Bloomberg News

Crude Trades Near 1-Week Low; Gas Rebounds: Commodities at Close

March 29, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.2 percent to 697.05 at 4:25 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials increased 0.1 percent to 1,607.126.

CRUDE OIL

Oil traded near the lowest close in almost a week in New York after stockpiles surged in the U.S., the world’s largest crude consumer, and Western countries discussed tapping emergency reserves.

Crude for May delivery was at $105.32 a barrel, down 9 cents, in electronic trading on the New York Mercantile Exchange at 3:09 p.m. Singapore time. It dropped yesterday to $105.41, the lowest settlement since March 22. Prices are 6.6 percent higher this year and set for a second quarterly gain.

NATURAL GAS

OIL PRODUCTS

Singapore gasoil’s premium to Dubai crude rose 9 cents, or 0.6 percent, to $15.51 a barrel at 10:17 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The spread is at the widest since March 22.

PRECIOUS METALS

Gold dropped for a third day after jewelers in India, the world’s biggest buyer, extended a strike, curbing demand for the metal. Platinum was poised for the first gain in five quarters.

Spot gold fell as much as 0.4 percent to $1,656.68 an ounce and traded at $1,662.85 by 2:55 p.m. in Singapore. The metal lost 1 percent yesterday, the biggest drop since March 14. Bullion for June delivery rose as much as 0.4 percent to $1,666.90 an ounce on the Comex in New York.

Platinum , the best-performing precious metal this year, gained 0.3 percent to $1,640.65 an ounce. The metal used in auto catalysts has rallied 17 percent this quarter on supply disruptions in South Africa and prospects for increased demand.

BASE METALS

Copper may climb, heading for the biggest quarterly gain since the end of 2010, on speculation yesterday’s slump by the most in three weeks may stoke demand in China, the world’s biggest consumer.

Three-month copper was little changed at $8,352 a metric ton on the London Metal Exchange by 4:04 p.m. Tokyo time. The metal has risen 9.9 percent this quarter, the most since the three months ended Dec. 31, 2010.

SOFT COMMODITIES

Cotton for May delivery jumped 1.6 percent to settle at 94.03 cents a pound at 2:34 p.m. on ICE Futures U.S. in New York, after touching 94.08 cents, the highest for a most-active contract since March 6. The commodity posted the sixth straight gain, the longest rally since early January. The price is poised for the first quarterly gain in a year.

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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