Spotlight: Cocoa tumbled 2 percent, the most this year. Crude oil advanced to a record $101 a barrel on rising demand. Gold futures rose to record as oil sparks demand for inflation hedge. However, platinum fell from on concern jewelry demand may drop. Copper fell.
Energy: Crude oil advanced to a record $101.32 barrel in New York on rising demand and concern inflation will erode the value of alternative investments. Natural gas was little changed on speculation inventories are ample to meet demand as the peak of the U.S. heating season wanes. Gasoline futures fell on forecasts a government report tomorrow will show that inventories rose.
Agriculture: Corn rose to a two-week high on speculation soaring energy costs will boost demand for crops to produce fuel. Soybeans fell from a record as rains improved production in Brazil and Argentina, reducing global demand from the U.S. Besides, wheat also fell as growers increase acreage after prices rally to record.
Cotton rose on speculation that demand is rising for investments that will hold their value as inflation quickens. Orange-juice rose the most in three weeks on speculation that dry weather in Florida will harm the harvest. However, cocoa tumbled 2 percent, the most this year, as pound slipped against the dollar and production in Brazil rose. Besides, coffee fell as a stronger dollar's reduced appeal of futures in New York.
Precious Metals: Gold futures rose to a record after energy costs jumped, boosting the appeal of the precious metal as a hedge against inflation. Platinum fell from a record in New York on concern that a 40 percent gain this year may cut demand from jewelery makers. Silver rose
Industrial Metals: Copper fell from a four-month high after a report showed U.S. housing starts remained near their lowest level since 1991 in January.
(Source: Bloomberg)
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