Crude Halts Two-Day Slide; Copper Climbs: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.3 percent to 658.86 at 4:51 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gained 0.3 percent to 1,618.869.

CRUDE OIL

Oil halted a two-day slide as optimism that European finance ministers will make progress in taming the region’s debt crisis countered signs that crude supplies are excessive amid a global economic slowdown.

Crude for November delivery climbed as much as $1 to $90.33 a barrel in electronic trading on the New York Mercantile Exchange and was at $89.64 at 4:14 a.m. local time. The contract dropped 55 cents to $89.33 on Oct. 8, the lowest close since Oct. 3. Prices are down 9 percent this year.

OIL PRODUCTS

Asia’s gasoil crack spread shrinks for second day as crude rebounds, signaling reduced profit for refiners.

• Middle Distillates • Gasoil crack to Dubai crude down 3 cents at $19.50/bbl at 10:18 a.m. Singapore time, according to PVM Oil Associates Ltd. • November gasoil swaps up $1.10, or 0.9%, at $128.20/bbl; Jet- fuel regrade up 5 cents at $1.70/bbl

• Fuel Oil • High-sulfur fuel oil crack to Dubai crude up 21 cents at $5.94/bbl at 10:18 a.m. Singapore time, according to PVM • November HSFO swaps up $8.50, or 1.3%, at $652.50/ton; Viscosity spread unchanged after falling to $11.50/ton

BASE METALS

Copper climbed for the first time in three days as metals rose on optimism that China, the biggest user, will add stimulus amid a slowdown in the global economy. Zinc, nickel and tin increased.

Metal for delivery in three months gained as much as 0.7 percent to $8,240 a metric ton on the London Metal Exchange and traded at $8,203.25 at 3:01 p.m. Beijing time. Zinc gained 0.5 percent to $2,044.50 a ton, while nickel advanced 0.6 percent to $18,186 a ton.

PRECIOUS METALS

Gold rebounded from a one-week low as the International Monetary Fund cut its global growth forecasts, fueling speculation that policy makers may implement more stimulus and boosting demand for bullion as a store of value.

Spot gold increased as much as 0.3 percent to $1,779.78 an ounce and traded at $1,777.07 at 2:16 p.m. in Singapore. The metal fell to $1,766.72 yesterday, the lowest level since Oct. 1. Immediate-delivery silver rose 0.3 percent to $34.0713 an ounce.

GRAINS, OILSEEDS, SOFT COMMODITIES

Wheat advanced for a second day on speculation that the U.S. may lower its forecasts for global supplies as dry weather damages crops from Russia to Australia.

Wheat for December delivery rose as much as 0.9 percent to $8.685 a bushel on the Chicago Board of Trade and was at $8.6775 at 1:40 p.m. Singapore time. The most-active contract has surged 33 percent this year.

Corn for December delivery gained as much as 0.4 percent to $7.4475 a bushel, before trading at $7.4275. Soybeans for November delivery climbed as much as 0.4 percent to $15.57 a bushel and were at $15.56.

Palm oil advanced after Indonesia and Malaysia, the world’s largest producers, said they will take steps to boost prices which slumped last week as a slowing global economy curbs demand.

The contract for December delivery gained as much as 3.1 percent to 2,442 ringgit ($795) a metric ton on the Malaysia Derivatives Exchange and was at 2,430 ringgit at 4:32 p.m. in Kuala Lumpur. Prices dropped 5.2 percent last week after falling on Oct. 2 to the lowest close since November 2009.

Rubber advanced from a one-week low on speculation that China, the biggest buyer, will increase purchases after a weeklong holiday and as heavy rains disrupted production in Thailand.

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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