Soybeans, Wheat Decline; Aluminum Rises: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rises 0.2 percent to 651.17 at 4:54 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gains 0.04 percent to 1,552.670.

CRUDE OIL

West Texas Intermediate oil traded near the highest level in two weeks after an industry report showed crude stockpiles fell for the first time since February in the U.S., the world’s largest user of the commodity.

WTI for April delivery was at $92.78 a barrel, up 24 cents, in electronic trading on the New York Mercantile Exchange at 3:15 p.m. Singapore time. The volume of all futures traded was 11 percent below the 100-day average. The contract rose 48 cents to $92.54 yesterday, the highest close since Feb. 27.

Brent for April settlement on the London-based ICE Futures Europe exchange, which expires tomorrow, slid 1 cent to $109.64 a barrel. The more-actively traded May contract was up 4 cents at $109.27. The European benchmark grade was at a premium of $16.74 to WTI futures. It shrank for a fifth day yesterday to $17.11, the narrowest gap in six weeks.

OIL PRODUCTS

Asia jet fuel trading at biggest discount to gasoil since December. The East-West fuel oil spread widens for a sixth day.

• Middle Distillates • Singapore 0.05% sulfur gasoil’s premium to Dubai crude falls 4 cents to $18.66/bbl at 12:54 p.m. Singapore time, according to data compiled by Bloomberg. • April gasoil swap down 11 cents at $124.17/bbl • April gasoil swap trades 36 cents/bbl above May contract • April East-West gasoil spread at $2/mt • Jet fuel regrade at minus 60 cents/bbl. That means aviation fuel is trading at biggest discount to gasoil since Dec. 6 • April kerosene swap trades 30 cents/bbl above May contract

• Fuel Oil • Singapore fuel oil’s discount to Dubai crude widens 10 cents to $5.23/bbl • April 180-fuel oil swap down 96 cents at $636.87/ton • May fuel oil swap trades $2.02/mt below April contract • April viscosity spread at $10.74/mt • April East-West fuel oil spread up 10 cents at $34.57/mt, widest gap since January

• Light Distillates • April Japan naphtha swaps down $4.22 to $906.46/mt, the lowest level since Dec. 13 • April East-West naphtha spread at $13.51/mt

BASE METALS

Aluminum in London rose to a one-week high amid speculation that China’s reserves manager will buy the metal from smelters, while zinc gained by the most among six base metals.

Aluminum for delivery in three months advanced as much as 0.6 percent to $1,993 a metric ton on the London Metal Exchange, the highest since March 5, before trading at $1,990.25 at 3:19 p.m. Shanghai time. Zinc rose as much as 1.1 percent while copper strengthened as much as 0.5 percent. reserve bureau has lent support to prices since last week.”

Copper for delivery in June on the Shanghai Futures Exchange gained 0.9 percent to 56,850 yuan ($9,148) a ton.

On the LME, lead and nickel also climbed, while tin was little changed.

PRECIOUS METALS

Gold traded near the highest level in almost two weeks on prospects for additional stimulus from central banks in Europe and Japan and signs of increased physical demand in Asia.

Spot gold traded at $1,593.45 an ounce at 2:29 p.m. in Singapore from $1,592.80 yesterday, when it climbed to $1,598.80, the highest intraday price since Feb. 28. Gold for April delivery was little changed at $1,591.90 an ounce on the Comex after four days of gains, the best run since August.

Cash silver was little changed at $29.16 an ounce and spot platinum fell 0.3 percent to $1,591.25 an ounce. Palladium lost 0.4 percent to $769.50 an ounce, declining for a third day.

GRAINS, OILSEEDS, SOFT COMMODITIES

Soybeans dropped for a second day as the harvest advances in Brazil, poised to be the largest grower this year, boosting supplies available for shipment.

The oilseed for May delivery slipped as much as 0.7 percent to $14.59 a bushel on the Chicago Board of Trade, and was at $14.655 at 2:39 p.m. in Singapore on a trading volume that was 29 percent lower than the 100-day average for that time of day. in an interview yesterday.

Wheat for May delivery fell 0.2 percent to $7.0225 a bushel. Corn for May was little changed at $7.1525 a bushel in Chicago. That put soybeans at 2.05 times the cost of corn, compared with an average of 2.43 times over the past decade.

Palm declined to the lowest level since January on concern that the advancing soybean harvest in Brazil will boost oilseed supplies, depressing demand for the tropical oil. Futures in Dalian fell to the lowest since 2010.

The contract for May delivery lost as much as 1.9 percent to 2,365 ringgit ($761) a metric ton on the Malaysia Derivatives Exchange, the lowest most-active price since Jan. 14, and traded at 2,372 ringgit at 4:36 p.m. in Kuala Lumpur. Futures have lost 30 percent in the past year as supplies outpaced demand.

Rubber tumbled to a three-month low as Japan’s currency climbed, reducing the appeal of yen-denominated contracts, and on concern that reserves in China are increasing.

The contract for delivery in August lost 4.1 percent to 280.6 yen a kilogram ($2,934 a metric ton) on the Tokyo Commodity Exchange, the lowest settlement for the most-active contract since Dec. 14. Futures lost 7.2 percent this year.

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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