Crude Rebounds; Copper Rises; Gold Gains: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rises 0.6 percent to 643.95 at 5:24 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped yesterday 0.1 percent to 1,534.156.

CRUDE OIL

West Texas Intermediate oil rebounded from the lowest level in 10 weeks and Brent crude gained as a North Sea pipeline system remained shut after a platform leak.

WTI for April delivery rose as much as 34 cents to $90.46 a barrel in electronic trading on the New York Mercantile Exchange and was at $90.43 at 3 p.m. Singapore time. The volume of all futures traded was 41 percent below the 100-day average. The contract fell 56 cents to $90.12 yesterday, the lowest close since Dec. 24.

Brent for April settlement on the London-based ICE Futures Europe exchange gained as much as 55 cents, or 0.6 percent, to $110.64 a barrel. The volume of all futures traded was 7.3 percent above the 100-day average. The European benchmark grade was at a $20.03 premium to WTI, widening for a fourth day.

OIL PRODUCTS

East-West naphtha spread rises to the highest in more than four weeks, signaling increased profit from shipping the light distillates product to Asia. Gasoil premium to Dubai crude widens first day in three.

• Light Distillates • Singapore naphtha’s discount to London Brent crude widens 6 cents to $5.93/bbl as of 11:59 a.m. Singapore time, according to data compiled by Bloomberg • April Japan naphtha swaps up $5.14 at $913.36/mt • April East-West naphtha spread up 98 cents at $15.13/mt. The spread rises for a fifth day to the highest in more than four weeks

• Middle Distillates • Gasoil’s premium to Dubai crude up 11 cents at $19.45/bbl • April gasoil swaps up 54 cents at $124.66/bbl • April gasoil swap’s premium to May contract, or backwardation, widens 16 cents to 78 cents/bbl • April East-West gasoil spread up $1 at $5.75/mt • Jet fuel regrade up 10 cents at 15 cents/bbl discount to gasoil • April kerosene swap’s premium to May contract, or backwardation, up 14 cents to 71 cents/bbl

• Fuel Oil • Fuel oil’s discount to Dubai crude widens 36 cents to $5.54/bbl. The crack widens first time in seven days • April 180-cst fuel oil swaps up 9 cents at $632.60/mt • April fuel oil swap trades at 13 cents/mt above May contract • Viscosity spread down 47 cents at $7/mt • April East-West fuel oil spread down 60 cents at $32.05/mt

BASE METALS

Copper rose for a second day along with industrial metals as China, the biggest user, set its economic growth targets and amid speculation the Federal Reserve will continue stimulus measures.

Copper for delivery in three months climbed as much as 1.2 percent to $7,818 a metric ton on the London Metal Exchange and was at $7,810 at 4:52 p.m. in Seoul. The contract for June delivery on the Shanghai Futures Exchange rose 1.1 percent to close at 56,930 yuan ($9,150) a ton.

PRECIOUS METALS

Gold snapped four days of losses on speculation that central banks from the U.S. to Europe and Japan will maintain stimulus measures to sustain the economic recovery. Silver, platinum and palladium advanced.

Spot gold rose as much as 0.6 percent to $1,583.35 an ounce, and traded at $1,582.66 by 3:15 p.m. in Singapore. Bullion also rose on signs of demand in China, where daily volumes for the benchmark cash contract in Shanghai have been more than double the average in 2012 since Feb. 18, when it reached a record 22,024 kilograms, according to exchange data.

Gold for April delivery climbed as much as 0.6 percent to $1,582.30 an ounce on the Comex before trading at $1,581.70. Cash bullion of 99.99 percent purity on the Shanghai Gold Exchange was little changed at 320.30 yuan a gram ($1,600.68 an ounce).

Cash silver gained 1.3 percent to $28.9250 an ounce, spot platinum climbed 0.8 percent to $1,580.50 an ounce, and palladium added 0.7 percent to $722.10 an ounce.

GRAINS, OILSEEDS, SOFT COMMODITIES

Soybeans climbed for a second day to the highest level in more than a week as data showed an increase in U.S. weekly export inspection, signaling rising demand. Wheat rebounded from an eight-month low.

The contract for May delivery advanced as much as 0.5 percent to $14.6875 a bushel on the Chicago Board of Trade, the highest price for the most-active contract since Feb. 22, and was at $14.6575 at 3:45 p.m. in Singapore.

Corn for May delivery rose 0.2 percent to $7.0475 a bushel. Wheat futures for May delivery added 0.3 percent to $7.0425 a bushel after falling to $6.975 yesterday, the lowest price for the most-active contract since June 25.

Palm oil fell on speculation that rising global oilseed stockpiles may curb demand for the tropical oil, expanding inventories in top producers.

The contract for May delivery dropped as much as 0.8 percent to 2,395 ringgit ($772) a metric ton on the Malaysia Derivatives Exchange, and ended the morning session at 2,400 ringgit in Kuala Lumpur. Futures tumbled 6.6 percent last week.

Rubber rose for the first time in three days as prices close to the lowest level in more than two months attracted buying interest.

The contract for delivery in August advanced as much as 1.8 percent to 289 yen a kilogram ($3,104 a metric ton) and finished at 287.5 yen on the Tokyo Commodity Exchange. Futures yesterday fell to 283.9 yen, the lowest close since Dec. 20. The 14-day relative strength index hit 30 yesterday, signaling the commodity was oversold and poised for a rebound.

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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