Dec. 14 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities declined 0.5 percent to 645.15 as of 5:39 p.m. in Singapore. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.6 percent to 1,510.471.
Oil fell from a one-week high in New York amid speculation that the Organization of Petroleum Exporting Countries will set an output ceiling near current production levels at a meeting in Vienna today.
Crude for January delivery declined as much as 51 cents to $99.63 a barrel in electronic trading on the New York Mercantile Exchange. Yesterday, the contract gained $2.37 to $100.14, the highest settlement since Dec. 7. Prices are up 9.2 percent this year after climbing 15 percent in 2010.
The premium of gasoil, or diesel, to Asian marker Dubai crude increased 9 cents to $17.95 a barrel at 12 p.m. Singapore time, according to PVM Oil Associates Ltd., a broker. This crack spread is a measure of refining profit.
Japan’s open-specification naphtha forward contracts for second-half January delivery were bid at $915.50 a ton against offers at $918.50, based on data from Ginga Petroleum Singapore Pte, a broker. Yesterday, the petrochemical feedstock advanced for a second day to close at $901.75.
Copper declined for a third day to a two-week low as the Federal Reserve refrained from taking new measures to spur growth and amid concern that Europe’s debt crisis will erode demand for industrial metals.
The three-month contract on the London Metal Exchange fell as much as 1.4 percent to $7,492.50 a metric ton, the lowest price since Nov. 30. The March-delivery contract retreated 0.9 percent to $3.4095 per pound on the Comex in New York.
GRAINS, OILSEEDS, LIVESTOCK
Soybeans for delivery in January fell as much as 0.6 percent to $11.115 a bushel on the Chicago Board of Trade. Corn for March delivery dropped 0.2 percent to $5.935 a bushel. Wheat for March delivery was little changed at $6.0125 a bushel after declining as much as 0.5 percent earlier today.
Hog futures for February settlement dropped 0.2 percent to settle at 86.4 cents a pound yesterday on the Chicago Mercantile Exchange. The price is up 8.3 percent in 2011.
Gold rallied from the lowest level in almost eight weeks as the biggest two-day drop since September spurred more purchases and investor holdings climbed to a record, countering the effect of a stronger dollar.
Immediate-delivery gold climbed as much as 0.7 percent to $1,642.82 an ounce. Holdings in exchange-traded products rose to 2,360.685 metric tons yesterday, data compiled by Bloomberg show. February-delivery gold fell for a third day, losing as much as 2.3 percent to $1,625.30 on the Comex, the lowest since Oct. 21.
Spot silver gained as much as 0.8 percent to $31.01 an ounce, after dropping to $30.42 yesterday, the lowest level since Oct. 21. Palladium fell 0.2 percent to $643.50 an ounce, taking losses this week to 6.1 percent.
Rubber gained for the first time in five days on concerns that supplies from Thailand, the largest producer, are declining and a weakening Japanese yen may improve the appetite for the commodity used in tires and gloves.
May-delivery rubber rose as much as 2.2 percent to 280.6 yen a kilogram ($3,597 a metric ton) on the Tokyo Commodity Exchange, before settling at 278.2 yen. The price fell 5.8 percent in the past four days.
Cocoa for March delivery advanced 2.8 percent to close at $2,243 a ton yesterday on ICE Futures U.S. in New York. Raw-sugar futures for March delivery climbed 0.6 percent to settle at 23.44 cents a pound. The price has dropped 27 percent this year.
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