Bloomberg News

Crude Falls; Palm Oil Drops a Second Day : Commodities at Close

May 02, 2012

The Standard & Poor’s GSCI gauge of 24 commodities declined 0.3 percent to 685.73 at 4:49 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.3 percent to 1,584.8789.

CRUDE OIL

Oil slid from the highest level in five weeks after an industry report showed crude stockpiles increased in the U.S., countering signs of an economic revival in the world’s biggest consumer of the commodity.

Crude for June delivery slid as much as 39 cents to $105.77 a barrel in electronic trading on the New York Mercantile Exchange. It was at $106 at 3:11 p.m. Singapore time. The contract yesterday rose $1.29 to $106.16, the highest close since March 27. Futures are up 7.3 percent this year.

NATURAL GAS

OIL PRODUCTS

Japan naphtha’s premium to London-traded Brent crude futures fell to $75.26 a metric ton today from $94.16 on April 30, according to data compiled by Bloomberg. There was no oil trading yesterday on the Platts system in Singapore because of a public holiday. The spread, a measure of the profitability from making the gasoline and petrochemical feedstock, is the narrowest since Jan. 4.

Naphtha swaps for June dropped $19.05, or 1.9 percent, to $975.20 a ton at 11:06 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker.

The premium of gasoil to Dubai crude, a benchmark price for Asia, rose 50 cents, or 3 percent, to $17.39 a barrel, PVM data showed. The spread is at the widest since Feb. 10. Singapore gasoil swaps for June rose 50 cents, or 0.4 percent, to $133.40 a barrel.

PRECIOUS METALS

Gold declined for a second day as manufacturing in the U.S. and China improved, adding to evidence of a global recovery, while data showed holdings in exchange-traded products dropped to the lowest level in three months.

Spot gold fell as much as 0.6 percent to $1,653 an ounce and traded at $1,653.65 at 3:45 p.m. in Singapore, after dropping from a two-week high yesterday. Holdings in ETPs lost 0.2 percent to 2,381.568 metric tons yesterday, the smallest amount since Feb. 1, according to data tracked by Bloomberg.

Cash platinum, this year’s best-performing precious metal, fell 0.3 percent to $1,566.50 an ounce. One ounce of platinum bought as little as 0.9377 ounce of gold yesterday, the least since Feb. 16, according to data compiled by Bloomberg. The ratio was last at 0.9464.

BASE METALS Copper declined as improving manufacturing in China may reduce pressure on policy makers to loosen monetary policies, curbing demand for the metal in the largest user.

The metal for delivery in three months fell as much as 1 percent to $8,357.50 a metric ton on the London Metal Exchange and traded at $8,395 by 3:16 p.m. Shanghai time. July-delivery metal on the Comex dropped 0.4 percent to $3.8265 per pound.

GRAINS, SOFT COMMODITIES

Corn dropped for a second day as rains boosted soil moisture in the U.S., improving crop prospects in the world’s largest grower and exporter of the grain.

July-delivery corn lost as much as 0.9 percent to $6.2325 a bushel on the Chicago Board of Trade and was at $6.265 as of 3:20 p.m. Singapore time. Wheat for July delivery slipped 0.6 percent to $6.3925 a bushel.

Soybeans for delivery in July fell 0.6 percent to $14.945 a bushel. Futures rose on April 30 to $15.07 a bushel, the highest intraday price for the most-active contract since July 2008.

Rubber climbed to the highest level in three weeks after data showed manufacturing in the U.S. grew and auto sales topped analysts’ forecasts in April, boosting the demand outlook for the commodity used in tires and gloves.

The October-delivery contract gained as much as 1.2 percent to 317.6 yen a kilogram ($3,965 a metric ton), the highest price since April 11. Futures traded at 317 yen on the Tokyo Commodity Exchange at 11:42 a.m.

Palm oil fell for a second day after a U.S. government report showed that farmers accelerated soybean planting, easing concerns about dwindling cooking-oil supplies.

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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