The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.3 percent to 666.20 at 7:23 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials fell 0.2 percent to 1,586.5422.
Oil fell from the highest closing price in a week in New York after Hurricane Isaac made landfall in the U.S. and industrialized nations expressed concern that elevated prices may threaten the global economic recovery.
Oil for October delivery declined as much as 66 cents to $95.67 a barrel in electronic trading on the New York Mercantile Exchange and was at $95.72 at 3:04 p.m. Singapore time. The contract yesterday climbed 0.9 percent to $96.33, the highest close since Aug. 22. Prices are 3.2 percent lower this year.
Natural-gas prices fell for a fifth day as Hurricane Isaac made landfall, potentially curbing demand and bringing colder weather.
Gas fell as much as 0.7 percent after Hurricane Isaac came ashore in southeastern Louisiana at 6:45 p.m. local time yesterday. The storm may decrease industrial consumption for natural gas by 1.5 billion cubic feet a day, Goldman Sachs Group Inc. said in a report e-mailed today.
Gasoil’s premium to Dubai crude, a benchmark oil in Asia, fell 42 cents, or 2 percent, to $20.61 a barrel at 10:07 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This measure of the profit from making the fuel rose yesterday to $21.03 a barrel, the most since June 16, 2011. Gasoil swaps for September fell 75 cents, or 0.6 percent, to $130.05 a barrel, PVM data showed.
Naphtha swaps for September fell $7.25, or 0.8 percent, to $952 a metric ton, according to PVM. Japan naphtha’s premium to London-traded Brent crude futures dropped $4.39, or 4 percent, to $106.69 a ton, according to data compiled by Bloomberg.
Copper declined for a third day as concern that Chinese demand is slowing outweighed expectations data are set to show an improving U.S. economy. Tin dropped the most in a month after an Indonesian producer restarted sales.
Gold is poised to advance for a second day on speculation that Federal Reserve Chairman Ben S. Bernanke may hint at fresh stimulus measures in a speech later this week and as investor holdings climbed to an all-time high.
Gold for immediate delivery rose as much as 0.2 percent to $1,669.95 an ounce, erasing an earlier 0.2 percent decline. The metal was little changed at $1,668.50 at 2:53 p.m. in Singapore. Holdings in exchange-traded products backed by bullion rose to a record, overtaking Italy to become the world’s third-biggest hoard. December-delivery futures were little changed at $1,671.30 an ounce on the Comex in New York.
Spot silver gained as much as 0.3 percent to $30.9669 an ounce, erasing an earlier 0.5 percent drop. Palladium dropped as much as 0.7 percent to $634.75 an ounce and was at $637.
GRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans climbed for a second day on speculation rain from Hurricane Isaac will fail to improve crop conditions in the U.S. after the worst drought in at least half a century wilted crops.
Soybeans for November delivery gained as much as 0.4 percent to $17.2925 a bushel on the Chicago Board of Trade and were at $17.285 at 3:16 p.m. in Singapore. Prices reached a record $17.605 on Aug. 27 are up 5.4 percent this month.
Corn for December delivery fell 0.2 percent to $7.9425 a bushel. Wheat for December gained as much as 0.4 percent to $8.79 a bushel and was at $8.7775. Prices fell 0.7 percent yesterday, the fifth straight decline and the longest slide since September.
Rubber declined for a second day as crude oil, used to make the synthetic variety, fell from a one-week high as Hurricane Isaac passed over the Gulf of Mexico to make landfall.
February-delivery rubber dropped to as low as 217.5 yen a kilogram ($2,767 a metric ton) before settling at 219.5 yen on the Tokyo Commodity Exchange. Futures have lost 4.5 percent this month, heading for a sixth month of decline.
Palm oil fell to the lowest level in more than a week on speculation that stockpiles in Malaysia, the largest producer after Indonesia, may increase this month as supplies outpace exports.
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