The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.3 percent to 685.41 at 6:16 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials fell 0.5 percent to 1,587.742.
Oil dropped for the first time in three days, erasing a weekly gain, after China’s economy grew at the slowest pace in 11 quarters and Saudi Arabia’s oil minister said the kingdom is determined to see lower prices.
Crude for May delivery fell as much as 78 cents to $102.86 a barrel in electronic trading on the New York Mercantile Exchange and was at $103.16 at 5:50 a.m. Singapore time. The contract gained 0.9 percent yesterday to $103.64, the highest close since April 3. Prices are down 0.1 percent for the week.
Natural gas futures slipped to a 10-year low in New York after a government report showed that stockpiles rose less than average last week.
Singapore gasoil’s premium to Dubai crude fell $1.36, or 8.6 percent, to $14.45 a barrel at 10:14 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The spread is the narrowest since Jan. 10, 2011 and has declined 7.2 percent so far this week on concern that global demand is slowing.
Jet fuel’s premium to gasoil rose to 30 cents from 25 cents at the end of last week. A wider spread indicates that prices of diesel have weakened more than aviation fuel.
Gold for immediate delivery fell 0.2 percent to $1,672.85 an ounce by 4:22 a.m. in Singapore. Prices are up 7 percent in 2012 after advancing for 11 consecutive years. June- delivery futures dropped 0.4 percent to $1,674.20 on the Comex.
Copper for three-month delivery retreated 1.5 percent to $8,095 a metric ton on the LME. Prices are down 3.2 percent this week. The May-delivery contract fell 1.4 percent to $3.668 a pound on the Comex in New York.
Cocoa for July delivery advanced 2.5 percent to 1,453 pounds ($2,315) a metric ton by 10:55 a.m. on NYSE Liffe in London. The price touched 1,458 pounds a ton, the highest since April 3. Cocoa for July delivery climbed 2.4 percent to $2,195 a ton on ICE Futures U.S. in New York.
White, or refined, sugar for August delivery slid 0.3 percent to $622 a ton in London. Raw sugar for July delivery was down 0.4 percent to 23.42 cents a pound in New York.
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