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Crude Climbs; Gold, Copper Prices Rise: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.3 percent to 634.63 at 6:03 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.3 percent to 1,580.911.

CRUDE OIL

Oil rose from the lowest level in three weeks in New York after China’s crude processing climbed to a record and industrial output beat estimates. OPEC meets in Vienna this week to discuss its production quota.

Crude for January delivery rose as much as 52 cents to $86.45 a barrel in electronic trading on the New York Mercantile Exchange and was at $86.27 at 3:48 p.m. Singapore time. The contract dropped 33 cents on Dec. 7 to $85.93, the lowest close since Nov. 15. Prices slid 3.4 percent last week and are down 13 percent this year.

OIL PRODUCTS

Asia’s fuel-oil crack spread halted a five-day advance, signaling increased losses for refiners turning crude into residual products. Gasoil swaps extended a decline.

• Fuel Oil • High-sulfur fuel oil’s discount to Dubai crude widens 48 cents to $7.29/bbl at 10:12 a.m. Singapore time, according to PVM Oil Associates Ltd. • Crack spread ends longest rising streak since June • January HSFO swaps unchanged after falling to $611.25/ton • Viscosity spread unchanged after decreasing to $11.25/ton

• Middle Distillates • Gasoil’s premium to Dubai crude down 58 cents at $20/bbl at 10:12 a.m. Singapore time, according to PVM • Crack spread lowest so far this month • January gasoil swaps down 10 cents at $123.55/bbl, lowest since Nov. 19 • Jet fuel regrade unchanged after climbing to minus 50 cents/bbl

• Light Distillates • Naphtha’s premium to London Brent crude down $3.22 at $104.25/ton at 11:44 a.m. Singapore time, according to data compiled by Bloomberg • Crack spread narrows for second day • January naphtha swaps rebound 25 cents to $914/ton, PVM said • Gasoline reforming margin on Dec. 7 fell 12 cents to close at $12.03/bbl, narrowest since Nov. 5, data compiled by Bloomberg show

BASE METALS

Copper advanced to the highest level in seven weeks as industrial metals gained after data showed China bought more metal than a month earlier and industrial production accelerated to the fastest pace in eight months.

PRECIOUS METALS

Gold gained for a third day in London after a recent slide to a one-month low and speculation of more U.S. stimulus boosted demand. Palladium reached an almost three-month high.

Gold for immediate delivery rose 0.4 percent to $1,710.26 an ounce by 9:07 a.m. in London. It slid to $1,684.77 on Dec. 7, the lowest since Nov. 6. Gold for February delivery was 0.3 percent higher at $1,711.40 on the Comex in New York.

GRAINS, OILSEEDS, SOFT COMMODITIES

Corn declined to the lowest price in three weeks as forecasts of rains in Brazil and drier conditions in Argentina improve the production outlook for the largest shippers of the grain after the U.S.

Corn for March delivery lost as much as 0.7 percent to $7.3225 a bushel on the Chicago Board of Trade, the lowest price for the most-active contract since Nov. 19. Futures traded at $7.325 at 2:55 p.m. Singapore time.

Soybeans for January delivery slipped 0.3 percent to $14.675 a bushel after swinging between gains and losses. Wheat for March delivery fell 0.6 percent to $8.56 a bushel.

Rubber climbed to the highest level in two months as China’s vehicle sales and factory output topped forecasts last month, stoking speculation demand will expand from the world’s largest consumer.

The contract for May delivery advanced 1.5 percent to 267.5 yen a kilogram ($3,248 a metric ton), the highest level at close since Oct. 10, on the Tokyo Commodity Exchange. The most-active contract has gained 1.6 percent this year.

Palm oil climbed on speculation that a decline in Malaysia’s production will trim record stockpiles in the world’s second-largest producer.

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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