Bloomberg News

Oil Near Highest in a Week; Copper Rises: Commodities at Close

October 17, 2012

The Standard & Poor’s GSCI gauge of 24 commodities gained 0.1 percent to 664.7 at 6:01 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.2 percent to 1,608.185.

CRUDE OIL

Oil traded near the highest level in a week in New York on signs Germany may ease its resistance to a Spanish bailout and after industrial production rose more than forecast in the U.S., the world’s biggest crude consumer.

Crude for November delivery was at $92.11 a barrel, up 2 cents, in electronic trading on the New York Mercantile Exchange at 9:56 a.m. London time. The contract yesterday rose 24 cents to $92.09, the highest settlement since Oct. 9. Prices are down 6.8 percent this year.

OIL PRODUCTS

Asia’s fuel oil crack spread fell for a fifth day to the lowest since March 12, signaling widening losses for refiners turning crude into residual products.

• Fuel Oil • High-sulfur fuel oil crack to Dubai crude down 8 cents at $7.55/bbl at 10:12 a.m. Singapore time, according to PVM Oil Associates Ltd. • November HSFO swaps down $3.25, or 0.5%, at $655.75/ton • Viscosity spread unchanged after dropping to $12.75/ton

• Middle Distillates • Gasoil crack to Dubai crude down 47 cents at $18.03/bbl at 10:12 a.m. Singapore time, according to PVM • November gasoil swaps down 90 cents, or 0.7%, at $128.85/bbl • Jet-fuel regrade unchanged after declining to $1.55/bbl

• Light Distillates • Naphtha crack to Brent crude up $8.17 at $106.98/ton at 11:12 a.m., according to data compiled by Bloomberg • November naphtha swaps down $1.25, or 0.1%, at $964.50/ton, PVM said • Gasoline reforming margin yesterday decreased $1.89 to close at $17.88/bbl, data compiled by Bloomberg show

BASE METALS

Copper was seen rising for a second day in London on speculation a report will show new-house construction reached a four-year high in the U.S., the world’s second-biggest consumer of the metal.

Copper for delivery in three months slipped 0.1 percent to $8,120 a metric ton by 9:56 a.m. on the London Metal Exchange, erasing a gain of as much as 0.7 percent. Futures for December delivery were little changed at $3.7005 a pound on the Comex in New York.

Copper stockpiles monitored by the LME jumped 6.5 percent, the most since September 2008, to a six-week high of 224,450 tons on inflows in South Korea, daily exchange figures showed. Orders to remove the metal from warehouses rose 1.7 percent to 45,475 tons.

PRECIOUS METALS

Gold, little changed in London trading, may gain for a second day before European Union leaders hold a summit this week amid speculation that Spain will move toward seeking financial assistance.

Gold for immediate delivery was little changed at $1,747.50 an ounce by 10:23 a.m. in London, after gaining as much as 0.4 percent earlier today. Bullion added 0.6 percent yesterday. The metal for December delivery climbed 0.2 percent to $1,749.20 an ounce on the Comex in New York.

GRAINS, OILSEEDS, SOFT COMMODITIES

Wheat and corn gained as dry weather in Australia added to global supply concerns after the worst U.S. drought in half a century parched crops.

Wheat for December delivery advanced for the first time in four days, rising 0.7 percent to $8.5375 a bushel on the Chicago Board of Trade at 3:17 p.m. in Singapore. Corn for delivery in December delivery rose 0.6 percent to $7.4275 a bushel.

Soybeans for delivery in November climbed 0.2 percent to $14.9725 a bushel in Chicago.

Rubber advanced for a second day after data showed industrial production expanded more than forecast in the U.S., spurring optimism demand will improve.

Rubber for March delivery climbed as much as 1.1 percent to 262.8 yen a kilogram ($3,335 a metric ton) before settling at 260.7 yen on the Tokyo Commodity Exchange. The most-active contract has rallied from a two-week low of 256 yen on Oct. 15.

Palm oil is poised to decline on speculation that stockpiles in Malaysia, the largest producer after Indonesia, may increase this month from September’s record as exports may not be enough to cut reserves.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

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


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