Oil Trades Near Two-Week Low; Copper Drops: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.1 percent to 639.33 as of 5:06 p.m. in Singapore. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.1 percent to 1,508.125.

CRUDE OIL

Oil traded near a two-week low in New York as the risk of a debt downgrade in Europe countered forecasts that crude stockpiles dropped in the U.S.

Crude for January delivery was at $97.78 a barrel, up 1 cent, in electronic trading on the New York Mercantile Exchange at 3:41 p.m. Singapore time. Yesterday, the contract slid $1.64 to $97.77, the lowest settlement since Nov. 25. Prices are 7 percent higher this year after rising 15 percent in 2010.

NATURAL GAS

OIL PRODUCTS

High-sulfur fuel oil swaps for January climbed $1.50, or 0.2 percent, to $638.75 a metric ton at 12 p.m. Singapore time, according to PVM Oil Associates Ltd., a broker. Prices lost 3.5 percent over the previous two days.

Fuel oil’s discount to Asian marker Dubai crude narrowed 47 cents to $5.80 a barrel, based on PVM data. The gap yesterday was the widest since September, indicating losses for refiners turning oil into residual products.

BASE METALS

The three-month copper contract on the London Metal Exchange fell as much as 0.5 percent to $7,567.25 a metric ton and traded at $7,579 at 4:41 p.m. Tokyo time. The metal dropped as much as 3.2 percent yesterday, the biggest decline in three weeks. The March-delivery contract slumped 0.6 percent to $3.4435 per pound on the Comex in New York.

GRAINS, OILSEEDS, LIVESTOCK

Soybeans for delivery in January fell 0.2 percent to $11.095 a bushel on the Chicago Board of Trade at 4:04 p.m. Singapore time, erasing an earlier gain of 0.5 percent. Corn for March delivery dropped 0.2 percent to $5.9275 a bushel, after rising as much as 0.4 percent. Wheat for March delivery was little changed at $5.9375 a bushel after rising as much as 0.5 percent.

PRECIOUS METALS

Immediate-delivery gold lost as much as 0.9 percent to $1,650.93 an ounce, the lowest level since Oct. 25, and traded at $1,655.40 at 1:43 p.m. in Singapore. February-delivery bullion declined 0.6 percent to $1,658.40 on the Comex.

SOFT COMMODITIES

Cotton futures for March delivery dropped 3.6 percent to settle at 87.16 cents a pound on ICE Futures U.S. in New York yesterday, the fourth straight decline. The fiber has plunged 40 percent this year. Orange-juice futures for January delivery slid 2.2 percent to $1.6625 a pound on ICE, after touching $1.635, the lowest level since Oct. 18.

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.