The Standard & Poor’s GSCI gauge of 24 commodities advanced 0.5 percent to 662.64 as of 4:32 p.m. in Singapore. The UBS Bloomberg CMCI index of 26 raw materials gained 0.4 percent to 1,559.657.
Oil rose for a fourth day in New York on concern global supplies of crude will shrink after the European Union signaled it may ban imports from Iran and U.S. stockpiles declined.
Crude for January delivery gained as much as 57 cents to $101.85 a barrel in electronic trading on the New York Mercantile Exchange. Yesterday, the contract added 29 cents to $101.28, the highest since Nov. 16. Prices are up 11 percent this year after climbing 15 percent in 2010.
Brent oil for January settlement on the London-based ICE Futures Europe exchange rose as much as 55 cents, or 0.5 percent, to $111.36 a barrel. The European benchmark contract was at a premium of $9.50 to New York-traded West Texas
Natural gas futures rose for a second day in New York. Gas for January delivery climbed 0.2 percent to $3.493 per million
December swaps for naphtha, a feedstock for petrochemicals and gasoline, rose $12.50, or 1.4 percent, to $915 a metric ton at 11:51 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a London-based broker.
The swap value was at a premium of $81.50 a ton to Brent oil, up from $79.90 a ton at the end of Asian trading yesterday, according to data compiled by Bloomberg. The crack is at the widest level since Oct. 19.
Gasoil’s premium to Dubai crude rose 62 cents, or 3.5 percent, to $18.46 a barrel, PVM data showed. January swaps for gasoil rose $1.67, or 1.3 percent, to $126.10 a barrel. Jet fuel’s premium to gasoil, also known as the regrade, was unchanged at $1.30 a barrel.
High-sulfur fuel-oil swaps rose $4, or 0.6 percent, to $663 a ton, PVM data showed. Fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, widened to $5.64 from
Three-month delivery copper rose as much as 1.3 percent to $7,935 per metric ton on the London Metal Exchange, and was at $7,926.25 at 3:37 p.m. in Shanghai. The metal for March delivery gained 0.8 percent to $3.6055 per pound on the Comex. Copper for February delivery on the Shanghai Futures Exchange settled 1.2 percent higher at 58,360 yuan ($9,176) per ton.
On the LME, aluminum rose 0.8 percent to $2,130 a ton, tin advanced 0.3 percent to $20,380 a ton and lead climbed 0.9
Immediate-delivery gold advanced 0.2 percent to $1,731.28 an ounce at 3:23 p.m. in Singapore. Metal held in ETPs climbed to 2,358.206 metric tons yesterday, according to data compiled by Bloomberg. February-delivery bullion rose 0.2 percent to $1,734.80 on the Comex in New York.
Spot palladium extended yesterday’s 5.9 percent gain, the most since December 2009, after U.S. light-vehicle sales grew last month, boosting speculation demand will increase for the
GRAINS, OILSEEDS, LIVESTOCK
Corn for March delivery rose as much as 0.5 percent to $5.9975 a bushel on the Chicago Board of Trade and was at $5.98 at 2:55 p.m. in Singapore.
Soybeans for delivery in January were 0.3 percent higher at $11.325 a bushel after climbing as much as 0.5 percent. Wheat for March-delivery declined 0.4 percent to $6.105 a bushel.
Cattle futures for February delivery dropped 0.6 percent to settle at $1.1955 at 1 p.m. on the Chicago Mercantile Exchange yesterday. Hog futures for February settlement rose 1.1 percent
Cotton for March delivery rose 1.7 percent to settle at 93.81 cents a pound at 2:35 p.m. on ICE Futures U.S. in New York yesterday, the biggest gain since Nov. 15. The commodity advanced for a fourth straight session, the longest winning streak since late October.
Orange-juice futures for January delivery fell 1.1 percent to $1.763 a pound in New York, halting a three-session rally.