Oil Near Highest in a Week; Copper Climbs: Commodities at Close
Oil traded near the highest level in a week in New York amid signs that the economy is recovering in the U.S., the world’s largest crude consumer. Goldman Sachs Group Inc. cut its Brent price forecast by 15 percent.
Crude for November delivery was at $92.09 a barrel, down 3 cents, in electronic trading on the New York Mercantile Exchange at 3:02 p.m. Singapore time. The contract yesterday closed at $92.12, the highest settlement since Oct. 9. Prices changed less than 25 cents for a fourth consecutive day, the longest streak of small moves since 2003. Oil is down 6.8 percent this year.
Asia fuel oil traded at the widest discount to Dubai crude in more than seven months.
• Fuel Oil • High-sulfur fuel oil’s discount to Dubai crude increases 42 cents to $7.69/bbl at 10:13 a.m. Singapore time, according to PVM Oil Associates Ltd., widest since March 9. • Wider crack spread signals bigger refining losses for fuel oil • Nov. HSFO swaps fall $5.50 to $652.50/ton, trade at 75 cent discount to December swaps • Viscosity spread down 50 cents to $12.50/ton
• Middle Distillates • Gasoil crack spread rises 50 cents to $18.65/bbl, PVM data show • Nov. gasoil swaps up 5 cents to $129.10/bbl • Jet fuel regrade falls 20 cents to $1.35/bbl
Copper advanced with metals after data showed China’s industrial production, retail sales and fixed-asset investment accelerated in September.
Metal for delivery in three months gained as much as 0.5 percent to $8,260 a metric ton on the London Metal Exchange, and traded at $8,232 at 12:05 p.m. Beijing time. Zinc, lead and aluminum rose 0.4 percent.
Gold and silver are poised to drop for the first time in three days as gains in dollar before European Union leaders hold a summit on the region’s debt crisis reduce demand for bullion as a store of value.
Spot gold was little changed at $1,748.65 an ounce at 2:04 p.m. in Singapore, after advancing 0.7 percent in the past two days. The metal for December delivery slid 0.2 percent to $1,749.90 an ounce on the Comex in New York.
GRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans advanced for a third day on speculation that demand from China, the largest buyer, may be sustained as the world’s second-biggest economy begins to stabilize. Corn and wheat rose.
Soybeans for November delivery advanced as much as 1 percent to $15.2425 a bushel on the Chicago Board of Trade, before trading at $15.22 at 3:25 p.m. Singapore time. The price has climbed 26 percent in 2012 as the worst U.S. drought since 1956 curbed production.
Corn for delivery in December climbed 0.5 percent to $7.49 a bushel, while wheat futures for the same month rose 0.5 percent to $8.6075 a bushel. Corn reached a record $8.49 in August as the U.S. drought destroyed crops.
Rubber climbed for a straight third day after data showed signs of a rebound in China’s economy last month, increasing speculation that demand from the world’s largest user may strengthen.
Rubber for March delivery gained 1.8 percent to end at 265.4 yen a kilogram ($3,357 a metric ton) on the Tokyo Commodity Exchange, taking gains over the past three days to 2.8 percent. Rubber for delivery in January rose 1.2 percent to 25,610 yuan ($4,094) a ton on the Shanghai Futures Exchange.
Palm oil advanced for a second day after China, the world’s largest consumer of cooking oils, showed signs of recovery as industrial production and retail sales accelerated in September.
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