Oil Falls a Second Day; Copper Declines : Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.4 percent to 662.86 at 4:54 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials declined 0.5 percent to 1,603.656.

CRUDE OIL

Oil fell for a second day in New York after Iran reiterated an offer to suspend domestic production of medium-enriched uranium before European officials meet to discuss tighter sanctions on the Persian Gulf country.

Crude for November delivery fell as much as $1.04 to $90.82 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.07 at 2:30 p.m. Singapore time. The contract declined 0.2 percent on Oct. 12 to $91.86. Prices are down 7.9 percent this year.

OIL PRODUCTS

Asia naphtha’s premium to Brent narrowed while fuel oil’s discount to Dubai widened a third day.

• Light Distillates • Naphtha crack spread to Brent crude at $86.75/ton, down $5.46, at 12:08 p.m. Singapore time, according to Bloomberg data • Nov. naphtha swaps down $9.75 to $946/ton, according to PVM Oil Associates Ltd. • Gasoline reforming margin fell $1.05 to close at $19.11/bbl on Oct. 12, Bloomberg data showed

• Fuel Oil • High-sulfur fuel oil’s discount to Dubai crude widens 55 cents to $6.81/bbl, according to PVM • Nov. HSFO swaps fall $6 to $654.50/ton • Viscosity spread unchanged at $12.50/ton

BASE METALS

Copper declined to the lowest level in a month as emerging markets slow from China to Brazil, provoking debate about how much policy makers should respond. Goldman Sachs Group Inc. lowered its base metals price forecasts.

The metal for delivery in three months lost as much as 1 percent to $8,050 per metric ton, the lowest level since Sept. 13, on the London Metal Exchange before trading at $8,123 at 4:33 p.m. in Seoul. The price fell 2 percent last week, the most since July. Futures for December delivery slid 0.5 percent to $3.6855 a pound on the Comex in New York.

Copper for January delivery fell 0.7 percent to close at 58,550 yuan ($9,347) a ton on the Shanghai Futures Exchange.

PRECIOUS METALS

Gold declined to the lowest level in more than two weeks on speculation that China may not need additional stimulus after exports grew more than estimated in September. Silver fell to a one-month low.

Gold for immediate delivery fell as much as 0.7 percent to $1,741.75 an ounce, the lowest price since Sept. 26, before trading at $1,745.10 at 1:45 p.m. in Singapore. Bullion for December delivery dropped as much as 1 percent to $1,742.60 on the Comex in New York, also the lowest since Sept. 26.

GRAINS, OILSEEDS, SOFT COMMODITIES

Rubber declined to the lowest level in more than two weeks as China’s inflation and producer prices signaled weakness in the second-largest economy, deepening concern that demand may slow for the commodity used in tires.

Rubber for March delivery lost as much as 3.2 percent to 256 yen a kilogram ($3,256 a metric ton), the lowest level since Sept. 28. The most-active contract settled at 258.1 yen on the Tokyo Commodity Exchange, extending last week’s 2 percent drop, the first since the five days ended Aug. 31.

Palm oil tumbled for a second day on concern that inventories in Malaysia, the second-largest producer, will continue to expand from their record. Soybean oil in Chicago fell to the lowest level since June and futures in Dalian slid to the cheapest since 2010.

The contract for December declined as much as 3.2 percent to 2,421 ringgit ($791) a metric ton on the Malaysia Derivatives Exchange and ended the morning at 2,462 ringgit. Futures plunged 22 percent this year as stockpiles increased and a slowdown curbed demand from Europe and China.

Soybeans tumbled below $15 for the first time since July after investors reduced bets on a price advance amid signs of slowing demand for U.S. exports. Corn and wheat also declined.

Futures for delivery in November lost as much as 1.7 percent to $14.965 a bushel on the Chicago Board of Trade, the lowest price for the most-active contract since July 5. The price was $14.9875 at 2:45 p.m. Singapore time, down 16 percent from a record $17.89 on Sept. 4.

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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