Jan. 25 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities rose 0.2 percent to 660.38 at 5:19 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.3 percent to 1,592.975.
Crude traded below $100 a barrel in New York as signs of rising U.S. stockpiles countered a report that showed gasoline demand rose last week in the country, the world’s largest oil consumer.
Crude for March delivery was at $98.96 a barrel in electronic trading on the New York Mercantile Exchange, up 1 cent, at 3:36 p.m. Singapore time. Yesterday, the contract fell 63 cents to $98.95, the lowest settlement since Jan. 20. Prices have climbed 15 percent in the past year.
Naphtha’s premium to London-traded Brent crude futures dropped to $101.97 a metric ton at 11:10 p.m. Singapore time from $131.81 on Jan. 20, according to data compiled by Bloomberg. There was no oil trading on the Platts window in Singapore because on Jan. 23 and Jan. 24 because of the Lunar New Year.
The premium of gasoil, or diesel, to Dubai crude rose 70 cents, or 4 percent, to $18.22 a barrel, according to PVM. This crack spread widened for the first time since Jan. 16.
Spot gold advanced as much as 0.4 percent to $1,672.32 an ounce and traded at $1,668.38 at 3:01 p.m. in Singapore. The metal dropped 0.7 percent yesterday, the most since Dec. 28. Gold for February delivery advanced 0.2 percent to $1,668.50 an ounce on the Comex in New York.
Copper, zinc, lead and nickel advanced to the highest levels in more than four months before the Federal Open Market Committee releases interest-rate forecasts for the first time.
Three-month copper gained as much as 1.2 percent to $8,455.25 per metric ton, the highest price since Sept. 19, on the London Metal Exchange and traded at $8,405 at 3:42 p.m. in Tokyo. Zinc touched $2,166.25 a ton today, also the most expensive since Sept. 19, and lead climbed for an eighth day, the longest winning streak since April 15, 2009.
The March-delivery copper contract advanced 0.3 percent to $3.82 per pound on the Comex in New York.
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Corn advanced for a fifth day, the longest winning streak this year, after the United Nations predicted a decline in production in Argentina, the second-largest shipper.
March-delivery corn gained 0.4 percent to $6.33 a bushel on the Chicago Board of Trade at 3:49 p.m. Singapore time. Soybeans for delivery in March added 0.2 percent to $12.2225 a bushel in Chicago, after dropping 0.4 percent earlier.
Wheat for March delivery was little changed at $6.3425 a bushel after the Australian government said stockpiles climbed to 24.6 million metric tons in December, the highest monthly total since at least October 2006.
The April-delivery contract climbed as much as 0.8 percent to 3,190 ringgit ($1,037) per metric ton on the Malaysia Derivatives Exchange, the highest price since Jan. 12, and was at 3,175 ringgit at 5:03 p.m. in Kuala Lumpur. The market was closed yesterday and on Jan. 23 for the Lunar New Year celebration. Futures gained 0.4 percent last week.
Cattle futures for April delivery rose 0.8 percent to close at $1.29175 a pound yesterday on the Chicago Mercantile Exchange, after reaching $1.2945, the highest for a most-active contract since the commodity began trading on the CME in 1964. Prices are up 6.4 percent this month, heading for the biggest January gain since 2002.
Feeder-cattle futures for March settlement rose 0.7 percent to close at $1.54875 a pound on the CME. On Jan. 20, the price reached a record $1.55275. Hog futures for April settlement slid 0.7 percent to close at 87.85 cents a pound in Chicago. Prices have gained 1.9 percent in the past year.
Orange juice for March delivery dropped 0.9 percent to close at $2.18 yesterday on ICE Futures U.S. in New York. The commodity has surged 29 percent this month.
Cotton futures for March delivery slid 1.2 percent to 98.18 cents a pound in New York. The fiber has climbed 6.9 percent this month.
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