Bloomberg News

Rubber, Copper, Gold Decline on Europe: Commodities at Close

May 15, 2012

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.07 percent to 636.21 at 4:19 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.3 percent to 1,496.371.

CRUDE OIL

Oil traded near the lowest in five months in New York before reports forecast to show U.S. crude stockpiles rose to the highest level in 21 years and Europe’s economy shrank.

Crude for June delivery was at $94.67 a barrel, down 11 cents in electronic trading on the New York Mercantile Exchange at 3:07 p.m. Singapore time. Prices dropped 1.4 percent to $94.78 yesterday, the lowest close since Dec. 19, and are down 4.1 percent this year.

NATURAL GAS

Natural gas futures fell for a second day in New York on forecasts that mild weather will limit demand from electricity generators.

Gas declined as much as 1.8 percent today, extending yesterday’s 3.1 percent drop, after Commodity Weather Group LLC in Bethesda, Maryland, said weather in the western U.S. over the next two weeks may be “fairly benign with below-normal demand,” while variable warmth is expected in the South and the East. A supply surplus ended March at a six-year high after the fourth-warmest winter on record crimped fuel demand.

OIL PRODUCTS

Naphtha swaps for June fell $4.25, or 0.5 percent, to $905.75 a metric ton at 10:15 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. Prices slumped for the 14th day, the longest declining streak since Bloomberg began tracking the data in January 2011.

Japan naphtha’s premium to London-traded Brent crude futures dropped to $67.59 a ton from $69.43 yesterday, according to data compiled by Bloomberg. The spread is at its narrowest since Dec. 2.

The premium of gasoil to Dubai crude fell 11 cents, or 0.7 percent, to $16.02 a barrel, PVM data showed. The spread is at the narrowest since April 16. Singapore gasoil swaps for June rose 5 cents to $123.10 a barrel.

PRECIOUS METALS

Gold dropped to the lowest price this year as the euro weakened to a four-month low on concern Greece will exit the shared currency, boosting the dollar. Silver was set for the worst run in more than three years.

Immediate-delivery gold declined as much as 0.2 percent to $1,552.97 an ounce, the lowest level since Dec. 30, and traded little changed at $1,554.72 at 12:54 p.m. in Singapore. June- delivery bullion fell as much as 0.5 percent to $1,552.60 in New York, also the cheapest since Dec. 30, and was at $1,554.40.

Spot silver fell as much as 0.4 percent to $28.045 an ounce, the lowest price since Jan. 3. That’s the seventh daily decline and the longest losing streak since March 3, 2009. The metal last traded little changed at $28.1225.

BASE METALS

Copper declined to a four-month low on concerns that the political impasse in Greece and credit-rating downgrades of Italian banks by Moody’s Investors Service signal further contraction in Europe.

The metal for delivery in three months fell as much as 1 percent to $7,763.50 a metric ton on the London Metal Exchange, the lowest since Jan. 12, before trading at $7,804 by 12:40 p.m. Shanghai time. The July contract on the Comex dropped 0.6 percent to $3.5335 per pound.

GRAINS, SOFT COMMODITIES

Soybeans rebounded from a six-week low as export sales from the U.S. and Brazil climbed, draining supply in the world’s two largest growers.

The July-delivery contract rose as much as 0.3 percent to $13.9075 a bushel on the Chicago Board of Trade and was at $13.8825 by 2:08 p.m. Singapore time. Futures dropped as much as 2.1 percent to $13.76 yesterday, the lowest price since March 30.

Corn for July delivery was little changed at $5.835 a bushel, while wheat for delivery in the same month rose 0.5 percent to $6.01 a bushel.

Rubber plunged to a four-month low as the political impasse in Greece raised speculation the nation may leave the euro, deepening an economic slump in the region and weakening demand for the commodity used in tires.

October-delivery rubber slumped as much as 5.1 percent to 265 yen a kilogram ($3,317 a metric ton), the lowest level for a most-active contract since Jan. 6, before trading at 270.1 yen on the Tokyo Commodity Exchange at 3:39 p.m. local time. Prices have trimmed this year’s advance to 2.5 percent.

Palm oil advanced on speculation that demand may rise before the Muslim fasting month and after yesterday’s biggest price slump in more than 14 months.

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


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus