Wheat, Gold, Corn, Copper Prices Decline: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.1 percent to 631.90 at 4:53 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.04 percent to 1,577.988.

CRUDE OIL

Oil traded near the lowest close in almost a month in New York on speculation that a government report this week will show fuel stockpiles increased in the U.S., the world’s biggest crude consumer.

Crude for January delivery was at $85.71 a barrel in electronic trading on the New York Mercantile Exchange, up 15 cents, at 3:25 p.m. Singapore time. The contract slid 37 cents to $85.56 yesterday, the lowest close since Nov. 15. Prices have fallen 13 percent this year and are headed for the first annual decrease since 2008.

OIL PRODUCTS

Asia fuel oil swaps falls to the lowest level in a month. Gasoil swaps also decline.

• Fuel Oil • High-sulfur fuel oil swaps for January drop $6 to $606.50/ton at 10:28 a.m. Singapore time, according to PVM Oil Associates, the lowest since Nov. 9 • Crack spread, or HSFO’s discount to Dubai crude, little changed at $7.14/bbl • Feb. swaps trade at $2.75/ton premium to Jan. swap • Viscosity spread unchanged at $11/ton

• Middle Distillates • Jan. gasoil swaps falls 95 cents to $122/bbl, lowest since Nov. 16, PVM data show • Gasoil crack to Dubai unchanged at $19.35/bbl • Jet fuel regrade is at discount of 45 cents/bbl, meaning jet- kerosene is selling for less than gasoil

BASE METALS

Copper declined for the first time in three days as China’s output rose to a record in November and a rally to the highest in seven weeks prompted some investors to sell before the U.S. Federal Reserve policy meeting.

PRECIOUS METALS

Gold dropped for the first time in four days as some investors sold the metal after prices climbed to a one-week high amid speculation the U.S. Federal Reserve will expand monetary stimulus to boost the economy.

Spot gold fell as much as 0.4 percent to $1,706.95 an ounce before trading at $1,709.25 at 2:58 p.m. in Singapore. Bullion rallied to $1,717.36 yesterday, the most expensive since Dec. 3, as the dollar weakened.

Cash silver fell 0.6 percent to $33.075 an ounce, also dropping for the first time in four days. The metal climbed to a one-week high of $33.435 an ounce yesterday.

GRAINS, OILSEEDS, SOFT COMMODITIES

Wheat dropped to the lowest level in almost two months before a U.S. Department of Agriculture report today that may show smaller global stockpiles. Corn fell.

Wheat for delivery in March lost as much as 0.7 percent to $8.43 a bushel on the Chicago Board of Trade, the lowest price for the most-active contract since Oct. 15. Futures traded at $8.44 a bushel at 4:10 p.m. Singapore time.

Corn for March delivery lost as much as 0.5 percent to $7.2625 a bushel, before trading at $7.2675. Futures earlier gained as much as 0.3 percent to $7.32 a bushel. Soybeans for January delivery rose 0.2 percent to $14.7725 a bushel.

Palm oil fell for the first time in four days on speculation that a rally may fail to drain record stockpiles in Malaysia, the second-largest producer.

The contract for February delivery lost as much as 1.2 percent to 2,286 ringgit ($747) a metric ton on the Malaysia Derivatives Exchange, and was at 2,288 ringgit at 3:26 p.m. in Kuala Lumpur. Futures are heading for a 28 percent drop this year, the worst annual loss since the financial crisis in 2008. Rubber declined from a two-month high as some investors sold before a meeting of the U.S. Federal Reserve that may consider expanding monetary stimulus.

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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