Bloomberg News

Oil Climbs a Fifth Day; Copper Declines: Commodities at Close

August 20, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.2 percent to 669.01 at 4:48 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials was little changed at 1,576.025.

CRUDE OIL

Oil climbed for a fifth day in New York, the longest streak of gains in a month, before Europe’s leaders meet to discuss combating regional debt turmoil.

Crude advanced as much as 0.5 percent as European policy makers plan a week of intensive shuttle diplomacy to help resolve the continent’s crisis, amid dissension on the European Central Bank’s role and how to help Greece. Saudi Arabia pumped at the highest level in more than three decades in June and monthly exports were the most since November 2005, according to the Joint Organization Data Initiative.

Crude for September delivery increased as much as 52 cents to $96.53 a barrel and was at $96.25 in electronic trading on the New York Mercantile Exchange. It rose 0.4 percent to $96.01 on Aug. 17, the highest close since May 11. The contract expires tomorrow. The more-actively traded October future was at $96.57. Oil’s run of gains is the longest since the seven days ended July 19. Front-month prices are 2.6 percent lower this year. percent lower this year.

BASE METALS

Copper for delivery in three months fell as much as 0.9 percent, the most in a week, to $7,474.75 a metric ton on the London Metal Exchange, before trading at $7,486.50 by 3 p.m. Shanghai time. Open interest in LME copper futures declined to 399,153 contracts as of Aug. 15, the lowest since January 2010, bourse data showed.

PRECIOUS METALS

Platinum added as much as 0.3 percent to $1,479.12 an ounce, the most expensive since July 5, before trading at $1,478.62 at 1:54 p.m. in Singapore. Gold rose as much as 0.2 percent to $1,619.95 an ounce. December-delivery bullion was little changed at $1,621 on the Comex in New York.

GRAINS, OILSEEDS, SOFT COMMODITIES

Corn for December delivery rose as much as 0.8 percent to $8.14 a bushel on the Chicago Board of Trade, the highest since Aug. 10, and was at $8.125 at 1:07 p.m. in Singapore. Prices fell 0.3 percent last week, the first such loss this month. billion bushels, the least since 2007, the USDA said Aug. 10.

To contact the reporter on this story: Ramsey Al-Rikabi in Singapore at ralrikabi@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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