Sun, Sep 23, 2012 - Page 15 News List

Commodities rise, with natural gas leading gainers

Bloomberg

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.9 percent to 663.96 in New York, the second straight increase. Natural gas led the advance, while silver and cotton declined.

NATURAL GAS: Natural gas futures gained for a second day on Friday in New York on speculation that stockpiles would not reach capacity before winter weather boosts heating demand.

US inventories rose by 67 billion cubic feet last week to 3.496 trillion, below the five-year average increase for the week of 73 billion, a report by the US Department of Energy showed on Thursday. Natural gas for October delivery rose US$0.088, or 3.1 percent, to settle at US$2.885 per million British thermal units on the New York Mercantile Exchange. The futures declined 2 percent this week and 3.5 percent this year.

CRUDE OIL: Oil advanced as optimism that the US bank stimulus would revive the global economy pared crude’s biggest weekly decline in more than three months.

NYMEX crude oil for November delivery increased US$0.47, or 0.5 percent, to settle at US$92.89 a barrel, the first gain in five days. The October contract expired at US$91.87 on Thursday. The front-month price is down 6.2 percent this week, the biggest drop since June 1.

Brent oil for November settlement climbed US$1.39, or 1.3 percent, to end the session at US$111.42 a barrel on the London-based ICE Futures Europe exchange.

PRECIOUS METALS: Gold futures rose for the fifth straight week, capping the longest rally since February, as monetary stimulus by central banks boosted demand for the metal as a store of value.

Gold futures for December delivery increased 0.4 percent to settle at US$1,778 an ounce on the COMEX in New York. Prices rose 0.3 percent this week, the fifth straight gain and the longest rally since early February.

Silver futures for December delivery fell 0.1 percent to US$34.638 an ounce in New York.

NYMEX platinum futures for October delivery added 0.8 percent to US$1,637.60 an ounce. Palladium futures for December delivery gained 1.6 percent to US$671.55 an ounce.

BASE METALS: Copper futures rose the most in a week on speculation that European officials would unveil a bailout plan for Spain as soon as next week, easing concerns that metal demand would ebb.

Copper futures for December delivery advanced 0.8 percent to close at US$3.789 a pound on the Comex in New York, the biggest gain for a most-active contract since Sept. 14. The metal, down 1.1 percent this week, has climbed 10 percent this year.

On the London Metal Exchange, copper for delivery in three months climbed 0.1 percent to US$8,281.50 a tonne.

Zinc, lead, tin, aluminum and nickel also gained.

This story has been viewed 1839 times.
TOP top