The Standard & Poor’s GSCI gauge of 24 commodities rises 0.1 percent to 647.3 at 4:53 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gains 0.1 percent to 1,544.829.
West Texas Intermediate oil headed for the first weekly gain in three weeks. Brent crude’s premium to New York futures narrowed as a North Sea pipeline network resumed five days after it was shut because of a leak.
WTI for April delivery was at $91.59 a barrel, up 3 cents, in electronic trading on the New York Mercantile Exchange at 4:38 p.m. Singapore time. The volume of all futures traded was 10 percent below the 100-day average. The contract rose $1.13 to $91.56 yesterday, the biggest gain since Feb. 11 and the highest close since Feb. 28. Prices are up 1 percent this week.
Brent for April settlement fell 6 cents to $111.09 a barrel on the London-based ICE Futures Europe exchange after gaining 9 cents yesterday. The European benchmark grade was at a premium of $19.50 to WTI futures, narrowing a third day.
Asia’s gasoil crack spread gains, signaling increased profit for refiners making diesel. Naphtha swaps extend losses.
• Light Distillates • Singapore naphtha’s discount to London Brent crude unchanged after widening to $7.25/bbl as of 12 p.m. Singapore time, according to data compiled by Bloomberg • April Japan naphtha swaps down $2.54 at $910.25/mt • April East-West naphtha spread up 55 cents at $16.48/mt
• Middle Distillates • Gasoil’s premium to Dubai crude up 30 cents at $19.54/bbl • April gasoil swaps down 7 cents at $125.56/bbl • April gasoil swap trades at 79 cents/bbl above May contract • April East-West gasoil spread down 1 cent at $4.50/mt • Jet fuel regrade down 10 cents at 50 cents/bbl discount to gasoil • April kerosene swap trades 69 cents/bbl above May contract
• Fuel Oil • Fuel oil’s discount to Dubai crude narrows 7 cents to $5.77/bbl • April 180-cst fuel oil swaps down $1.89 at $636.57/mt • April fuel oil swap trades 65 cents/mt above May contract • Viscosity spread narrows 7 cents to $8.75/mt • April East-West fuel oil spread narrows 32 cents to $32.30/mt
Copper is poised for the first weekly gain in four after exports by China, the top user of the industrial metal, grew more than expected, adding to signs of the global economic recovery. Zinc, tin and lead also rose.
The metal for delivery in three months rose as much as 0.2 percent to $7,783 a metric ton on the London Metal Exchange and was at $7,772 at 12:18 p.m. Seoul time. The price is up 1 percent this week. Futures for delivery in June rose 0.5 percent to 56,800 yuan ($9,139) a ton on the Shanghai exchange.
Gold swung between advances and declines before a report that is forecast to show the U.S. labor market improved, damping expectations for further stimulus and boosting the dollar. Silver fell.
Bullion for immediate delivery traded at $1,579.40 an ounce at 3:20 p.m. in Singapore from $1,578.97 yesterday. The metal is up 0.2 percent this week following a four-week slump. Silver slid 0.2 percent to $28.8625 an ounce, also retreating for a second day. The dollar strengthened against a six-currency basket before the report that may show U.S. employers added more jobs in February.
The same economic optimism that depressed gold is boosting platinum and palladium, which are used in the auto and other industries, Dooley said. Platinum gained 0.4 percent to $1,601.50 an ounce, and was set for a 1.8 percent increase this week, snapping three weeks of declines. Palladium was little changed at $758.05 an ounce.
GRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans climbed after export sales from the U.S. jumped to the highest level since January before a government report that may show global supplies will decline.
The contract for delivery in May rose as much as 0.4 percent to $14.79 a bushel on the Chicago Board of Trade and was at $14.7875 by 1:31 p.m. in Singapore, on a trading volume that was 57 percent less than the 100-day average for that time of day. Futures are set for a 2.4 percent advance this week.
Corn for May delivery gained 0.3 percent to $6.93 a bushel, set for a 2.2 percent loss this week. That puts soybeans at 2.13 times the cost of corn, compared with an average of 2.43 times in the past decade. Both compete for acreage.
Wheat for May delivery was little changed at $6.9575 a bushel, poised for a weekly loss of 3.4 percent.
Palm oil headed for the biggest weekly gain in more than a month on speculation that stockpiles in Malaysia, the world’s second-largest producer, may decline as demand rebounds.
The contract for May delivery gained as much as 0.7 percent to 2,451 ringgit ($789) a metric ton on the Malaysia Derivatives Exchange, before trading at 2431 ringgit at 11:37 a.m. in Kuala Lumpur. Futures have advanced 2.7 percent this week, the biggest such increase since the five days ended Feb. 1.
Rubber booked the best weekly gain this year as Japan’s currency slid to the lowest level in three-and-a-half years against the dollar, boosting the appeal of yen-denominated contracts.
The contract for delivery in August jumped 2.3 percent to 298.2 yen a kilogram ($3,127 a metric ton) on the Tokyo Commodity Exchange, the highest settlement since Feb. 20. Futures advanced 5 percent this week, the best performance since the week through Dec. 28.
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