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The Standard & Poor’s GSCI gauge of 24 commodities rose 0.6 percent to 585.46 at 4:13 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials rose 0.57 percent to 1434.909.
Oil rose for a second day in New York on speculation that the U.S. Federal Reserve may take more steps to stimulate the economy and on OPEC’s call for members to cut production in excess of quotas.
Oil for July delivery rose as much as 89 cents to $84.80 a barrel in electronic trading on the New York Mercantile Exchange, and was at $84.68 at 2:54 p.m. Singapore time. The contract increased 1.6 percent yesterday to $83.91, the highest settlement since June 8. Prices are 0.7 percent higher this week and down 14 percent in 2012.
Gas climbed as much as 2 percent today, extending a 14 percent increase yesterday, the most since Sept. 10, 2009, after the Energy Department said stockpiles rose 67 billion cubic feet to 2.944 trillion. Analyst estimates compiled by Bloomberg showed an expected gain of 75 billion. The five-year average increase for the week is 88 billion cubic feet.
Singapore fuel oil’s premium to Dubai crude widened to 92 cents a barrel from 83 cents, PVM data showed. The fuel traded above crude for a fourth day.
High-sulfur fuel-oil swaps for July rose $11, or 1.8 percent, to $613.25 a barrel. Prices have gained 2.7 percent so far this week. The premium of 180-centistoke fuel oil to 380- centistoke grade fell to $10.75 a ton from $11.75 a ton yesterday.
Japan naphtha’s premium to London-traded Brent crude futures rose to $18.27 a ton from $12.48 yesterday, according to data from PVM Oil Associates Ltd., a broker. The spread, a measure of refining profitability from the fuel, has widened for the first week since May 4.
Naphtha swaps for July rose $13.25, or 1.8 percent, to $756.75 a metric ton at 10:21 a.m. Singapore time, according to PVM. Prices have increased 0.6 percent so far this week, the first increase in 15 weeks.
The premium of gasoil, or diesel, to Dubai crude dropped 13 cents to $15.62 a barrel, according to PVM. The difference, also known as the crack spread, narrowed for the third day this week.
Gold for immediate delivery gained as much as 0.2 percent to $1,626.77 an ounce and traded little changed at $1,625.52 at 2:38 p.m. in Singapore. Prices are set to gain 2 percent this week. August-delivery gold also rose for a sixth day, gaining as much as 0.5 percent to $1,627.80 an ounce in New York.
Platinum for immediate delivery gained as much as 0.5 percent to $1,501.63 an ounce, the highest since May 10, and traded at $1,495. Prices are set to gain 4.3 percent this week, the biggest advance since the five days ended Feb. 24.
Copper rallied for a second day, rising to a one-week high, on speculation that global policy makers will take steps to counter Europe’s debt crisis and slowing growth, boosting metals demand.
Three-month copper rose as much as 1.3 percent to $7,519.25 a metric ton, the highest level since June 7, and traded at $7,503.50 a ton at 4:17 p.m. Seoul time on the London Metal Exchange. The price is up 2.9 percent this week, the first gain in seven. July delivery futures gained 1 percent to $3.3870 a pound on the Comex in New York.
Soybeans gained, paring a weekly loss, as export sales from the U.S., the largest grower and exporter, beat the government’s estimate for the whole year.
November-delivery soybeans advanced as much as 1 percent to $13.22 a bushel on the Chicago Board of Trade, and were at $13.19 by 2:58 p.m. Singapore time. That trimmed the weekly loss to 1 percent.
Rubber rose for a third day, poised for the first weekly gain in six, on speculation that central banks may take more steps to stimulate economies as global growth slows and Greek voters head for the polls this weekend.
The November-delivery contract rose as much as 2.1 percent to 248.4 yen a kilogram ($3,140 a metric ton), before trading at 248 yen on the Tokyo Commodity Exchange at 11:43 a.m. local time. Futures have gained 4.4 percent this week, snapping the worst run of weekly losses since 2008, and paring this year’s decline.
Corn for December delivery was little changed at $5.1625 a bushel, heading for a 5.1 percent loss this week. Wheat for December delivery was little changed $6.6675 a bushel, set for a 0.9 percent loss this week.
Palm oil gained, paring a third weekly loss, on speculation that the U.S. Federal Reserve will act to stimulate the economy as Europe’s debt crisis curbs global growth, boosting demand for commodities.
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