Wheat Heads for Weekly Drop; Copper Falls: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.3 percent to 651.22 at 5:56 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials declined 0.3 percent to 1,575.951.

CRUDE OIL

Oil headed for its fifth weekly advance in New York, the longest run of gains since August, as Saudi Arabia cut production and investors speculated a global economic recovery will boost fuel demand.

West Texas Intermediate crude for February delivery was at $93.80 a barrel, down 2 cents, in electronic trading on the New York Mercantile Exchange at 8:36 a.m. London time. The contract increased 72 cents to $93.82 yesterday, the highest close since Sept. 18. Prices are up 0.8 percent this week.

OIL PRODUCTS Asia gasoil’s premium to Dubai rose, heading for the biggest weekly increase in five.

• Middle Distillates • Gasoil crack over Dubai crude rises 13 cents to $20.10/bbl at 10:20 a.m. Singapore time, according to PVM Oil Associates • Crack rises 5.9 percent this week, the most since Dec. 7. • Feb. gasoil swap falls 70 cents to $127.05/bbl • Jet fuel’s premium to gasoil is 20 cents/bbl, up from a discount of 10 cents/bbl a week earlier.

• Fuel Oil • High-sulfur fuel oil’s discount to Dubai narrows 24 cents to $5.34/bbl, PVM data show • HSFO swap for Feb. falls $3.75 to $645.25/ton • March swaps trade at discount of 25 cents/ton to Feb. swaps • Viscosity spread rises 50 cents to $8/ton

• Light Distillates • Japan’s naphtha crack to Brent fell $14.11 to $93.91/ton, according to Bloomberg data • Feb. naphtha swap falls $16.75 to $934.25/ton, PVM data shows • Gasoline reforming margin was at $14.63/bbl yesterday, according to Bloomberg data

BASE METALS

Copper fell, trimming a third weekly advance, on speculation China may delay any easing after data showed inflation accelerated more than forecast in December.

PRECIOUS METALS

Gold headed for the first weekly advance in seven as signs of increased demand in China outweighed concern that an end to stimulus in the U.S. this year will bolster the dollar. Yen- priced bullion rallied to a record and platinum was set for the best week since September.

Spot gold was at $1,674.05 an ounce by 3:18 p.m. in Singapore, after declining as much as 0.3 percent to $1,671.25. The metal is 1.1 percent higher this week, set to end the worst run of weekly losses since 2004. The price touched $1,678.81 yesterday, the highest level since Jan. 3.

Spot platinum gained as much as 0.4 percent to $1,637 an ounce, the highest since Dec. 12, and is up 5 percent this week in the best showing since Sept. 14. One ounce of platinum bought as much as 0.9787 ounce of gold today, the most since April. The ratio has risen for nine days, the longest period of advances since April 2009.

GRAINS, OILSEEDS, SOFT COMMODITIES

Wheat traded near a six-month low, set for the worst weekly run in more than a year, as investors assessed whether an increase in acreage in the U.S., the largest shipper, will offset yield losses from a drought.

The contract for March delivery traded at $7.4525 a bushel on the Chicago Board of Trade at 1:31 p.m. Singapore time. Futures, which slumped to $7.3975 on Jan. 4, are down 0.2 percent this week for a sixth straight decline, the worst run since October 2011.

Corn for March delivery declined 0.3 percent to $6.9675 a bushel, while soybeans for delivery in the same month fell 0.4 percent to $13.745 a bushel.

Rubber fell for the first time in four days, paring a weekly gain, as China’s inflation accelerated and its auto sales missed a forecast, damping demand.

Rubber for delivery in June declined 0.4 percent to end at 312.2 yen a kilogram ($3,505 a metric ton) on the Tokyo Commodity Exchange, trimming the weekly advance to 1.4 percent.

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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