Crude Rises; Hogs, Cattle Futures Decline: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.7 percent to 666.11 at 5:57 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 1 percent to 1,589.612 yesterday.

CRUDE OIL

Oil gained as investors speculated that fuel demand will climb after industrial output rose more than forecast in Japan, the third-biggest crude consumer.

Crude for March delivery gained as much as $1.06 to $99.84 a barrel in electronic trading on the New York Mercantile Exchange. It was at $99.80 at 4:25 p.m. Singapore time. The contract yesterday fell 78 cents to $98.78, the lowest closing level since Jan. 20. Prices have risen 1 percent this month.

NATURAL GAS

OIL PRODUCTS

Naphtha’s premium to London-traded Brent crude futures dropped to $134.26 a metric ton at 11:16 p.m. Singapore time from $143.11 yesterday, according to data compiled by Bloomberg. The spread narrowed for the first time in four days. Middle Distillates

The premium of gasoil, or diesel, to Dubai crude dropped 38 cents, or 2 percent, to $18.55 a barrel, according to PVM. This crack spread narrowed for the first time in five days. February gasoil swaps fell 10 cents to $127.60 a barrel, PVM said. Fuel Oil

Fuel oil’s discount to Asian marker Dubai crude widened to 17 cents from parity yesterday, the first time since Jan 20 that the spread has been negative, according to PVM.

PRECIOUS METALS

Gold rallied to the most expensive in almost eight weeks, extending its best January performance since 2008. Silver was set for its strongest start to the year since 1983 and platinum jumped to a two-and-a-half month high.

Spot gold gained as much as 0.6 percent to $1,741.07 an ounce, the highest level since Dec. 8, and traded at $1,740.41 at 4:06 p.m. in Singapore. It’s climbed 11 percent this month, the best advance since August. Silver rose 0.7 percent to $33.75 an ounce for a 21 percent gain this month.

Gold for April delivery rose 0.5 percent to $1,743.20 an ounce on the Comex in New York, 11 percent higher this month. June-delivery gold on the Shanghai Futures Exchange gained as much as 0.7 percent to 355.70 yuan a gram ($1,751.26 an ounce) the highest level since Dec. 8.

BASE METALS

Copper rallied, extending the first monthly gain since October, after Greece’s Prime Minister said major progress was made in debt talks. Tin was set for its best month since at least 1992 outperforming other commodities.

Three-month copper climbed as much as 0.5 percent to $8,473.25 a metric ton on the London Metal Exchange after falling 0.6 percent. The contract traded at $8,465 by 3:53 p.m. Shanghai time and is up 11 percent this year. March-delivery copper on the Comex rose 0.6 percent to $3.8510 per pound.

Tin has gained 25 percent this month in London and is the best performer among 80 commodities tracked by Bloomberg. The metal climbed 0.3 percent to $24,050 a ton today. Aluminum rose as much as 0.7 percent to $2,295 a ton, the highest in three months. Zinc traded little changed at $2,123 a ton, and lead advanced 0.4 percent to $2,274 a ton.

GRAINS, SOFT COMMODITIES, LIVESTOCK

Soybeans gained as a drop in the dollar increased the appeal of U.S. exports and on speculation buying by China, the biggest importer, may increase after the end of the Lunar New Year holiday. Corn and wheat advanced.

Soybeans for March delivery rose 0.6 percent to $11.9275 a bushel on the Chicago Board of Trade at 2:11 p.m. in Singapore. Prices fell 2.8 percent yesterday, the most since Sept. 30, and are set for 1.2 percent loss this month. said yesterday.

Corn for March delivery advanced 0.4 percent to $6.34 a bushel. Prices dropped 1.6 percent yesterday, the first decline in eight sessions, and are set to drop 1.9 percent this month. Wheat for March rose 0.5 percent to $6.485 a bushel. Prices are set to decline 0.7 percent this month.

Cattle futures for April delivery fell 0.5 percent to close at $1.2775 a pound at 1 p.m. yesterday on the Chicago Mercantile Exchange,after reaching $1.272, the lowest for a most-active contract since Jan. 19. Prices have gained 5.2 percent this month.

Feeder-cattle futures for March settlement slipped 0.2 percent to $1.5435 a pound on the CME.

Hog futures for April settlement fell 0.3 percent to close at 87.15 cents a pound in Chicago. The commodity has climbed 3.4 percent this year.

Cotton futures for March delivery sank 1.5 percent to settle at 94.15 cents a pound at 2:33 p.m. on ICE Futures U.S. in New York, the biggest drop since Dec. 14. The price has risen 2.6 percent this month, after tumbling 37 percent in 2011.

Orange-juice futures for March delivery retreated 0.5 percent to close at $2.098 a pound on ICE. The price has jumped 40 percent since the end of September. On Jan. 23, it touched a record $2.2695 a pound.

Cocoa for March delivery tumbled 5.2 percent to close at $2,280 a metric ton on ICE Futures U.S. in New York, the biggest loss for a most-active contact since March 29.

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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