Copper Falls; Gold to Drop, Corn Declines: Commodities at Close

The Standard & Poor’s GSCI gauge (SPGSCI) of 24 commodities rose 0.2 percent to 666.81 as of 4:28 p.m. in Singapore. The UBS Bloomberg CMCI index (CMCIPI) of 26 raw materials climbed 1 percent to 1,558.476.

CRUDE OIL

Oil traded near the highest in almost eight months as investors speculated that tensions over Iran, shrinking U.S. crude stockpiles and signs of economic recovery will tighten global supplies.

Crude for February delivery was at $102.76 a barrel in electronic trading on the New York Mercantile Exchange, down 20 cents, at 4:03 p.m. Singapore time. Yesterday, the contract rose $4.13 to $102.96, the highest settlement since May 10. Prices climbed 8.2 percent in 2011, their third annual gain.

NATURAL GAS

OIL PRODUCTS

Gasoil, or diesel, swaps for February surged $2.57, or 2.1 percent, to $126.47 a barrel at 11 a.m. Singapore time, according to PVM Oil Associates Ltd., a broker. That’s the biggest gain since Nov. 8.

Gasoil’s premium to Asian marker Dubai crude rose 65 cents to $18.66 a barrel, PVM said. This crack spread, a measure of refining profit, is the widest since Dec. 9.

Naphtha’s premium to London-traded Brent crude futures added $1.88 to $72.60 a ton, based on data compiled by Bloomberg. This crack spread rebounded from the lowest since Dec. 9.

PRECIOUS METALS

Gold may drop for the first time in four days after the metal’s climb to the highest level in more than a week prompted some investors to sell.

Cash gold traded little changed at $1,604.77 an ounce at 3:55 p.m. Singapore time, after falling as much as 0.7 percent earlier. The price gained to $1,609.03 in early Asian trading, the highest since Dec. 27. February-delivery bullion rose 0.3 percent to $1,605.20 on the Comex in New York.

BASE METALS

Three-month copper on the London Metal Exchange fell as much as 1.8 percent to $7,650 a metric ton, and was at $7,675 at 3:41 p.m. in Singapore. Futures on the Comex in New York dropped as much as 1.5 percent to $3.4755 per pound, while copper on the Shanghai Futures Exchange gained as much as 2.4 percent to 56,680 yuan ($9,000) a ton after a two-day break.

GRAINS, OILSEEDS, LIVESTOCK

Corn for March delivery fell as much as 0.7 percent to $6.5425 a bushel on the Chicago Board of Trade and was at $6.55 at 12:51 p.m. in Singapore. Futures reached $6.6425 yesterday, the highest price since Nov. 9. Prices gained 6.3 percent in December and rose 2.8 percent last year.

Soybeans for delivery in March declined 0.4 percent to Wheat for March delivery dropped 0.7 percent to $6.5225 a bushel. It touched $6.7075 yesterday, the highest price for a most-active contract since Sept. 21. The grain climbed 6.3 percent in December, the biggest monthly advance since August.

Hog futures for February settlement advanced 1.5 percent to settle at 85.525 cents a pound yesterday on the Chicago Mercantile Exchange, the biggest climb since Dec. 23. Cattle futures for February delivery rose 0.1 percent to settle at $1.2155 a pound, the first gain since Dec. 23. Feeder-cattle futures for March settlement gained 0.4 percent to $1.49425 a pound on the CME.

SOFT COMMODITIES

Cotton for March delivery rose by the 4-cent maximum allowed on ICE Futures U.S., or 4.4 percent, to settle at 95.8 cents a pound yesterday in New York. That’s the highest since Nov. 18. Prices are up for a fifth session, the longest rally since Oct. 28.

Orange-juice futures for March delivery gained 2.4 percent to settle at $1.731 a pound on ICE, the biggest gain since Nov. 18. Raw sugar for March delivery rose 5.2 percent to settle at 24.51 cents a pound yesterday on ICE Futures U.S. in New York, the biggest gain since Sept. 29. Earlier, the price reached 24.55 cents, the highest since Nov. 16. The most-active contract fell 7.9 percent in the fourth quarter.

Cocoa futures for March delivery rose 0.3 percent to $2,115 a metric ton in New York. The chocolate ingredient fell 19 percent last quarter, the biggest drop on the Standard & Poor’s GSCI Spot Index of 24 commodities.

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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