Bloomberg News

Wheat, Copper Declines; Gold Extends Gains: Commodities at Close

January 09, 2013

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.1 percent to 649.65 at 5:40 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials declined 0.1 percent to 1,572.737.

CRUDE OIL

Oil fluctuated in New York after an industry report showed rising stockpiles in the U.S., the world’s biggest crude- consuming nation.

Crude for February delivery was at $92.96 a barrel, down 19 cents, in electronic trading on the New York Mercantile Exchange at 4:01 p.m. Singapore time. The contract settled at $93.19 on Jan. 7, the highest since Sept. 18. Prices dropped 7.1 percent last year for the first decline in four years.

OIL PRODUCTS

Asia’s gasoil crack spread extends gains, signaling rising profit for refiners making diesel. Fuel oil’s discount to crude shrinks.

• Middle Distillates • Gasoil’s premium to Dubai crude up 12 cents at $19.84/bbl at 10:38 a.m. Singapore time, according to PVM Oil Associates Ltd. • Crack spread widest since Dec. 24 • February gasoil swaps up 65 cents, or 0.5%, at $126.85/bbl • Jet fuel regrade unchanged for a second day at premium of 15 cents/bbl

• Fuel Oil • High-sulfur fuel oil’s discount to Dubai crude narrows 18 cents to $5.75/bbl at 10:38 a.m. Singapore time, according to PVM • Crack spread gains for fifth time in six days • February HSFO swaps up $4.50, or 0.7%, at $643/ton • Viscosity spread down 25 cents at $9.25/ton

• Light Distillates • Naphtha’s premium to London Brent crude up $5.28 at $98.42/ton at 10:57 a.m. Singapore time, according to data compiled by Bloomberg • Crack spread widens for third day • February naphtha swaps up $4.75, or 0.5%, at $941.25/ton, PVM said • Gasoline reforming margin yesterday fell 43 cents to close at $15.33/bbl, lowest since Dec. 27, data compiled by Bloomberg show

BASE METALS

Copper declined as inventories at London Metal Exchange warehouses climbed to the highest level in 11 months, prompting concerns over the demand.

PRECIOUS METALS

Gold extended gains after climbing the most in a week yesterday amid signs of increased demand in China before the Lunar New Year.

Spot gold gained as much as 0.3 percent to $1,664.10 an ounce and was at $1,662.35 at 3:07 p.m. in Singapore. Prices rose 0.8 percent yesterday, the most since Jan. 2, as data showed imports by China from Hong Kong climbed to a seven-month high in November. Volumes for cash bullion of 99.99 percent purity on the Shanghai Gold Exchange yesterday were almost double the daily average in 2012, data tracked by Bloomberg show.

GRAINS, OILSEEDS, SOFT COMMODITIES

Wheat dropped for a second day ahead of a government report that may show quarterly stockpiles climbed last month in the U.S., the largest shipper.

The contract for March delivery lost 0.3 percent to $7.4825 a bushel on the Chicago Board of Trade at 2:45 p.m. Singapore time, erasing an earlier gain of 0.5 percent. Futures gained 19 percent last year and reached a four-year high of $9.4725 on July 23 as drought cut output in countries including the U.S.

Corn for March delivery lost 0.2 percent to $6.8775 a bushel, reversing a 0.3 percent gain. Soybeans for delivery in the same month were little changed at $13.8525 a bushel.

Palm oil snapped a four-day losing streak on speculation that declining production may cut record inventories in Malaysia, the biggest producer after Indonesia.

The contract for March delivery advanced as much as 0.7 percent to 2,407 ringgit ($792) a metric ton on the Malaysia Derivatives Exchange, before trading at 2,404 ringgit by 4:37 p.m. in Kuala Lumpur. Futures fell 4.4 percent in the four days through yesterday to close at the lowest price since Dec. 20.

Rubber climbed for a second day, nearing an eight-month high reached Jan. 7, as speculation grew that China, the world’s biggest consumer, will step up purchases before holidays next month.

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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