Bloomberg News

Soybeans, Gold, Palm Oil, Copper Climb: Commodities at Close

January 16, 2013

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.1 percent to 651.65 at 4:48 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials decreased 0.2 percent to 1,576.420.

CRUDE OIL

Oil traded near the lowest level in almost a week in New York after U.S. crude stockpiles increased and the World Bank cut its economic growth forecasts.

Crude for February delivery was at $93.47 a barrel, up 19 cents, in electronic trading on the New York Mercantile Exchange at 3:40 p.m. Singapore time. The contract declined 0.9 percent to $93.28 yesterday, the biggest drop since Dec. 21 and the lowest close since Jan. 9.

OIL PRODUCTS Asia’s gasoil crack spread extends gains, signaling rising profit for refiners making diesel. Naphtha swaps fall.

• Middle Distillates • Gasoil’s premium to Dubai crude up 51 cents at $20.98/bbl at 10:14 a.m. Singapore time, according to PVM Oil Associates • Crack spread widest since Aug. 28 • February gasoil swaps down $1.25, or 1%, at $126/bbl • Jet fuel regrade up 10 cents at premium of 50 cents/bbl, highest so far this year

• Light Distillates • Naphtha’s premium to London Brent crude down $14.41 at $81.34/ton at 10:14 a.m. Singapore time, according to data compiled by Bloomberg • Crack spread narrows for third time in four days • February naphtha swaps down $12.75, or 1.4%, at $914/ton, PVM said • Gasoline reforming margin yesterday dropped 60 cents to close at $13.64/bbl, lowest in three weeks, data compiled by Bloomberg show

• Fuel Oil • High-sulfur fuel oil’s discount to Dubai crude narrows 34 cents to $5.61/bbl at 10:14 a.m. Singapore time, according to PVM • Crack spread narrowest so far this week • February HSFO swaps down $9, or 1.4%, at $631.25/ton • Viscosity spread unchanged for a second day at $7.25/ton

BASE METALS

Copper rose for the first time in four days as economic data from the U.S. to Japan added to signs of a global economic recovery, boosting demand prospects.

Copper for delivery in three months increased as much as 0.3 percent to $8,021.25 a metric ton on the London Metal Exchange, before trading at $8,003.75 at 1:48 p.m. in Seoul. The metal is 0.9 percent higher this year, extending a 4.4 percent gain last year, on bets that economic recovery in China, the biggest buyer, will increase demand.

PRECIOUS METALS

Gold advanced for a third day toward a two-week high as expectations that global policy makers will need to stimulate growth boosted demand for a store of value. Platinum was set for the longest rally in four months.

Spot gold gained as much as 0.3 percent to $1,684.89 an ounce and traded at $1,684.37 at 2:58 p.m. in Singapore. The metal reached $1,685.25 yesterday, the costliest since Jan. 3, after U.S. Federal Reserve Chairman Ben S. Bernanke said the previous day that while the U.S. economy is responding to monetary stimulus there is still “quite a ways to go.”

Cash palladium climbed 0.7 percent to $715.45 an ounce, rising for third day. The price touched a 10-month high of $720.95 yesterday.

GRAINS, OILSEEDS, SOFT COMMODITIES

Soybeans advanced as dry weather may increase stress on crops in Brazil, set to overtake the U.S. as the world’s biggest exporter, amid declining world supplies.Corn extended its longest rally in a year.

Soybeans for March delivery gained as much as 0.7 percent to $14.2375 a bushel on the Chicago Board of Trade and were at $14.2275 at 2:59 p.m. in Singapore. Futures rose as much as 1.3 percent to $14.3625 yesterday, the highest level since Dec. 26.

Corn for March delivery gained 0.3 percent to $7.33 a bushel. The most-active contract advanced for the seventh session yesterday, the longest rally since Dec. 28, 2011. Wheat for March delivery climbed 0.7 percent to $7.8825 a bushel.

Palm oil climbed for a third day on speculation that stockpiles in Malaysia, the world’s second-largest producer, may drop from a record as output falls and demand recovers in India and Pakistan.

The contract for delivery in March, which had the largest open interest, advanced as much as 1.3 percent to 2,428 ringgit ($806) a metric ton on the Malaysia Derivatives Exchange, and was at 2,420 ringgit at 4:07 p.m. in Kuala Lumpur. That helped trim losses to 0.7 percent this month.

Rubber slumped by the most in more than two months as the Japanese currency advanced and crude oil traded near a one-week low, cutting the appeal of the commodity used in tires.

Rubber for delivery in June fell 2.6 percent to end at 304.1 yen a kilogram ($3,443 a metric ton) on the Tokyo Commodity Exchange. That’s the biggest drop at close since Nov. 5, paring this year’s advance to 0.5 percent.

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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