Oil Near Three-Month High; Gold Increases: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.1 percent to 674.6 at 5:13 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials declined 0.1 percent to 1,594.982.

CRUDE OIL

Oil traded near its highest in three months in New York as risks to global supplies countered concern that an economic slowdown will curtail fuel consumption.

Crude for October delivery was at $96.90 a barrel in electronic trading on the New York Mercantile Exchange, down 6 cents at 9:11 a.m. London time. The September contract, which expired yesterday, rose 71 cents to $96.68, the highest close since May 10. Front-month prices are 2.3 percent lower this year.

OIL PRODUCTS

The premium of gasoil, or diesel, to Asian marker Dubai crude fell 33 cents, or 1.7 percent, to $18.97 a barrel at 10:11 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. Gasoil swaps for September rose 5 cents to $130.45 a barrel, PVM data showed. Jet fuel’s premium to gasoil declined 5 cents to 60 cents a barrel.

High-sulfur fuel oil’s discount to Dubai crude widened 97 cents to $4.83 a barrel, the biggest gap since May 11, according to PVM. Fuel-oil swaps for September fell $3.75, or 0.6 percent, to $677.25 a metric ton, PVM data showed.

BASE METALS

Copper declined after touching a one-month high yesterday as some investors were concerned about demand ahead of the meetings between euro-area leaders.

PRECIOUS METALS

Gold was seen climbing for a sixth day in London on speculation European leaders may agree steps to contain the debt crisis. Platinum reached a three-month high.

Immediate-delivery bullion rose 0.2 percent to $1,640.35 an ounce by 9:14 a.m. in London. Prices reached $1,641.48 yesterday, the highest since May 7 and a sixth consecutive gain would be the longest run since June 18. December-delivery futures were little changed at $1,644 on the Comex in New York.

Platinum for immediate delivery climbed as much as 0.5 percent to $1,515.12 an ounce, the highest since May 8, and was last at $1,514.63. Police shot dead 34 people near Lonmin Plc (LMI)’s Marikana site on Aug. 16 after striking workers refused to disperse. Ten people, including two police officers, were killed in clashes around the property of the third-biggest platinum producer the week before. Output at Marikana has been at a standstill since Aug. 10.

GRAINS, OILSEEDS, SOFT COMMODITIES

Soybeans increased to a record after a crop tour showed yields would fall in the U.S. as the worst drought in half a century damaged crops. Wheat dropped for the first time in more than a week.

Soybeans for November delivery were little changed at $17.3175 a bushel at 14:27 p.m. Singapore time after climbing to an all-time high of $17.3425 on the Chicago Board of Trade. Futures have surged 43 percent this year, the most on the Standard & Poor’s GSCI index of 24 commodities.

Corn for December-delivery was little changed at $8.3775 a bushel in Chicago, after reaching $8.40 yesterday, the highest price for the most-active contract since a record $8.49 on Aug. 10. Wheat for the same month fell 0.4 percent to $9.1825 a bushel, the first drop since Aug. 14.

Rubber fell after Japan reported a wider-than-expected trade deficit, deepening concerns that Europe’s debt crisis will damp needs for industrial products and weaken demand for the commodity used in tires.

January-delivery rubber dropped as much as 1.5 percent to 216.9 yen a kilogram ($2,735 a metric ton) before settling at 218.6 yen on the Tokyo Commodity Exchange. The most-active contract has lost 17 percent this year.

Palm oil climbed the most in almost two months after soybeans rose to a record as an annual crop tour in the U.S. showed yields fell because of the worst drought in half a century, raising concerns supplies will drop.

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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