Crude Heads for Weekly Drop, Cooper Rises: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell less than 1 percent to 633.83 at 4:35 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.1 percent to 1,547.82

CRUDE OIL

Oil headed for the fourth weekly decline in five in New York as signs of a slowing economy in the U.S., the world’s biggest crude user, countered concern that rising tension in the Middle East may disrupt supplies.

Crude for December delivery, which expires today, rose 4 cents to $85.49 a barrel in electronic trading on the New York Mercantile Exchange at 4:02 p.m. Singapore time. The more- actively traded January contract gained 1 cent to $85.88. The front-month future dropped 87 cents yesterday to $85.45 and is down 0.7 percent this week. Prices have lost 14 percent this year.

OIL PRODUCTS

BASE METALS

Copper is poised to end the longest run of weekly losses since June as signs of improved economic growth in China, the biggest user, boosted demand. Aluminum in Shanghai gained for the fifth straight day.

PRECIOUS METALS

Gold headed for a weekly decline as an increase in investment demand was offset by reports of slower physical purchases. Silver, platinum and palladium fell.

GRAINS, OILSEEDS, SOFT COMMODITIES

Soybeans declined to extend a third weekly loss on forecasts that rains in Brazil and drier conditions in Argentina will help farmers accelerate planting.

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net