Oil Rises a Third Day; Copper Price Gains: Commodities at Close
Oil climbed for a third day in New York as investors bet that fuel demand may increase amid signs of an economic recovery and declining stockpiles in the U.S., the world’s biggest crude consumer.
Crude for February delivery rose as much as $1.20 to $98.44 a barrel in electronic trading on the New York Mercantile Exchange. The contract yesterday climbed $3.19 to $97.24. Front- month futures are up 9.2 percent this year after gaining 15 percent in 2010.
High-sulfur fuel oil swaps for January rose $23.50, or 3.7 percent, to $661 a metric ton at 11 a.m. Singapore time, according to PVM Oil Associates Ltd., a broker. Prices increased the most since Feb. 24.
Fuel oil’s discount to Asian marker Dubai crude narrowed 97 cents to $2.61 a barrel, PVM data showed. That’s the smallest gap since Nov. 3, indicating reduced losses from turning oil into residual products.
Gold advanced to the highest level in a week. Cash bullion rose for a second day, gaining as much as 0.8 percent to $1,628.30 an ounce, the highest price since Dec. 14. Immediate- delivery metal gained 1.4 percent yesterday as the euro strengthened 0.7 percent against the dollar. The February- delivery contract climbed 0.7 percent to $1,628.40 on the Comex.
Spot silver gained as much as 0.5 percent to $29.71 an ounce, after climbing 2.6 percent yesterday, the most in almost three weeks. The metal, which has fallen 4.2 percent this year, last traded at $29.64 an ounce.
Three-month copper rose as much as 0.9 percent to $7,477.75 per metric ton on the London Metal Exchange, the highest price since Dec. 14. The metal for March delivery on the Shanghai Futures Exchange closed 1.6 percent higher at 54,620 yuan ($8,616) a ton.
GRAINS, OILSEEDS, LIVESTOCK
Corn for March delivery lost as much as 0.5 percent to $6.04 per bushel on the Chicago Board of Trade. It has slipped 3.8 percent this year. Wheat for delivery in the same month fell 0.3 percent to $6.0575 a bushel, taking the annual loss to 24 percent.
Soybeans for March delivery dropped 0.3 percent $11.5125 a bushel. The oilseed has slipped 18 percent this year.
Cattle futures for February delivery fell 0.7 percent to settle at $1.2065 a pound yesterday on the Chicago Mercantile Exchange.
Arabica coffee for March delivery gained 1.5 percent to settle at $2.228 a pound yesterday on ICE Futures U.S. in New York, after touching $2.2405, the highest since Dec. 13. The commodity has fallen 7.4 percent this year.
Raw-sugar futures for March delivery yesterday rose 1.7 percent to 23.49 cents a pound on ICE. Orange-juice futures for March delivery gained 0.2 percent to $1.645 a pound in New York.
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