivery gained 0.6 percent to $1.384 a pound.

Orange-juice futures for July delivery advanced 1.6 percent to $1.439 a pound.

© Copyright 2014 Bloomberg News. All rights reserved.

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