Bloomberg News

Crude Falls; Natural Gas Extends Decline: Commodities at Close

April 09, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.6 percent to 684.72 at 5:22 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.4 percent to 1,594.136.

CRUDE OIL

Oil fell for the third time in four days after Iran agreed to resume talks on its nuclear program and economic reports in the U.S. and China raised concern about fuel demand.

Oil for May delivery declined as much as $1.44 to $101.87 a barrel in electronic trading on the New York Mercantile Exchange and was at $102.20 at 2:20 p.m. Singapore time. The contract gained 1.8 percent to $103.31 on April 5, the latest settlement. Prices have gained 3.3 percent this year.

NATURAL GAS

Natural gas futures extended their losses, falling to a new 10-year low, after a government report showed an above-average increase in U.S. stockpiles as mild weather crimped demand.

OIL PRODUCTS

High-sulfur fuel oil swaps fell $7.50, or 1 percent, to $730.25 a metric ton at 10:12 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. Prices are the lowest since March 1.

Singapore fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel in Asia, widened to $6.19 a barrel from $5.98 on April 5. There was no oil trading on April 6 in Singapore because of a public holiday.

Singapore gasoil’s premium to Dubai crude rose 99 cents, or 6.4 percent, to $16.56 a barrel, PVM data showed. That’s the widest since Feb. 17. Gasoil, or diesel, swaps for May rose 5 cents to $135.10 a barrel.

PRECIOUS METALS

April 9 (Bloomberg) -- Gold climbed for a third day, rebounding from the first weekly drop in three, after worse- than-forecast U.S. jobs data and the reopening of jewelers in India boosted the outlook for demand. Palladium rallied.

Spot gold advanced as much as 0.8 percent to a one-week high of $1,648.80 an ounce and traded at $1,643.63 at 2:05 p.m. in Singapore. Bullion dropped 1.9 percent last week as the dollar rallied 1.1 percent against a six-currency basket on speculation that the Federal Reserve won’t add more stimulus.

June-delivery gold gained as much as 1.1 percent to $1,648.20 an ounce on the Comex in New York, which was closed on April 6 for a holiday. The metal, which traded at $1,644.30, has gained 4.6 percent this year.

Cash palladium, this year’s worst-performing precious metal, rose as much as 1.8 percent to $653 an ounce, and last traded at $650.75. Holdings in exchange-traded products backed by the metal fell 0.3 percent on April 5, according to data compiled by Bloomberg, the most since Jan. 17. Prices have declined 0.7 percent this year while gold, silver and platinum advanced.

BASE METALS

Copper in China declined after consumer prices in the world’s largest base-metals user increased more than forecast last month, boosting speculation that the government may not add further stimulus.

GRAINS, SOFT COMMODITIES

Soybeans advanced to the highest level in more than seven months on concern that the U.S. government may pare the global inventory estimate, signaling smaller supplies for importers led by China.

The May-delivery contract climbed as much as 0.9 percent to $14.4675 a bushel, the highest price for the most-active contract on the Chicago Board of Trade since Sept. 2. It traded at $14.4075 at 2:15 p.m. Singapore time. In China, soybeans for January delivery gained as much as 0.5 percent to 4,747 yuan ($752) a metric ton, the highest price for the most-active contract on the Dalian Commodity Exchange since Sept. 9.

Corn for May delivery rose as much as 0.9 percent to $6.6425 a bushel in Chicago, before trading at $6.625. Wheat for May delivery advanced 0.4 percent to $6.4075 a bushel.

Palm oil for delivery in June fell as much as 0.4 percent to 3,590 ringgit per metric ton on the Malaysia Derivatives Exchange, and traded at 3,591 at 4:11 p.m. in Kuala Lumpur. Earlier, the price advanced to 3,623 ringgit, the highest level since March 2011.

Rubber declined for a fifth day as China’s inflation accelerated, U.S. employers added fewer jobs than forecast and a stronger Japanese currency reduced the attraction of yen-based contracts. September-delivery rubber dropped as much as 1.5 percent to 321 yen a kilogram ($3,950 a metric ton) before settling at 324.9 yen on the Tokyo Commodity Exchange. user, and Iran agreed to resume talks over its nuclear program.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

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


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