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Wheat Climbs; Gold Prices Seen Gaining: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities gained 0.3 percent to 658.04 at 5:42 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.2 percent to 1,601.543.

CRUDE OIL

Oil rose from a two-week low in New York on speculation last week’s losses were excessive. TransCanada Corp. (TRP) planned to start its Keystone pipeline today after a second delay.

Crude for November delivery rose as much as 52 cents to $90.57 a barrel in electronic trading on the New York Mercantile Exchange and was at $90.28 at 9:31 a.m. in London. Oil fell 2.2 percent on Oct. 19 to $90.05, the lowest close since Oct. 8. The contract expires today. The more actively traded December futures were 24 cents higher at $90.68 a barrel.

OIL PRODUCTS

Asia fuel oil traded at the narrowest discount to Dubai crude in more than a week. Gasoil crack spread to Dubai increased.

• Fuel Oil • High-sulfur fuel oil’s discount to Dubai crude narrowed for a second day by 35 cents to $5.97/bbl at 10:25 a.m. Singapore time, according to PVM Oil Associates Ltd. It’s the narrowest since Oct. 10. • Narrower crack spread signals smaller refining losses for fuel oil • Nov. HSFO swaps fall $15 to $642/ton, trade at parity to December swaps • Viscosity spread unchanged at $12.50/ton

• Middle Distillates • Gasoil crack spread rises 31 cents to $18.83/bbl, PVM data show • Nov. gasoil swaps down $2.40 to $125.90/bbl • Jet fuel regrade unchanged at $1.75/bbl

• Light Distillates • Naphtha crack spread to Brent crude falls $25.26 to $99.45/ton at 11:23 a.m. Singapore time, according to Bloomberg data • Nov. naphtha swaps down $23 to $931.50/ton, PVM data show • Gasoline reforming margin yesterday fell 59 cents to $15.49/bbl in Singapore, the least since Sept. 11, Bloomberg data show.

BASE METALS

Copper was seen falling in London as the biggest drop in Japanese exports since the aftermath of last year’s earthquake fanned concern a global economic slowdown may sap demand.

Copper for delivery in three months slipped 0.1 percent to $8,008 a metric ton by 9:59 a.m. on the London Metal Exchange. Prices reached $7,964.25, the lowest level since Sept. 10. Copper for December delivery rose 0.2 percent to $3.646 a pound on the Comex in New York.

Aluminum, zinc, lead, nickel and tin declined on the LME.

PRECIOUS METALS

Gold was seen gaining in London on speculation investors will buy the metal after its drop to a six-week low.

Bullion for immediate delivery gained 0.1 percent to $1,724.27 an ounce by 9:53 a.m. in London. Prices fell to $1,714.20 today, the lowest since Sept. 7. December-delivery futures gained 0.1 percent to $1,725.70 on the Comex in New York.

GRAINS, OILSEEDS, SOFT COMMODITIES

Wheat gained for a fourth day as possible export curbs by Ukraine following a drought added to global supply concerns amid dry weather that’s sapped soil moisture in the U.S. and Australia. Corn and soybeans rose.

Wheat for delivery in December rose as much as 1 percent to $8.815 a bushel on the Chicago Board of Trade before trading at $8.7975 at 3:38 p.m. Singapore time. Futures advanced 1.8 percent last week.

Corn for delivery in December gained as much as 0.7 percent to $7.6675 a bushel before trading at $7.66. Soybeans for delivery in January rose 1 percent to $15.515 a bushel.

Palm oil climbed for a fifth day to a three-week high after data showed increased exports from Malaysia and Sime Darby Bhd. (SIME), the world’s biggest listed producer, said that prices may advance by the end of the year.

The contract for January delivery gained as much as 1.6 percent to 2,541 ringgit ($832) a metric ton on the Malaysia Derivatives Exchange, the highest price since Oct. 1, and was at 2,533 ringgit at 4:15 p.m. The fifth day of gains for most- active prices is the best run since May 2011, according to data tracked by Bloomberg. Futures have lost 20 percent this year as reserves in Malaysia expanded to a record last month.

Rubber dropped to lowest level in more than three weeks on concern that demand will fall after Japan’s exports declined at the fastest pace since last year’s post-earthquake slump.

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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