Oil Falls a Second Day; Copper Price Rises: Commodities at Close
Oil for October delivery slid as much as 58 cents to $94.91 a barrel in electronic trading on the New York Mercantile Exchange and was at $95.31 at 9:40 a.m. London time. The contract yesterday dropped 84 cents to $95.49, the lowest close since Aug. 27. Prices are 8.2 percent higher this month, headed for a second monthly gain.
Natural-gas futures fell in New York today as Tropical Storm Isaac weakened over the Gulf of Mexico, limiting concern that supplies will be disrupted.
Gas declined as much as 0.6 percent. Isaac’s winds were 50 miles (80 kilometers) per hour, down from 80 mph at landfall on Aug. 28, according to a National Hurricane Center advisory at 2 a.m. New York time. The storm was 10 miles west-southwest of Baton Rouge, Louisiana moving northwest at 5 mph, the NHC said.
High-sulfur fuel oil’s discount to Dubai crude increased 15 cents to $2.81 a barrel at 9:59 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. Today’s decline of 5.5 percent is the biggest since Aug. 21. Fuel oil swaps for September rose $2.75, or 0.4 percent, to $678.25 a metric ton, PVM data showed.
Gasoil’s premium to Dubai crude, a benchmark oil in Asia, climbed 2 cents to $20.78 a barrel, according to PVM. This measure of the profit from making the fuel was at $21.03 a barrel on Aug. 28, the biggest gap since June 16, 2011. Gasoil swaps for September rose 60 cents, or 0.5 percent, to $130.40 a barrel, PVM data showed.
Copper for three-month delivery added 0.7 percent to $7,626 a metric ton by 9:38 a.m. on the LME after three sessions of declines. The metal for December delivery rose 0.6 percent to $3.471 a pound on the Comex in New York.
Tin for three-month delivery on the LME slid as low as $19,150 a ton, the lowest price since Aug. 22, and was last down 0.5 percent at $19,525. Prices are down 6.6 percent this week, on course to drop the most since December, after PT Timah, the world’s third-largest producer, said it was resuming spot sales.
Gold, little changed, may gain on speculation Federal Reserve Chairman Ben S. Bernanke may hint at fresh stimulus measures to bolster the U.S. economy in a speech tomorrow and as investor holdings climbed to an all-time high.
Immediate-delivery gold rose as much as 0.2 percent to $1,660.30 an ounce and was at $1,658.40 at 2:55 p.m. in Singapore, poised for a third monthly gain. December-delivery bullion was little changed at $1,662.40 on the Comex in New York after dropping as much as 0.4 percent to $1,656.70.
Spot silver, poised for a second monthly advance, was little changed at $30.7425 an ounce after dropping as much as 0.5 percent to $30.5887. Palladium, also set for a second monthly increase, gained 0.3 percent to $634.40 an ounce.
GRAINS, OILSEEDS, SOFT COMMODITIES
Wheat dropped, trimming its third monthly advance, on speculation the biggest rally in more than three weeks may boost farmer sales. Soybeans declined.
Wheat for December delivery fell as much as 0.8 percent to $8.9875 a bushel on the Chicago Board of Trade and was at $9.01 at 2:11 p.m. in Singapore. Prices for the most active contract climbed 3.5 percent yesterday, the biggest gain since Aug. 3, and are up 1.4 percent this month.
Corn for December delivery fell as much as 0.4 percent to $8.10 a bushel and was at $8.12. Prices climbed 2.3 percent yesterday, the biggest gain since July 30, snapping the longest slump in 14 months. Soybean for November delivery dropped as much as 1 percent to $17.3525 a bushel and was at $17.4575.
Palm oil climbed for the first time in three days on speculation that Tropical Storm Isaac will delay the harvest of some U.S. soybean crop damaged by the worst drought in a generation, boosting demand for the tropical oil.
The November-delivery contract rose as much as 1.1 percent to 3,033 ringgit ($969) a metric ton on the Malaysia Derivatives Exchange and ended the morning session at 3,005 ringgit in Kuala Lumpur. Futures are poised for a 0.8 percent gain this month, the first advance in four months.
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