Oil Near Three-Day Low; Hog Futures Climb: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.4 percent to 701.64 at 5:22 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.5 percent to 1,638.85.

CRUDE OIL

Oil traded near a three-day low in New York amid concern of slowing consumption in China after the country lowered its economic growth goal. $110 a barrel in the short-term.

Oil for April delivery was at $106.65 a barrel, down 5 cents, in electronic trading on the New York Mercantile Exchange at 4:02 p.m. Singapore time. The contract earlier gained as much as 59 cents to $107.29. It fell 2 percent to $106.70 on March 2, the lowest since Feb. 28. Prices slipped 2.8 percent last week and are 1.4 percent higher the past year.

NATURAL GAS

Natural gas futures advanced in New York on March 2 as the power-plant fuel helped fill the gap left by 18 idled U.S. nuclear reactors.

OIL PRODUCTS

Gasoil, or diesel, swaps for April declined $1.68, or 1.2 percent, to $134.55 a barrel at 12:30 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The distillate fuel was down the most since Dec. 15.

Gasoil’s premium to Asian marker Dubai crude slid 88 cents to $14.77 a barrel, PVM said. This crack spread , a measure of refining profit, widened 0.6 percent last week to end a two-week losing streak.

Fuel oil decreased 66 cents to $5.90 a barrel below Dubai crude, according to PVM. The discount widened for the first time in four days. April high-sulfur fuel oil swaps lost $9.50, or 1.3 percent, to $740.25 a metric ton, PVM said.

Naphtha’s premium to London-traded Brent crude futures dropped $8.85 to $124.82 a ton, according to data compiled by Bloomberg. This crack spread widened 26 percent last week, the most in three weeks.

PRECIOUS METALS

Gold may decline alongside equities and other metals after China cut its 2012 growth target, even as holdings in exchange- traded products reached a record. Platinum, palladium and silver fell.

Spot gold lost as much as 0.2 percent to $1,709.53 an ounce and traded at $1,709.88 at 3:13 p.m. Singapore time, after gaining 0.3 percent earlier. Bullion in ETPs gained for a sixth week, rising 0.4 percent to 2,405.2 metric tons in the five days to March 2, data tracked by Bloomberg show, even as gold slumped 3.4 percent, the biggest weekly drop since Dec. 16.

BASE METALS

Copper declined for a second day as car sales in China, the biggest consumer of industrial metals, may be slowing and as the country lowered a growth target.

The metal fell as much as 0.3 percent to $8,555 a metric ton on the London Metal Exchange and traded at $8,565 at 2:34 p.m. in Tokyo after gaining as much as 0.7 percent. The Comex May-delivery contract was little changed at $3.9125 a pound.

GRAINS, SOFT COMMODITIES

Corn declined on speculation South America’s production may be bigger than estimated after rains limited damage. Soybeans and wheat fell.

May-deliver y corn slid 0.2 percent to $6.5375 a bushel on the Chicago Board of Trade at 11:06 a.m. Singapore time, after gaining 1.7 percent last week.

Soybeans for May delivery fell 0.4 percent to $13.275 a bushel in Chicago, ending a 10-day rally, the longest winning streak since July 15. Wheat for May delivery declined 0.2 percent to $6.735 a bushel in Chicago, after climbing 5.2 percent last week.

Palm oil fell for a second day in Malaysia on speculation that demand from importers, including Pakistan, may continue to slow in the near term. The May-delivery contract dropped as much as 0.5 percent to 3,244 ringgit ($1,075) a metric ton on the Malaysia Derivatives Exchange, and traded at 3,250 at 12:17 p.m. in Kuala Lumpur.

Hog futures for April settlement rose 0.2 percent to settle at 90.425 cents a pound on March 2 on the Chicago Mercantile Exchange. Earlier, the price reached 90.725, the highest for a most-active contract since Feb. 22. The commodity has climbed 7.3 percent this year.

Cattle futures for April delivery slid 0.8 percent to settle at $1.2995 a pound. That’s the biggest decline since Feb. 23. The price has risen 7 percent this year. Feeder-cattle futures for April settlement dropped 0.3 percent to $1.61325 a pound. Earlier, the price rose to a record $1.6205.

Orange-juice futures for May delivery advanced 1.4 percent to settle at $1.9035 a pound on March 2 on ICE Futures New York, the fourth straight gain and the longest consecutive increase since Jan. 23. Earlier, prices touched $1.937, the highest for a most-active contract since Feb. 15.

Cotton futures for May delivery slumped 1.6 percent to 88.23 cents a pound on ICE, after touching 87.80, the lowest for a most-active contract since Dec. 28. This week, the price slid 2.1 percent.

Cocoa for May delivery fell 1.4 percent to settle at $2,334 a metric ton on March 2 on ICE Futures U.S. in New York. The price sank 1 percent this week.

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.