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Soybeans, Rubber Gain; Gold, Crude Decline: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.1 percent to 636.75 at 5:37 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials declined 0.1 percent to 1,580.210.

CRUDE OIL

Brent crude oil slipped, giving up earlier gains to trade near $108 a barrel in London.

Brent for February settlement traded 16 cents lower at $108.02 a barrel on the London-based ICE Futures Europe exchange at 9:06 a.m., after gaining as much as 32 cents earlier. The January contract settled $1.24 higher at $109.15 when it expired Dec. 14.

OIL PRODUCTS Asia’s gasoil premium over Dubai crude, or the crack spread, fell for a second day, signaling reduced profit for refiners making diesel. The fuel oil crack was at the widest level in more than a week.

• Middle Distillates • Gasoil crack fell 14 cents to $19.59/bbl at 11:16 a.m. Singapore time, according to PVM Oil Associates Ltd. It declined for a second day • January gasoil swaps up 65 cents to $123.95/bbl • Jet fuel regrade unchanged at 15 cents/bbl, the highest in two weeks

• Fuel Oil • High-sulfur fuel oil’s discount to Dubai crude widened by 32 cents to $7.51/bbl at 11:16 a.m., according to PVM. The crack was the widest since Dec. 6 • January HSFO swaps rose $3 to $615/ton and traded at a discount of $2.75 a ton to February swaps • Viscosity spread unchanged at $10/ton

BASE METALS

Copper climbed for the first time in three days on speculation that China’s plan to seek growth of higher “quality and efficiency” next year will bolster demand for industrial metals in the largest consumer.

PRECIOUS METALS

Gold declined for a third day as the dollar’s strength damped demand for alternative investments, countering record investor holdings in exchange-traded products. Silver climbed from a one-month low.

Spot gold fell as much as 0.4 percent to $1,689.15 an ounce, before trading at $1,691.20 at 1:19 p.m. in Singapore. Bullion dropped to a one-month low of $1,684.77 an ounce on Dec. 7.

Cash silver was little changed at $32.29 an ounce and is up 16 percent this year. The best performing precious metal this year fell to $32.185 on Dec. 14, the lowest level since Nov. 16.

GRAINS, OILSEEDS, SOFT COMMODITIES

Soybeans advanced above $15 for the first time in more than five weeks after crushing in the U.S., last year’s biggest shipper, increased in November to the highest level since 2010, adding to signs of stronger demand.

The contract for delivery in March climbed as much as 0.7 percent to $15.0125 a bushel, the highest price for the most- active contract on the Chicago Board of Trade since Nov. 8. Futures were at $14.95 at 4:11 p.m. Singapore time, extending this year’s gain to 24 percent.

Corn for March delivery slipped 0.2 percent to $7.2925 a bushel in Chicago, while wheat for delivery in the same month fell 0.1 percent to $8.13 a bushel.

Rubber surged to a seven-month high on expectations for further stimulus after Japan’s Liberal Democratic Party reclaimed power and on optimism China will increase imports after cutting duties.

The contract for delivery in May advanced 2.8 percent to end at 284.2 yen a kilogram ($3,384 a metric ton), the highest closing level since May 10, on the Tokyo Commodity Exchange. Futures climbed 7.9 percent this year, rebounding from a 36 percent drop in 2011.

Palm oil climbed for a second day on speculation that a plunge to the lowest price in more than three years last week will spur demand from importers.

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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