Copper Falls for Second Day; Wheat Slumps: Commodities at Close

The Standard & Poor’s GSCI gauge (SPGSCI) of 24 commodities rose 0.1 percent to 646.07 as of 4:57 p.m. in Singapore. The UBS Bloomberg CMCI index (CMCIPI) of 26 raw materials declined 0.04 percent to 1,512.981.

CRUDE OIL

Oil traded near the lowest price in a week after a report showed U.S. crude stockpiles surged, indicating fuel demand may be weakening as Europe’s debt crisis threatens to slow the global economy.

Crude for February delivery was at $99.59 a barrel, up 23 cents, in electronic trading on the New York Mercantile Exchange at 4:15 p.m. Singapore time. The contract yesterday fell $1.98 to $99.36 in the biggest decline in two weeks. Prices are up 9 percent this year after climbing 15 percent in 2010.

NATURAL GAS

OIL PRODUCTS

January swaps for jet fuel rose by 5 cents to $122.10 a barrel at 10:26 a.m. Singapore time, the highest since Dec. 23, according to data from PVM Oil Associates Ltd.

Gasoil’s premium to Dubai crude rose 69 cents, or 4.1 percent, to $17.54 a barrel, PVM data showed.

January swaps for naphtha, a feedstock for petrochemicals and gasoline, dropped $4.25, or 0.5 percent, to $901.75 a ton, PVM data showed.

The swap value was at a premium of $92.52 a ton to Brent crude futures, down from $95.64 at the end of Asian trading yesterday.

Fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, narrowed 38 cents, or 11 percent, to $3.08 a barrel, PVM data showed.

PRECIOUS METALS

February-delivery bullion retreated for a sixth session, the longest period of decline for a most-active contract since the eight days to March 4, 2009. Futures, which tumbled to a three-month low of $1,550.90 an ounce yesterday as the euro dropped to an 11-month low against the dollar, traded down 0.6 percent at $1,554.50 by 1:59 p.m. Singapore time. Silver for March delivery slumped as much as 2 percent to $26.69 an ounce, also the lowest price since Sept. 26, and last traded at $26.73.

Immediate-delivery gold was little changed at $1,555.93 an ounce, after dropping to $1,549.35 an ounce yesterday, the lowest price since Sept. 26. Spot silver fell for a fourth day, losing as much as 1.2 percent to $26.78 an ounce, also the lowest since Sept. 26. The white metal last traded at $26.8425 an ounce, down 13 percent in 2011.

BASE METALS

Copper fell for a second day to the lowest level in more than a week on concern that Europe’s debt crisis may deepen, threatening global demand for commodities.

The metal for delivery in three months declined by as much as 1.2 percent to $7,373 a metric ton on the London Metal Exchange, the lowest since Dec. 20, before trading at $7,402 at 4:04 p.m. Shanghai time. March-delivery copper traded 0.2 percent lower at $3.3595 a pound on the Comex in New York.

GRAINS, OILSEEDS, LIVESTOCK

Wheat dropped, snapping its longest rally in four years, as the European Central Bank’s balance sheet surged to a record, spurring concern that the region’s debt crisis may damp global growth. Corn and soybeans fell.

Wheat for March delivery fell as much as 1.2 percent to $6.4325 a bushel on the Chicago Board of Trade and was at $6.4525 at 2:42 p.m. in Singapore. Prices advanced 1 percent to $6.5125 a bushel yesterday, the eighth straight gain and the longest rally since October 2007. The grain is set to slump 19 percent this year, its biggest annual decline since 2008.

Corn for March delivery fell 0.6 percent to $6.385 a bushel. Prices rose 1.5 percent yesterday, advancing for the eighth straight session, the longest rally since late December 2010. The grain is set to rise 1.5 percent this year.

Soybeans for March delivery declined 0.9 percent to $11.97 a bushel. Prices are set to slump 15 percent this year.

Spot-market hogs declined to 78.54 cents a pound yesterday, the lowest since February, U.S. Department of Agriculture data show. Wholesale pork tumbled to an 11-month low last week before rebounding 0.5 percent yesterday to 86.29 cents a pound. The price headed for a third straight monthly loss.

Hog futures for February settlement fell 0.2 percent to close at 85.55 cents a pound yesterday on the Chicago Mercantile Exchange. The most-active contract has climbed 7.3 percent this year, heading for a fourth straight annual gain.

Cattle futures for February delivery fell 0.04 percent to $1.2315 a pound, the second straight drop. The commodity has climbed 14 percent this year, on pace for the third straight annual advance.

SOFT COMMODITIES

Cotton for March delivery jumped 3.2 percent to settle at 90.68 cents yesterday on ICE Futures U.S., the biggest gain since Nov. 15. Earlier, the price climbed by the exchange’s 4- cent limit.

Orange-juice futures for March delivery fell 1.1 percent to $1.6815 a pound, halting a three-session rally. The price is up 2.8 percent in 2011, on pace for a third straight yearly gain.

Cocoa for March delivery fell 3.7 percent to settle at $2,133 a ton yesterday on ICE Futures U.S. in New York, the biggest loss since May 5. The commodity has plunged 30 percent this year, poised for the biggest annual slump since 1999.

Arabica-coffee futures for March delivery climbed 1.8 percent to $2.2675 a pound in New York. The commodity is down 5.7 percent in 2011, poised for the first annual loss since 2008.

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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