The Standard & Poor’s GSCI gauge of 24 commodities rose 0.7 percent to 609.08 at 5:34 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gained 0.8 percent to 1509.40.
Oil rebounded in New York after the biggest drop in two weeks as a labor strike threatened to halt production in Norway, Western Europe’s biggest exporter.
West Texas Intermediate oil for August delivery climbed as much as 60 cents to $85.05 a barrel in electronic trading on the New York Mercantile Exchange and was at $84.61 at 9:20 a.m. London time. The contract slid $2.77 on July 6 to close at $84.45, the lowest settlement since July 2. Prices are down 14 percent this year.
Natural gas futures in New York rebounded after declining the most in four weeks.
The crack spread for gasoil, or diesel, rose 58 cents to $17.88 a barrel over Dubai crude as of 10 a.m. Singapore time, according to data from PVM Oil Associates Ltd. , a broker.
Gasoil swaps for August declined 70 cents to $113.55 a barrel, PVM data showed. Jet fuel’s premium to gasoil, or the regrade, fell 15 cents to 85 cents.
High-sulfur fuel oil’s discount to Dubai crude narrowed 18 cents to $1.54 a barrel, according to PVM. The crack narrowed from one-month low, signaling smaller refining losses to produce the residue.
Fuel oil swaps for August fell $7, or 1.16 percent, to $597.75 a metric ton, PVM said. The premium of 180-centistoke fuel oil to 380-centistoke grade, or the viscosity spread , was unchanged after it rose to $10.75, showing bunker, or marine fuel, moved in tandem with higher-quality supplies used in power stations.
Naphtha swaps for August fell $7.75, or 1 percent, to $809.75 a ton, according to PVM.
Naphtha’s premium to London-traded Brent crude futures declined $13.63 to $64.11 a ton, according to data compiled by Bloomberg. This crack spread , a measure of processing profit, fell from the widest since May 23.
Gold is set to decline for a fourth day in London as a stronger dollar curbs demand for the metal as an alternative investment.
Bullion for immediate delivery fell 0.2 percent to $1,580.78 an ounce by 9:30 a.m. in London. A fourth consecutive decline would be the longest losing streak since May 16. August- delivery futures were 0.1 percent higher at $1,580.90 on the Comex in New York.
Copper was seen falling for a fourth day in London as further evidence that economies are slowing fed concern about the outlook for demand.
GRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans in Chicago and Dalian advanced to the highest levels since July 2008, the year of the global food crisis, after hot Midwest weather threatened to curb yields amid rising demand in China. Corn and wheat climbed.
Soybeans for November delivery rose as much as 2.6 percent to $15.4475 a bushel and traded at $15.425 at 2:10 p.m. Singapore time. The May 2013 contract in Dalian jumped as much as 4.1 percent to 4,869 yuan ($764) a metric ton.
Corn for December delivery climbed as much as 3.4 percent to $7.1625 a bushel in Chicago, the highest price for the most- active contract since Sept. 15, before trading at $7.13. Prices have surged 41 percent since June 15.
Wheat for September delivery gained as much as 2.4 percent to $8.2525 a bushel and was last at $8.245.
Rubber slumped by the most in more than two weeks after a U.S. jobs report deepened concern the world’s largest economy is slowing, sapping demand for the commodity used in tires.
December-delivery rubber lost as much as 3.8 percent, the biggest drop for the most-active contract since June 22, to 245.5 yen a kilogram ($3,082 a metric ton) on the Tokyo Commodity Exchange, before settling at 249.1 yen. Futures have declined 5.4 percent this year.
Palm oil advanced on concern that El Nino weather conditions, which can parch Asia, may curb production later this year in Indonesia and Malaysia, the world’s biggest growers.
The September-delivery contract gained as much as 1.3 percent to 3,172 ringgit ($995) a metric ton on the Malaysia Derivatives Exchange, and was at 3,167 ringgit at 4:21 p.m. in Kuala Lumpur. Futures climbed 3.6 percent last week as a heat wave in the U.S. drove soybean prices higher.
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