Bloomberg News

Gold Set to Drop; Soybean Futures Decline: Commodities at Close

April 11, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.1 percent to 675.35 at 5:36 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.03 percent to 1,573.906.

CRUDE OIL

Oil traded near the lowest price in almost two months in New York after an industry report showed stockpiles rose for a third week in the U.S., the world’s biggest consumer of crude.

Oil for May delivery was at $101.13 a barrel, up 11 cents, in electronic trading on the New York Mercantile Exchange at9:02 a.m. in London. It earlier fell as much as 0.2 percent and gained 0.6 percent. The contract yesterday declined 1.4 percent, to $101.02, the lowest close since Feb. 14.

NATURAL GAS

Natural gas futures traded near the lowest price in 10 years as forecasts for mild weather across the eastern U.S. next week signaled demand may fall.

OIL PRODUCTS

Fuel oil rose 35 cents to $5.34 a barrel below Asian-marker Dubai crude at 11:15 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. That’s the smallest discount since March 5.

High-sulfur fuel oil swaps for May fell $9.50, or 1.3 percent, to $721 a ton, PVM said. Prices were down for a fifth day, the longest stretch since November.

Gasoil, or diesel, swaps for May dropped $1.40, or 1.1 percent, to $132.05 a barrel, according to PVM. Prices are down for a fifth day, the longest losing streak since August.

Gasoil’s premium to Dubai crude climbed 41 cents to $15.79 a barrel, PVM said. This crack spread, a measure of refining profit, widened for the first time in six days.

PRECIOUS METALS

Gold may drop for the first time in five days in London as some investors sell the metal to cover losses in other assets amid concern about Europe’s debt crisis.

Global equities fell to a two-month low earlier today amidcover margin commitments.’’

Bullion for immediate delivery fell 0.1 percent to $1,657.60 an ounce by 9:14 a.m. in London. Prices gained for a fourth day yesterday, the longest winning streak since Feb. 23. June-delivery futures declined 0.2 percent to $1,658.10 on the Comex in New York.

BASE METALS

Copper rallied from the lowest level in 12 weeks as Japan’s machinery orders exceeded all economists’ estimates in February, signaling gains in capital spending. Aluminum rebounded as Alcoa Inc. said orders rose.

The three-month delivery contract rose as much as 1 percent to $8,110 a metric ton on the London Metal Exchange and traded at $8,080 by 4 p.m. Tokyo time. Copper touched $8,024.85 yesterday, the lowest level since Jan. 16. May-delivery metal was little changed at $3.651 a pound on the Comex.

On the LME, aluminum advanced 0.7 percent to $2,080 a ton as Alcoa Inc. (AA:US), the largest U.S. aluminum producer, yesterday reported an unexpected first-quarter profit after orders rose and it closed higher-cost smelting capacity. The metal lost 2.1 percent yesterday, the most since March 6.

GRAINS, SOFT COMMODITIES

Soybeans declined after the U.S. government reported bigger national inventories than forecast by analysts. Wheat fell while corn gained.

May-delivery soybeans fell 0.2 percent to $14.2275 a bushel on the Chicago Board of Trade at 2:41 p.m. Singapore time, after losing 0.4 percent yesterday.

Corn for May delivery added 0.1 percent to $6.355 a bushel in Chicago, reversing a 0.4 percent decline. Wheat for July delivery was little changed at $6.32 a bushel in Chicago.

Rubber slumped to the lowest level in more than two months as concern intensified that Europe’s sovereign-debt crisis may worsen, sapping demand for the raw material used in tires.

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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Companies Mentioned

  • AA
    (Alcoa Inc)
    • $16.73 USD
    • -0.17
    • -1.05%
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