Bloomberg News

Natural Gas Rebounds; Gold, Copper Decline: Commodities at Close

May 03, 2012

The Standard & Poor’s GSCI gauge of 24 commodities declined 0.3 percent to 676.86 at 5:13 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.2 percent to 1,565.084.

CRUDE OIL

Oil traded little changed after sliding the most in two weeks as worse-than-forecast employment data underscored weakness in the global economy and U.S. crude stockpiles increased to the highest level in 21 years.

Crude for June delivery was at $105.07 a barrel, down 15 cents, on the New York Mercantile Exchange at 9:11 a.m. London time. The contract yesterday slid 94 cents, the most since April 18, to $105.22. Front-month oil has risen 6.3 percent this year.

NATURAL GAS

Natural-gas futures rebounded after the biggest drop in almost two months in New York on forecasts that moderate weather may limit demand from power plants.

OIL PRODUCTS

Naphtha’s premium to London-traded Brent crude futures fell $7.60 to $82.38 a metric ton at 11:15 a.m. Singapore time, according to data compiled by Bloomberg. This crack spread , a measure of processing profit, is the narrowest since Jan. 17.

Naphtha swaps for June dropped $7.30, or 0.7 percent, to $973.20 a ton, according to data from PVM Oil Associates Ltd. , a broker. Prices declined for a sixth day, the longest losing streak since August.

Gasoil, or diesel, swaps for June decreased $1.31, or 1 percent, to $132.02 a barrel, according to PVM. Prices ended a six-day rally, the longest stretch since October.

Gasoil’s premium to Dubai crude, the Asian marker, lost 52 cents to $17.04 a barrel, PVM data showed. The difference, also known as the crack spread, narrowed the most since March 30.

PRECIOUS METALS

Gold declined for a third day in London on concern slowing growth in Europe will strengthen the dollar and cut demand for the metal as an alternative asset.

Bullion for immediate delivery dropped 0.5 percent to $1,644.55 an ounce by 9:32 a.m. in London. Prices reached $1,642.75, the lowest since April 26. June-delivery futures were 0.5 percent lower at $1,645.40 on the Comex in New York.

BASE METALS

Copper declined for a second day, extending yesterday’s biggest fall in more than a week, after weak economic data raised concern demand may falter.

The metal for delivery in three months fell as much as 0.5 percent to $8,263.25 a metric ton on the London Metal Exchange before trading at $8,279.25 at 3:46 p.m. Shanghai time. It lost 1.6 percent yesterday, the most since April 23. July-delivery copper on the Comex dropped 0.3 percent to $3.7765 per pound.

GRAINS, SOFT COMMODITIES

Corn is poised to climb on speculation that China, the second-largest consumer, may boost purchases from the U.S. after drought cut the harvest in Argentina.

July delivery corn gained as much as 0.4 percent to $6.14 a bushel on the Chicago Board of Trade, after losing 3.6 percent in the past two days. It traded unchanged at $6.115 a bushel as of 2:41 p.m. Singapore time.

Wheat for July delivery gained as much as 0.9 percent to $6.1975 a bushel, before trading at $6.1875. The grain tumbled 4.4 percent yesterday, the most in more than three months, on speculation rain and warm weather will boost yields in the U.S.

July-delivery soybeans dropped 0.2 percent to $14.8225 a bushel, after climbing 0.3 percent. Exporters in the U.S. sold 204,000 tons of soybeans to unknown destination for delivery in the marketing year beginning Sept. 1, and 30,000 tons of soybean oil to China for delivery in the 2011-2012 marketing year, the USDA said yesterday.

Palm oil declined for a third day, dropping to the lowest level in almost six weeks, as favorable weather in the U.S. is expected to aid soybean planting, easing concern that global edible-oil supplies may drop.

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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