Corn Falls to Lowest This Month, Oil Drops: Commodities at Close
Oil fell for a second day after the first international talks in 15 months on Iran’s nuclear program yielded an agreement to reconvene in May.
Crude for May delivery slipped as much as 97 cents to $101.86 a barrel in electronic trading on the New York Mercantile Exchange and was at $101.24 at 9:41 a.m. London time. The contract fell 0.8 percent to $102.83 on April 13. Prices are up 3.5 percent this year.
Natural gas futures fell for a fifth day as concern mounted that an oversupply may cause of release of stockpiles.
High-sulfur fuel-oil swaps fell $9, or 1.2 percent, to $725a metric ton at 9:57 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker.
Singapore fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel in Asia, widened to $5.07 a barrel from $5 on April 13. The spread is at the widest since April 10.
Japan naphtha swaps for May fell $15.25, or 1.5 percent, to $1,031.75 a ton, PVM data showed. Prices are at the lowest since April 11. Naphtha swaps were at a premium of $128.27 a ton to London-traded Brent crude futures today from $129.13 on April 13. The spread widened 10 percent last week.
Singapore gasoil, or diesel, swaps for May dropped 70 cents, or 0.5 percent, to $132.90 a barrel.
Gold declined for a second day in London as a stronger dollar curbed demand for the metal as an alternative asset. Platinum dropped to the lowest price in more than 11 weeks.
Bullion for immediate delivery fell 0.8 percent to $1,645.44 an ounce by 9:22 a.m. in London. The metal gained 1.3 percent last week. June-delivery futures dropped 0.9 percent to $1,646 on the Comex in New York.
Copper fell to a three-month low in London as rising yields on Spanish government bonds stoked concern the euro-area sovereign-debt crisis may worsen, potentially curbing demand.
Copper for three-month delivery declined 0.6 percent to $7,943 a metric ton by 9:50 a.m. on the London Metal Exchange. Prices touched $7,885.25, the lowest level since Jan. 13. The May-delivery contract fell 1 percent to $3.5925 a pound on the Comex in New York.
GRAINS, SOFT COMMODITIES
Corn for July delivery fell 1.3 percent to $6.1275 a bushel on the Chicago Board of Trade by 9:36 a.m. London time. Earlier the price touched $6.12, the lowest for a most-active contract since March 30. Wheat for July delivery dropped 1.1 percent to $6.2325 a bushel, while soybeans lost 0.6 percent to $14.32.
Palm oil fell to the lowest level in more than two weeks on concern that slowing economic growth in China, the world’s biggest cooking-oil consumer, will pare demand for vegetable oils.
The June-delivery contract lost as much as 1.1 percent to 3,470 ringgit ($1,131) a metric ton on the Malaysia Derivatives Exchange, the lowest price since March 30, and traded at 3,486 ringgit at 4:28 p.m. in Kuala Lumpur. Futures slid 2.6 percent last week, the first loss since the week ended March 2.
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