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The Standard & Poor’s GSCI gauge of 24 commodities fell 0.4 percent to 574.93 at 4:21 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.21 percent to 1440.559.
Oil declined in London for the first time in five days as the leaders of the European Union gathered in Brussels for a two-day summit.
Brent oil for August settlement fell as much as 66 cents to $92.84 a barrel and was at $93.02 at 8:44 a.m. on the London- based ICE Futures Europe exchange. The European benchmark’s premium to New York-traded West Texas Intermediate narrowed to $12.90 from $12.84 yesterday. Brent has lost 24 percent this quarter, the steepest slide since the last three months of 2008.
Gold climbed, paring the biggest quarterly decline since the collapse of Lehman Brothers Holdings Inc., before European leaders meet to discuss the debt crisis.
Spot gold rose as much as 0.3 percent to $1,579.15 an ounce, and was at $1,575.48 by 2:39 p.m. in Singapore. The metal has lost 5.5 percent since March 30, set for the worst showing since the three months to September 2008, as investors favored the dollar as a hedge against market turmoil.
August-delivery gold was little changed at $1,576.40 an ounce on the Comex in New York, after declining 0.3 percent earlier. The Dollar Index is 4.2 percent higher this quarter, while the Standard & Poor’s GSCI Index of commodities has lost 16 percent.
Spot silver rose for the first time in three days, gaining as much as 0.8 percent to $27.1425 an ounce, and was last at $27.0225. The worst-performing precious metal this quarter is 16 percent lower since the end of March, set for the worst quarterly loss since the three months to September 2008.
Cash platinum climbed as much as 0.6 percent to $1,418.25 an ounce, advancing for the first day in three. The metal, last trading at $1,413.48, is down 14 percent this quarter, poised for the worst performance since the period to September 2008.
Copper climbed for a fourth day after reports showed U.S. home sales and durable goods orders rose more than expected.
Three-month copper advanced as much as 0.6 percent to $7,449.50 a metric ton on the London Metal Exchange, the highest since June 21. The contract traded at $7,436.25 by 3 p.m. Shanghai time, and is set for a 12 percent slump this quarter, the worst performance since the three months ended September.
Corn futures advanced, extending the biggest four-day rally in 14 months, as dry, hot weather deepens yield losses in the U.S., threatening global supply.
December-delivery corn gained 0.9 percent to $6.3875 a bushel on the Chicago Board of Trade at 3:03 p.m. Singapore time, after surging 15 percent in the past four days.
Soybeans for November delivery were little changed at $14.135 a bushel in Chicago, while wheat for September delivery lost 0.2 percent to $7.4975 a bushel.
Rubber advanced to a one-week high after U.S. and Japanese economic data beat forecasts and Thailand, the world’s biggest supplier, said it will discuss possible curbs on exports with Indonesia and Malaysia.
The December-delivery contract gained 2.1 percent to end at 240.3 yen a kilogram ($3,025 a metric ton), the highest settlement level since June 21, on the Tokyo Commodity Exchange. The most-active contract has plunged 26 percent this quarter, the worst performance since the final three months of 2008, on concern that Europe’s debt crisis may derail the global recovery.
Palm oil dropped for a second day on speculation that output will climb in Malaysia, the second-largest producer, boosting global cooking-oil inventories.
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