Bloomberg News

Copper Climbs; Rubber Declines; Corn Gains: Commodities at Close

January 31, 2013

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.04 percent to 676.19 at 4:34 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials increased 0.1 percent to 1,621.485.

CRUDE OIL

Oil traded near the highest price in more than four months in New York as the Federal Reserve maintained an asset-purchase program to boost the economy of the world’s largest crude- consuming nation.

Crude for March delivery was $97.73 a barrel in electronic trading on the New York Mercantile Exchange, down 21 cents, at 3:50 p.m. Singapore time. The average volume of all contracts traded was 50 percent below the 100-day average. Futures gained 37 cents to $97.94 yesterday, the highest close since Sept. 14. Prices are up 6.5 percent in January and poised for a third monthly increase, the longest rising streak since April 2011.

OIL PRODUCTS Asia gasoil’s discount to European prices, or the East-West spread, narrowed for the first time in six days relative to yesterday’s close.

• Middle Distillates • Feb. East-West Singapore Gasoil spread at $17.49/mt as of 2:52 p.m. Singapore time, up $1.28 from yesterday’s closing price, according to data compiled by Bloomberg. The spread rises first time in six days • Gasoil’s premium to Dubai crude up 54 cents to $20.23/bbl • Feb. gasoil swaps up 51 cents to $130.08/bbl • Jet fuel regrade down 5 cents at $1.05/bbl • Feb. Singapore gasoil swap trades 18 cents/bbl above March contract • Feb./March Singapore Kerosene front-month time spreads at 73 cents/bbl

• Light Distillates • Singapore naphtha’s discount to London Brent crude up 4 cents to $7.18/bbl • Feb. Japan naphtha swaps down 15 cents to $972.96/mt • Feb. East-West naphtha spread down $1.26 to $16.81/mt

• Fuel Oil • The Feb. East West Singapore fuel oil spread down 17 cents to $25.67/mt • Fuel oil’s discount to Dubai crude narrows 17 cents to $7.69/bbl • Feb. 180-fuel oil swap up 51 cents to $648.38/mt • Viscosity spread unchanged for a second day at $5/mt

• Crude • Brent crude for March drops 3 cents to $114.87/bbl on ICE Futures Europe exchange • Feb. Dubai oil down 11 cents at $109.78/bbl

BASE METALS

Copper climbed to the highest level in four weeks and was poised for the biggest monthly gain since September after the Federal Reserve maintained an asset-purchase program.

Metal for delivery in three months rose 0.2 percent to $8,241 a metric ton on the London Metal Exchange at 3:17 p.m. Shanghai time, after rising to $8249, the highest level since Jan. 3. It has gained 3.9 percent this month, the biggest advance since 7.8 percent in September. The May contract on the Shanghai Futures Exchange rose 0.7 percent to 59,560 yuan ($9,577) a ton.

PRECIOUS METALS

Gold traded little changed near a one-week high after data showed that the U.S. economy unexpectedly shrank and the Federal Reserve maintained asset purchases. Platinum headed for the best month in a year.

Spot gold was at $1,676.79 at 3:33 p.m. in Singapore, after gaining as much as 0.2 percent. Bullion climbed as much as 1.2 percent yesterday to $1,683.28, the highest price since Jan 24. The metal is poised to snap three months of losses. Platinum, the best-performing precious metal this year, has jumped 9.4 percent this month in the biggest gain since January 2012.

GRAINS, OILSEEDS, SOFT COMMODITIES

Corn advanced to the highest level in almost eight weeks on speculation that demand for U.S. supplies may increase as dry weather in Argentina threatens yields and rains in Brazil delay the harvest.

Corn for March delivery rose as much as 0.6 percent to $7.445 a bushel on the Chicago Board of Trade, the highest price for the most-active contract since Dec. 7, and was at $7.4375 at 2:57 p.m. in Singapore. Futures gained 6.5 percent this month and are set for the first monthly gain since July.

Wheat for March delivery gained 0.2 percent to $7.8875 a bushel. The grain is set to rise 1.2 percent this month, the first such advance since September. Soybeans for March delivery lost 0.3 percent to $14.75 a bushel, paring the monthly advance for futures to 4.7 percent.

Palm oil rallied to the highest level in more than three months on speculation that Malaysian stockpiles will drop from a record as a zero export tax lures buyers away from Indonesia, the world’s largest producer.

The contract for delivery in April surged as much as 3.3 percent to 2,593 ringgit ($835) a metric ton on the Malaysia Derivatives Exchange, the highest price for the most-active contract since Oct. 25, before trading at 2,581 ringgit at 4:13 p.m. in Kuala Lumpur. Futures, 5.9 percent higher in January, are heading for the biggest monthly advance since February.

Rubber retreated from the highest level in more than a week as Japanese industrial production missed estimates, spurring sales of Asian stocks and reducing investor appetite for the commodity used in tires.

The contract for delivery in July lost 0.3 percent to 314.9 yen a kilogram ($3,466 a metric ton) on the Tokyo Commodity Exchange at 12:03 p.m., paring this month’s rally to 4.2 percent. Earlier, it rose to 317.2 yen, the highest level since Jan. 21.

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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