The Standard & Poor’s GSCI gauge of 24 commodities fell 0.1 percent to 648.37 at 4:59 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials declined 0.2 percent to 1,569.160.
Oil traded near the highest level in almost four months in New York before a government report that may show refinery utilization rose and stockpiles increased in the U.S., the world’s biggest crude-consuming nation.
Crude for February delivery was at $93.11 a barrel, down 8 cents, in electronic trading on the New York Mercantile Exchange at 4 p.m. Singapore time. The contract increased 10 cents to $93.19 yesterday, the highest settlement since Sept. 18.
Asia’s fuel oil crack spread narrows, signaling reduced losses for refiners turning crude into residual products. Jet fuel’s regrade extends gains.
• Fuel Oil • High-sulfur fuel oil’s discount to Dubai crude shrinks 19 cents to $5.84/bbl at 10:21 a.m. Singapore time, according to PVM Oil Associates Ltd. • Crack spread narrows for fourth time in five days • February HSFO swaps up $5.25, or 0.8%, at $639.25/ton • Viscosity spread unchanged for a second day at $9.75/ton
• Middle Distillates • Gasoil’s premium to Dubai crude up 1 cent at $19.39/bbl at 10:21 a.m. Singapore time, according to PVM • Crack spread gains for second day • February gasoil swaps up 65 cents, or 0.5%, at $125.90/bbl • Jet fuel’s premium to gasoil, or regrade, up 5 cents at 20 cents/bbl
• Light Distillates • Naphtha’s premium to London Brent crude up $5.85 at $93.81/ton at 10:42 a.m. Singapore time, according to data compiled by Bloomberg • Crack spread gains most since Dec. 27 • February naphtha swaps up $6.75, or 0.7%, at $934/ton, PVM said • Gasoline reforming margin yesterday lost 3 cents to close at $15.76/bbl, data compiled by Bloomberg show
Copper gained for the first time in four days as an increase in orders to remove the metal from London Metal Exchange warehouses in Asia fueled speculation that demand in China is recovering.
Gold gained, rebounding from a three-day drop that touched the lowest price in more than four months, on signs of increased demand in China and as the dollar weakened.
Spot gold rose as much as 0.4 percent to $1,653.05 an ounce, and was at $1,649.68 at 4:28 p.m. in Singapore. Volumes for cash bullion of 99.99 percent purity on the Shanghai Gold Exchange surged to 19,504.8 kilograms yesterday, according to a statement on the bourse’s website. That’s the highest ever for the benchmark contract, according to data tracked by Bloomberg.
Gold for February delivery advanced 0.1 percent to $1,648.60 an ounce on the Comex. Metal in exchange-traded products, which reached an all-time high of 2,632.516 metric tons on Dec. 20, stood at 2,622.301 tons on Jan. 7 after SPDR Gold Trust Holdings updated its figures to show a drop of 1.35 tons, according to data compiled by Bloomberg.
GRAINS, OILSEEDS, SOFT COMMODITIES
Wheat extended a rebound from a six-month low as some investors closed bets on further declines amid speculation that the U.S., the world’s biggest exporter, may cut estimates for inventories.
Wheat for delivery in March climbed as much as 0.6 percent to $7.5575 a bushel on the Chicago Board of Trade and was at $7.55 at 3:53 p.m. in Singapore. Futures slumped to $7.3975 on Jan. 4, the lowest price for a most-active contract since June, before rebounding 0.5 percent yesterday.
Corn for delivery in March climbed 0.2 percent to $6.87 a bushel. Soybeans for March delivery were little changed at $13.8675 a bushel after rising 1.6 percent yesterday.
Rubber advanced to near an eight-month high on optimism China, the biggest buyer, will increase inventories ahead of holidays next month.
Rubber for delivery in June gained 0.6 percent to settle at 305.6 yen a kilogram ($3,498 a metric ton) on the Tokyo Commodity Exchange. The most-active contract rose to 313.7 yen yesterday, the highest level since May 7.
Palm oil dropped to the lowest level in more than two weeks after a report that buyers in China, the largest consumer of cooking oil, built the biggest-ever stockpiles before the country tightened rules on imports.
The contract for March delivery fell as much as 1.5 percent to 2,382 ringgit ($783) a metric ton on the Malaysia Derivatives Exchange, the lowest price for the most-active contract since Dec. 21, and was at 2,397 ringgit at 4:04 p.m. in Kuala Lumpur. Prices fell for the fourth straight day.
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