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