Crude Falls; Copper Declines; Gold Gains: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.3 percent to 636.9 at 5:47 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.4 percent to 1,559.3029.

CRUDE OIL

Crude fell for the first time in three days in New York while gasoline rose as refineries curbed operations before Hurricane Sandy strikes the U.S. East Coast.

WTI for December delivery dropped as much as 94 cents to $85.34 a barrel in electronic trading on the New York Mercantile Exchange and was at $85.58 at 8:49 a.m. London time. Prices are down 13 percent this year.

OIL PRODUCTS

Asia jet fuel’s premium to gasoil, or the regrade, dropped to the lowest since Oct. 3, signaling it’s less profitable to make aviation fuel over diesel.

• Middle Distillates • Gasoil crack spread to Dubai crude up 43 cents from Oct. 25 to $18.09/bbl at 10:27 a.m. Singapore time, according to PVM Oil Associates Ltd. • November gasoil swaps up $1.10, or 0.9%, at $124.90/bbl • Jet-fuel regrade down 20 cents at $1.20/bbl

• Fuel Oil • High-sulfur fuel oil crack spread to Dubai crude down 59 cents at $6.26/bbl, according to PVM • November HSFO swaps up 50 cents at $638.50/ton • Viscosity spread down 50 cents at $11.50/ton

• Light Distillates • Naphtha crack spread to London Brent crude up $8.31 at $103.96/ton at 11:22 a.m. Singapore time, according to data compiled by Bloomberg • November naphtha swaps up $6.50, or 0.7%, at $927.50/ton, PVM said • Gasoline reforming margin on Oct. 25 fell to $10.61/bbl, lowest since May 2011, data compiled by Bloomberg show

BASE METALS

Copper fell, extending last week’s loss, as disappointing corporate earnings in China and the U.S., the two top consumers, stoked concern that demand will weaken.

Copper for delivery in three months fell as much as 0.4 percent to $7,791.50 a metric ton on the London Metal Exchange, and was at $7,792 at 3:06 p.m. in Shanghai. It declined 2.4 percent last week, the biggest weekly loss since June, and touched $7,756.25 on Oct. 26, the lowest level since Sept. 7.

PRECIOUS METALS

Gold rose after data showed retail sales in Japan increased less than forecast last month, boosting speculation the Bank of Japan (8301) will expand monetary stimulus.

Gold for immediate delivery climbed as much as 0.3 percent to $1,716.05 an ounce and was at $1,715.26 at 1:54 p.m. in Singapore. Bullion for December delivery rose as much as 0.3 percent to $1,716.70 an ounce on the Comex, and was at $1,715.90. The U.S. securities industry canceled all stock trading as Hurricane Sandy headed toward New York City.

GRAINS, OILSEEDS, SOFT COMMODITIES

Corn fell to the lowest level in two weeks and soybeans dropped as rains forecast for this week in Brazil may help improve growing conditions.

Corn for delivery in December slipped as much as 0.7 percent to $7.325 a bushel on the Chicago Board of Trade, the cheapest for the most-active contract since Oct. 15. Futures were at $7.35 at 2:31 p.m. in Singapore. Soybeans for January lost 0.9 percent to $15.495 a bushel, falling for a third day. today. The Chicago Board of Trade is owned by CME.

Wheat for December delivery was unchanged at $8.6375 a bushel in Chicago, after swinging between a gain of 0.3 percent and a loss of 0.4 percent.

Rubber retreated after Honda Motor Co., Japan’s third- largest carmaker, cut its profit forecast on a slump in sales in China, raising concerns demand may weaken for the commodity used in tires.

Rubber for April delivery, the most-active by volume, lost 0.5 percent to settle at 258.2 yen a kilogram ($3,242 a metric ton) on the Tokyo Commodity Exchange. The contract for delivery in March, which has the largest open interest, fell 0.6 percent to 256.2 yen. Futures gained 0.9 percent last week.

Palm oil tumbled the most in two weeks on concern that stockpiles in Malaysia will expand from a record and as rains improve Brazilian soybean crop prospects, boosting global vegetable oil supplies.

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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