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Wheat, Rubber Decline; Gold, Copper Drop: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.4 percent to 645.69 at 5:57 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.5 percent to 1,577.980.

CRUDE OIL

Crude dropped for a fourth day in New York while London’s Brent futures swung between gains and losses.

Crude for December delivery was down 18 cents at $88.55 a barrel in electronic trading on the New York Mercantile Exchange at 8:39 a.m. in London. The November contract fell 1.5 percent yesterday to $88.73, the lowest close since Oct. 3. Prices are down 10 percent this year.

OIL PRODUCTS

Asia gasoil crack spread to Dubai fell to the lowest in three months, signaling reduced refining profit from producing the middle distillate. Fuel oil discount to Dubai narrowest in two weeks.

• Middle Distillates • Gasoil’s premium to Dubai crude, so-called gasoil crack, drops $1.05 to $17.67/bbl, the lowest since July 25, according to PVM Oil Associates Ltd. • Nov. gasoil swaps down $1.95 to $124.45/bbl • Jet fuel regrade down 5 cents at $1.75/bbl

• Fuel Oil • High-sulfur fuel oil’s discount to Dubai crude narrowed for a third day by 19 cents to $5.17/bbl at 10:37 a.m. Singapore time, PVM data show. It’s the narrowest since Oct. 5. • Narrower crack spread signals smaller refining losses for fuel oil • Nov. HSFO swaps fall $4.50 to $645.25/ton, trade at premium of 25 cents to December swaps. A backwardated market, when front month contract is trading higher than second month contract, indicates increased prompt demand • Viscosity spread unchanged for a second day at $12.50/ton

• Light Distillates • Naphtha crack spread to Brent crude falls $7.19 to $104.78/ton at 10:43 a.m. Singapore time, according to Bloomberg data • Nov. naphtha swaps down $5.16 to $931.34/ton, PVM data show • Gasoline reforming margin yesterday fell $1.75 to $13.74/bbl in Singapore, the least since Sept. 6, Bloomberg data show.

BASE METALS

Copper fell for a third day in ondon on concern economic- stimulus plans lifted prices too far as slowing growth threatens to curb demand.

Copper for delivery in three months dropped 0.8 percent to $7,891 a metric ton by 9:48 a.m. on the London Metal Exchange. Copper for December delivery fell 0.9 percent to $3.5885 a pound on the Comex in New York.

Copper stockpiles monitored by the LME rose for a fourth session in five to 222,600 tons. Orders to remove the metal from inventories jumped the most since June 11, gaining 29 percent to 48,075 tons on bookings in New Orleans.

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

PRECIOUS METALS

Gold fell in London on speculation a stronger dollar will curb demand for an alternative investment. Other precious metals declined.

Bullion for immediate delivery fell 0.5 percent to $1,719.38 an ounce by 9:20 a.m. in London. It fell to $1,714.20 yesterday, the lowest since Sept. 7. December-delivery futures declined 0.3 percent to $1,720.60 on the Comex in New York.

Silver for immediate delivery slipped 1 percent to $32.1025 an ounce after falling to $31.7213 yesterday, the lowest since Sept. 3. Platinum was down 1.2 percent at a six-week low of $1,589.74 an ounce. Palladium fell 1.6 percent to $614.95 an ounce.

GRAINS, OILSEEDS, SOFT COMMODITIES Soybeans and corn dropped as the U.S. harvest neared completion, boosting supplies for importers after the country’s worst drought in half a century had parched crops and drove both commodities to all-time highs.

Soybeans for delivery in January fell 0.8 percent to $15.37 a bushel on the Chicago Board of Trade at 2:51 p.m. in Singapore. Corn for December delivery slipped as much as 0.6 percent to $7.5675 a bushel and was at $7.57.

Wheat for December delivery declined as much as 0.9 percent to $8.70 a bushel in Chicago before trading at $8.72. The grain climbed 3.6 percent in the four days through yesterday.

Palm oil dropped, snapping the longest rally in more than a year, on speculation that increased exports from Malaysia may not be enough to reduce record inventories in the largest producer after Indonesia.

The contract for January delivery declined as much as 2.2 percent to 2,520 ringgit ($825) a metric ton on the Malaysia Derivatives Exchange, and was at 2,542 ringgit at 4:36 p.m. in Kuala Lumpur. Futures jumped 3 percent yesterday to close at the highest price for the most-active month since Sept. 27. That was the fifth day of gains, the best run since May 2011.

Rubber declined for a third day to the lowest close in five weeks on concern that a slowdown in the global economy will hurt demand for the commodity used to make tires and gloves.

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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