Oil traded near the highest close in a week after a measure of U.S. manufacturing beat economists’ forecasts and before a report forecast to show shrinking fuel supplies in the world’s biggest consumer of crude.
Crude for November delivery was at $92.33 a barrel, down 15 cents, in electronic trading on the New York Mercantile Exchange at 2:15 p.m. Singapore time. The contract climbed 0.3 percent to $92.48 yesterday, the highest close since Sept. 21. Prices are down 6.6 percent this year.
High-sulfur fuel oil was down 46 cents at $4.39 a barrel below Asian marker Dubai crude at 10:02 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. That’s the biggest discount since May 14. Fuel oil swaps for November slid $1, or 0.2 percent, to $663 a metric ton, PVM said. The premium of gasoil, or diesel, to Dubai crude lost 30 cents to $18.75 a barrel at 10:02 a.m. Singapore time, according to PVM. This crack spread, a gauge of processing profit, is the narrowest since Sept. 12. Gasoil swaps for November were unchanged after declining to $127.55 a barrel, PVM data showed.
Copper was set to decline for the first time in four days after a report said that the capital shortfall of Spanish banks could be almost double a government estimate and as stockpiles climbed to a one-month high.
Copper for delivery in three months lost as much as 0.4 percent to $8,270 a metric ton before trading at $8,291 on the London Metal Exchange at 3:57 p.m. in Tokyo. The metal touched $8,316.75 yesterday, the highest since Sept. 21. December- delivery metal fell 0.2 percent to $3.78 a pound on the Comex.
Gold may advance for a second day after Federal Reserve Chairman Ben S. Bernanke renewed a pledge for record stimulus, which spurred a rally last quarter.
Spot gold added as much as 0.3 percent to $1,781 an ounce before trading little changed at $1,776.95 at 3:28 p.m. Singapore time. The metal climbed to $1,791.45 yesterday, the most expensive since Nov. 14. Silver increased 0.2 percent to $34.7388 an ounce after reaching $35.3563 yesterday, the highest since March 2.
Bullion for delivery in December declined 0.3 percent to $1,777.50 an ounce. Holdings in exchange-traded products backed by gold stood at 2,548.7405 metric tons as of Oct. 1, up 3.39 tons from Sept. 28, data tracked by Bloomberg show. Assets reached a record 2,551.86 tons on Sept. 25, the data show.
GRAINS, OILSEEDS, SOFT COMMODITIES
Palm oil plunged to the lowest level in more than two years on concern that slowing demand will continue to cut shipments from the two biggest producers and swell the global glut.
The December-delivery contract lost as much as 3.7 percent to 2,373 ringgit ($777) a metric ton, the lowest price for the most-active contract on the Malaysia Derivatives Exchange since July 2010. Futures were at 2,378 ringgit at 3:34 p.m. in Kuala Lumpur, taking the five-day loss to 10.9 percent, the biggest such decline since 2009.
Rubber jumped to a four-month high, erasing this year’s losses, after the world’s largest producers began cutting exports by the most since 2009, reducing supplies.
March-delivery rubber rose 3.8 percent to end at 270.4 yen a kilogram ($3,464 a metric ton) on the Tokyo Commodity Exchange, the highest settlement for the most active contract since May 30. Futures have gained 2.7 percent this year.
Soybeans dropped to the lowest in more than two months and corn fell as harvesting in the U.S. advanced at the fastest pace in at least three decades, aided by warm and dry weather after a drought reduced yields.
November-delivery soybeans lost as much as 0.6 percent to $15.51 a bushel on the Chicago Board of Trade, the lowest price for the most-active contract since July 27, and traded at $15.5575 at 2:32 p.m. Singapore time. Futures dropped 2.6 percent yesterday.
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