Crude Rises; Copper, Rubber Gain on China: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.6 percent to 634.83 at 5:15 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials declined yesterday 0.7 percent to 1,569.821.

CRUDE OIL

Oil rose in New York, extending a weekly gain as a report signaled manufacturing may expand at a faster pace this month in China, the world’s second-largest crude consumer.

Crude for January delivery rose as much as 98 cents to $86.87 a barrel in electronic trading on the New York Mercantile Exchange and was at $86.79 at 4:24 p.m. Singapore time. The contract fell 88 cents to $85.89 yesterday. Prices are up 1 percent this week.

OIL PRODUCTS Asia’s gasoil crack spread is poised for the first weekly drop in a month, signaling reduced profit for refiners making diesel. Naphtha swaps fell to the lowest in five weeks.

• Middle Distillates • Gasoil’s premium to Dubai crude down 2 cents at $20/bbl at 10:27 a.m. Singapore time, according to PVM Oil Associates Ltd. • Crack spread has narrowed 2.8 percent so far this week • January gasoil swaps down 95 cents, or 0.8%, at $123.10/bbl • Jet fuel regrade narrows 20 cents to minus 5 cents/bbl

• Light Distillates • Naphtha’s premium to London Brent crude down $12.71 at $87.79/ton at 10:32 a.m. Singapore time, according to data compiled by Bloomberg • Crack spread has narrowed 18 percent this week, most in five weeks • January naphtha swaps down $10, or 1.1%, at $903.50/ton, PVM said • Gasoline reforming margin yesterday rose $1.01 to close at $13.76/bbl, data compiled by Bloomberg show

• Fuel Oil • High-sulfur fuel oil’s discount to Dubai crude was at $7.23/bbl at 10:27 a.m. Singapore time, according to PVM • Crack spread down 6.2 percent this week • January HSFO swaps down $5, or 0.8%, at $608.75/ton • Viscosity spread down 25 cents at $10.75/ton

BASE METALS

Copper advanced, set for the best weekly run in more than a year, after data showed China’s manufacturing may expand at a faster pace, adding to signs that demand in the world’s top metals buyer is recovering.

PRECIOUS METALS

Gold climbed from the lowest level in a week, trimming a third weekly drop, as optimism that China’s economy is recovering boosted demand for commodities.

Spot gold rose as much as 0.2 percent to $1,700.45 an ounce, and was at $1,699.02 at 3:33 p.m. Singapore time, 0.3 percent lower this week. The metal dropped to a low of $1,689.65 yesterday, the least expensive since Dec. 7. Gold for February delivery rose 0.2 percent to $1,699.70 an ounce on the Comex. Assets in exchange-traded products rose to an all-time high of 2,629.968 metric tons yesterday, data compiled by Bloomberg show.

GRAINS, OILSEEDS, SOFT COMMODITIES

Soybeans climbed to the highest level in a week after export sales from the U.S., last year’s top shipper, jumped to a two-year high, signaling rising demand.

The contract for March delivery gained as much as 1 percent to $14.875 a bushel on the Chicago Board of Trade and was at $14.86 at 4:13 p.m. Singapore time, set for a fourth weekly rise. That’s the longest weekly winning run for futures since August.

Wheat for March delivery was little changed at $8.0825 a bushel after slumping yesterday 1.3 percent to the lowest intraday price for the most-active contract since July. Futures are set for a 6 percent loss this week, the most since the five days ended June 1.

Corn for March delivery lost 0.2 percent to $7.19 a bushel, set for a 2.5 percent loss this week. That trimmed this year’s advance to 11 percent.

Rubber gained to the highest level in more than six months as China’s manufacturing may expand at a faster pace this month and crude oil rose.

The contract for delivery in May rose 1.8 percent to 276.4 yen a kilogram ($3,302 a metric ton), the highest level at close since May 22, on the Tokyo Commodity Exchange. Futures surged 4.9 percent this week, climbing for a second week.

Palm oil advanced the most in nearly four weeks as a plunge to a three-year low yesterday prompted some investors to buy and after data from China signaled recovery in the biggest cooking oil consumer.

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