Crude at Three-Month High; Gold Declines: Commodities at Close
Oil traded near the highest close since May after U.S. stockpiles dropped to the lowest in four months and China signaled it may take more steps to boost growth in the world’s second-biggest economy.
Oil for September delivery gained 5 cents to $94.38 a barrel in electronic trading on the New York Mercantile Exchange at 9:32 a.m. in London. It earlier rose as much as 28 cents, or 0.3 percent. Yesterday’s close at $94.33 was the highest since May 14. Prices are down 4.6 percent this year.
Natural-gas futures rebounded from yesterday’s slump in New York.
Japan naphtha’s premium to London-traded Brent crude futures rose $25.55, or 41 percent, to $87.97 a metric ton at 12:50 p.m. Singapore time, according to data compiled by Bloomberg. The premium is the widest since May 4. Naphtha swaps for September gained $25.25, or 2.7 percent, to $963.50 a ton, according to data from PVM Oil Associates Ltd., a broker.
The premium of gasoil to Dubai crude rose 2 cents, or 0.1 percent, to $19.15 a barrel, PVM data showed. Gasoil swaps for September gained $2.10, or 1.6 percent, to $130.15 a barrel.
Copper was seen rising in London on speculation China may take more steps to stoke its economy after inflation slowed, bolstering the outlook for demand in the world’s biggest consumer of the metal.
Gold fell in London as a stronger dollar curbed demand for the metal as an alternative investment and a report showed imports into leading global buyer India halved in the second quarter.
Immediate-delivery gold slipped 0.1 percent to $1,601.75 an ounce by 9:04 a.m. in London, heading for this week’s third drop. Bullion for December delivery fell 0.2 percent to $1,603.60 on the Comex in New York.
GRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans declined, after the biggest gain in almost a week, on a forecast for rain and cooler temperatures in the Midwest, the largest U.S. growing region. Corn and wheat also dropped.
November-delivery soybeans lost as much as 0.9 percent to $16.1975 a bushel on the Chicago Board of Trade and were at $16.2175 at 1:24 p.m. Singapore time. Futures climbed 2.3 percent yesterday, the most since Aug. 9, after falling 2.8 percent in the first two days of this week. The price reached a record $16.915 on July 23.
Corn for December delivery slipped 0.4 percent to $8.0025 a bushel, while wheat for December delivery lost 0.4 percent to $8.63 a bushel.
January-delivery rubber gained as much as 2.1 percent to 213.8 yen a kilogram ($2,698 a metric ton) before closing at 212 yen on the Tokyo Commodity Exchange. Futures settled at 207.6 yen on Aug. 14, the lowest level since October 2009.
Palm oil advanced for a second day after Chinese Premier Wen Jiabao said there’s room to adjust monetary policy to boost growth in the world’s biggest cooking-oil consumer, signaling a recovery in demand.
The October-delivery contract gained as much as 0.6 percent to 2,879 ringgit ($920) a metric ton on the Malaysia Derivatives Exchange and was at 2,875 ringgit at 4:21 p.m. in Kuala Lumpur. Futures dropped to 10-month low of 2,820 ringgit on Aug. 14. The exchange will be closed for the Eid festival on Aug. 20 and 21.
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