The Standard & Poor’s GSCI gauge of 24 commodities rose 1.4 percent to 654.09 as of 5:13 p.m. in Singapore. The UBS Bloomberg CMCI index of 26 raw materials advanced 0.7 percent to 1,531.225.
Oil climbed in New York after manufacturing activity expanded in China and India and investors bet that further sanctions against Iran will curb supply.
Crude oil for February delivery advanced as much as $2.08 to $100.91 a barrel in electronic trading on the New York Mercantile Exchange and was at $100.82 at 4:09 p.m. Singapore time. The contract fell 0.8 percent on Dec. 30 for an annual increase of 8.2 percent, the third consecutive yearly gain.
Brent oil for February settlement rose $1.55, or 1.4 percent, to $108.93 a barrel on the London-based ICE Futures
Futures fell in New York. Gas for February delivery dropped
Gasoil’s premium to Dubai crude rose 3.5 percent, the biggest percentage increase since Dec. 16, to $17.93 a barrel at 10:21 a.m. Singapore time, according to PVM Oil Associates Ltd., a broker.
Fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, widened to $3.86 a barrel from $1.55, PVM data showed.
Cash gold rose as much as 1.4 percent to $1,587.60 an ounce, and last traded at $1,584.40 at 1:54 p.m. in Singapore. Spot silver which dropped 9.9 percent in 2011, traded 2 percent higher at $28.3025 an ounce. Cash platinum advanced 0.5 percent to $1,407.25 an ounce, after declining 21 percent last year.
Copper for March-delivery gained 1.7 percent to $3.495 per pound on the Comex in New York. It fell 21 percent in 2011 in the worst year since 2008. Zinc in London climbed for a third day, gaining as much as 1.4 percent to $1,870.25 per ton, while lead also rose for a third day, advancing as much as 1 percent to $2,055.75 per ton. The LME was shut for a holiday yesterday.
Corn futures for March delivery rose 1.3 percent to close at $6.465 a bushel at 1:15 p.m. on the Chicago Board of Trade,
Arabica coffee for March delivery climbed 1.2 percent to settle at $2.2685 a pound on Dec. 30 on ICE Futures U.S. in New York. The commodity retreated 5.7 percent in 2011, after advancing 77 percent last year and 21 percent in 2009.
Cocoa futures for March delivery gained 1.2 percent to $2,109 a metric ton in New York, halting a five-session slump. The commodity plunged 31 percent this year, the biggest annual loss since 1999. Output is rising in western Africa, the biggest producing region, amid concern that the European debt crisis will curb demand for the chocolate ingredient.
Raw-sugar futures for March delivery dropped 0.9 percent to close at 23.3 cents a pound on ICE. This year, the sweetener tumbled 27 percent, the first annual decline since 2007, as