The Standard & Poor’s GSCI gauge of 24 commodities rose 0.3 percent to 622.83 at 5:02 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials advanced 0.2 percent to 1536.63.
Oil fell from the highest close in more than a week after Premier Wen Jiabao said China’s economic recovery hasn’t gained momentum, stoking speculation that demand may ease in the world’s second-biggest crude consumer.
Oil for August delivery dropped as much as 64 cents to $86.46 a barrel in electronic trading on the New York Mercantile Exchange and was at $86.69 at 9:13 a.m. London time. The contract gained 1.2 percent to $87.10 on July 13, the highest close since July 5. Prices are 12 percent lower this year.
Natural gas futures were little changed in New York after rising 3.5 percent last week.
The premium of gasoil, or diesel, to Asian marker Dubai crude rose 45 cents to $16.88 a barrel at 11:30 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This crack spread, a measure of processing profit, widened for the first time in three days.
Gasoil swaps for August climbed 35 cents, or 0.3 percent, to $115.35 a barrel, PVM said. That’s the highest since May 31. Jet fuel’s premium to gasoil gained 10 cents to 95 cents, the highest in six days. An increased regrade shows it is more profitable to produce aviation fuel over diesel.
High-sulfur fuel oil fell 21 cents to $2.21 a barrel below Dubai oil, according to PVM. That’s the largest discount since June 5, indicating widening losses for refiners turning crude into residual products.
Gold is set to decline in London on speculation Europe’s debt crisis will strengthen the dollar, curbing demand for the metal as an alternative investment. Bullion for immediate delivery fell 0.2 percent to $1,586.35 an ounce by 9:24 a.m. in London. August-delivery futures were 0.4 percent lower at $1,585.70 on the Comex in New York.
Silver for immediate delivery fell 0.4 percent to $27.2075 an ounce. Palladium declined 0.8 percent to $580.35 an ounce. Platinum was down 0.3 percent at $1,426.25 an ounce.
Copper snapped a three-day rally after China’s Premier Wen Jiabao said that the momentum for a recovery in economic growth isn’t yet in place, increasing speculation demand may decline in the world’s largest user.
The metal for delivery in three months lost as much as 0.5 percent to $7,661 a metric ton on the London Metal Exchange, before trading at $7,679.25 at 3:18 p.m. in Shanghai. The metal for delivery in October closed 0.7 percent higher at 56,170 yuan ($8,807) a ton on the Shanghai Futures Exchange.
On the LME, zinc declined 0.3 percent to $1,868 a ton, tin lost 0.7 percent to $18,650 a ton and nickel fell 0.3 percent to $16,112 a ton. Aluminum and lead were little changed at $1,908 a ton and $1,878 a ton, respectively.
GRAINS, OILSEEDS, SOFT COMMODITIES
Corn for December delivery climbed as much as 4.2 percent to $7.7125 a bushel on the Chicago Board of Trade, the highest price for a most-active contract since Aug. 31, and traded at $7.705 at 2:42 p.m. in Singapore. Wheat traded at the highest price since February 2011 and soybean meal rose to a record.
Soybeans for November delivery rose as much as 2.7 percent to $15.9375 a bushel, the highest price since July 2008, and were at $15.92. Soybean meal -- the best performer this year out of 80 commodities tracked by Bloomberg -- traded at $467.30 per 2,000 pounds, the highest level ever, after gaining as much as 3.1 percent. The meal is fed to pigs, cattle and poultry.
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