Bloomberg News

Oil, Copper, Gold Set for Weekly Declines: Commodities at Close

June 08, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 2 percent to 580.33 at 5:23 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials fell 1.5 percent to 1,421.224.


Oil fell a second day in New York, heading for the longest run of weekly losses in more than 13 years, on speculation the economies of the U.S. and China, the world’s biggest crude consumers, will slow and curb fuel demand.

Oil for July delivery decreased as much as $2.72 to $82.10 a barrel in electronic trading on the New York Mercantile Exchange, and was at $82.23 at 9:15 a.m. London time. The contract yesterday slipped 0.2 percent to $84.82, the lowest close since June 5. Prices are down 5 percent this month and poised for a sixth weekly decline, the longest losing streak since December 1998. Oil has fallen 17 percent this year.


Natural gas futures in New York extended the biggest decline in four months as a government report showed that U.S. stockpiles rose more than forecast.


Singapore gasoil swaps for July fell $1.10, or 1 percent, to $111.55 a barrel, PVM data showed. Prices are 1.2 percent lower this week, headed for a sixth weekly loss.

The premium of gasoil to Dubai crude rose 46 cents, or 2.9 percent, to $16.22 a barrel today. The spread increased for a second week.

Jet fuel traded at a premium of 80 cents a barrel to gasoil. This spread, also known as the regrade, is 10 cents lower than a week earlier.

Naphtha swaps for July slid $20.75, or 2.6 percent, to $766.50 a metric ton at 10:30 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker.

Singapore fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, shrank 46 cents to $1 a barrel today, PVM data showed. The discount was little changed from $1.09 a week earlier.


Gold declined and headed for its worst week in four as Federal Reserve Chairman Ben S. Bernanke damped expectations for monetary stimulus. Silver was set for its longest run of weekly losses in more than 11 years.

Bullion for immediate delivery fell 1.3 percent to $1,569.52 an ounce by 9:29 a.m. in London. It’s down 3.4 percent this week, the most since May 11. August-delivery futures were 1.1 percent lower at $1,570.40 on the Comex in New York.


Copper declined the most in a week as policy makers are being pressed into action to shore up a global economy that is suffering its steepest slowdown since the recession ended in 2009. Zinc, aluminum, lead and nickel fell.


July-delivery corn lost 0.9 percent to $5.885 a bushel, trimming the weekly gain to 6.7 percent, the first such advance in three weeks. Wheat for July delivery slipped 1.1 percent to $6.345 a bushel, paring the weekly increase to 3.6 percent.

Soybeans fell, ending a four-day rally, on concern that a lack of stimulus from the U.S. may further slowdown the global economy and overshadow signs of rising demand.

November-delivery soybeans lost as much as 1.8 percent to $13.17 a bushel on the Chicago Board of Trade. Futures traded at $13.21 a bushel at 2:21 p.m. Singapore time, paring the weekly advance to 5 percent. That’s the biggest increase in a week since the five days ended Oct. 14.

Rubber retreated for a fifth week after Federal Reserve Chairman Ben S. Bernanke said the central bank will wait before deciding if economic stimulus is needed, spurring sales of commodities and stocks.

November-delivery rubber fell 2.4 percent to settle at 237.6 yen a kilogram ($3,001 a metric ton) on the Tokyo Commodity Exchange. Futures lost 6.9 percent this week, the largest drop since the week ended May 11.

Palm oil dropped to the lowest level in seven months, set for a second weekly decline, after Godrej International Ltd. Director Dorab Mistry forecast that prices may tumble as a slowdown in China and Europe curbs demand.

To contact the reporter on this story: Ee Chien Chua in Singapore at

To contact the editor responsible for this story: Christian Schmollinger at

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