Crude Falls Along With Gas; Gold Rises: Commodities at Close
The Standard & Poor’s GSCI gauge of 24 commodities fell 0.6 percent to 662.88 at 5:30 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.5 percent to 1,600.899.
CRUDE OIL
Oil fell from the highest price in three days in New York on speculation Greece’s steps to avert a financial collapse may fall short, threatening Europe’s economy and demand for fuel.
Crude for March delivery slid as much as 89 cents to $96.95 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.97 at 4:32 p.m. Singapore time. The contract rose $1.48 to $97.84 on Feb. 3, the highest settlement since Jan. 31. Prices are down 1.9 percent this year.
NATURAL GAS
OIL PRODUCTS
Naphtha’s premium to London-traded Brent crude futures was up $20.96 at $120.96 a ton, based on data compiled by Bloomberg. This crack spread, a measure of processing profit, widened the most since Jan. 18.
The premium of gasoil, or diesel, to Asian marker Dubai crude gained 62 cents to $18.30 a barrel, according to PVM. The difference, also known as the crack spread, widened for the first time in five days.
PRECIOUS METALS
Cash gold gained as much as 0.7 percent to $1,738.32 an ounce and traded at $1,731.18 at 3:31 p.m. Singapore time. Gold holdings in ETPs, which reached a record 2,392.967 metric tons on Dec. 13, rose for a fourth day to 2,385.664 tons on Feb. 3. on Feb. 3, the most expensive since Dec. 9.
BASE METALS
Copper for three-month delivery lost as much as 0.5 percent to $8,520 a metric ton on the London Metal Exchange and traded at $8,522.75 by 4:06 p.m. Seoul time. March-delivery copper on the Comex in New York dropped 0.8 percent to $3.8715 a pound. The contract surged the most in two months on Feb. 3 after U.S. payrolls rose more than forecast and the jobless rate unexpectedly dropped to a three-year low.
GRAINS, SOFT COMMODITIES, LIVESTOCK
March -delivery wheat fell as much as 0.7 percent to $6.5625 a bushel on the Chicago Board of Trade and was at $6.58 at 2:02 p.m. Singapore time. Futures gained 2.1 percent last week, the third weekly advance, amid concerns the tax and sub- zero temperatures across parts of Europe may cut supplies.
To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net
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