Aluminum Falls for Fifth Day; Gold Rises: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.3 percent to 667.01 at 4:45 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gained 0.4 percent to 1,622.978.

CRUDE OIL

Oil swung between gains and losses in New York before a report that may show stockpiles increased for the first time in three weeks in the U.S., the world’s biggest crude consumer.

Crude for November delivery was at $91.46 a barrel in electronic trading on the New York Mercantile Exchange, up 21 cents, at 2:40 p.m. Singapore time. The contract fell 1.2 percent yesterday to $91.25, the lowest close since Oct. 8. Prices are down 7.5 percent this year.

OIL PRODUCTS

Asia jet fuel’s premium to gasoil, or the regrade, rose to the highest since November last year, signaling it’s more profitable to make aviation fuel over diesel.

• Middle Distillates • Gasoil crack spread to Dubai crude up 50 cents at $19.31/bbl at 10:20 a.m. Singapore time, according to PVM Oil Associates Ltd. • November gasoil swaps up $1.10, or 0.9%, at $129.65/bbl • Jet-fuel regrade up 15 cents at $2.05/bbl

• Fuel Oil • High-sulfur fuel oil crack spread to Dubai crude down 32 cents at $5.81/bbl at 10:20 a.m. Singapore time, according to PVM • November HSFO swaps up $1.75, or 0.3%, at $663.75/ton • Viscosity spread up 75 cents at $13.25/ton

BASE METALS

Aluminum fell for a fifth day to the lowest price in more than a month after car sales unexpectedly fell in China and Alcoa Inc. (AA) cut its demand forecast, dimming the outlook for metals consumption. Copper was little changed.

Aluminum for delivery in three months slid as much as 0.8 percent to $1,993 a metric ton on the London Metal Exchange, the lowest price since Sept. 7. The metal yesterday tumbled 2.2 percent, the most since July 20, as Alcoa, the largest U.S. aluminum producer, cut its demand estimate for this year, citing a slowdown in China. Copper on the LME dropped as much as 0.7 percent to $8,105 a ton, the lowest since Sept. 26.

PRECIOUS METALS

Gold rose for the first time in five days, snapping the worst losing run in more than two months, on speculation Europe’s debt crisis will boost demand for a protection of wealth.

Standard & Poor’s cut Spain’s debt rating yesterday to one grade above junk on mounting economic and political risks in the region. The U.S. Dollar Index, a gauge against six counterparts, rose today to the highest level since Sept. 11. Investment holdings of the metal rose to a record as buyers sought to safeguard their wealth.

Gold for immediate delivery rose 0.4 percent to $1,770 an ounce by 9:14 a.m. in London. Gold for December delivery rose 0.4 percent to $1,771.40 an ounce on the Comex in New York.

GRAINS, OILSEEDS, SOFT COMMODITIES

Soybeans advanced, snapping a three-day decline, as a government report may show that drought damage to crops in the U.S. is eroding the nation’s supplies to levels below year- earlier demand for the first time since 1974.

Soybeans for November delivery rose as much as 1.5 percent to $15.465 a bushel on the Chicago Board of Trade and were at $15.4025 at 2:25 p.m. in Singapore. Futures are up 28 percent this year after a U.S. drought cut yields. The U.S. is set to be the biggest soybean producer after Brazil in 2012-2013.

Corn for delivery in December was little changed at $7.3725 a bushel, while wheat for December delivery slipped 0.4 percent to $8.66 a bushel.

Palm oil advanced for a third day on speculation that its deepening discount to soybean oil will attract buyers and that Indonesia and Malaysia, the biggest producers, will take steps to support prices.

The contract for December delivery climbed as much as 2.1 percent to 2,508 ringgit ($818) a metric ton on the Malaysia Derivatives Exchange, and was at 2,495 ringgit at 3:51 p.m. in Kuala Lumpur. Futures fell on Oct. 2 to the lowest close since November 2009 as stockpiles climbed and demand eased.

Rubber declined for a second day to the lowest level in more than one week after Standard & Poor’s cut Spain’s debt rating, raising concerns over the health of global economy and demand for the commodity used to make tires.

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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