June 11 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities rose 0.9 percent to 593.65 at 4:40 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials rose 1.2 percent to 1,448.554.
Oil rose the most in more than five months in New York on speculation fuel demand will increase after Spain requested a European bailout to shore up its banks and China’s imports of crude climbed to a record.
Futures advanced as much as 3 percent, the biggest gain since Jan. 3. Spain will seek 100 billion euros ($126 billion) from euro-area nations, Economy Minister Luis de Guindos told reporters in Madrid yesterday. China, the world’s second-biggest crude consumer, increased imports of the commodity in May as costs fell, according to customs data. OPEC may maintain output quotas to keep prices at current levels when the oil cartel meets this week, a Bloomberg News survey showed.
Singapore gasoil swaps for July rose $3.20, or 2.9 percent, to $114.30 a barrel, PVM data showed. The premium of gasoil to Dubai crude fell 78 cents, or 4.8 percent, to $15.35 a barrel, the lowest level since May 31.
Naphtha swaps for July rose $7, or 0.9 percent, to $759 a metric ton at 10:29 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker.
Gold advanced for a second day as the euro rallied against the dollar after Spain asked for a bailout and on speculation that demand from China will be sustained.
August-delivery bullion also rose for a second day on the Comex in New York, gaining as much as 1.1 percent to $1,609.30 an ounce, and was last at $1,600.70. Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, stood unchanged for a second day at 1,274.79 metric tons on June 8, the largest amount since May 21, its website showed.
Copper advanced the most in more than four months as imports in China, the world’s biggest consumer, surged 12 percent in May and Spain’s bailout request boosted the euro to a two-week high against the dollar.
GRAINS, SOFT COMMODITIES
Corn climbed for a fourth day and soybeans and wheat gained as dry, hot weather threatened to hurt crops in the U.S., the world’s largest shipper.
July-delivery corn rose as much as 1 percent to $6.0375 a bushel on the Chicago Board of Trade and was at $6.0025 at 2:39 p.m. Singapore time. The most-active contract increased 8.4 percent last week.
Soybeans for November-delivery gained as much as 1 percent to $13.455 a bushel, before trading at $13.4375. The most-active contract climbed 5.9 percent last week, the biggest advance since the five days ended Oct. 14.
Wheat for July delivery rose as much as 0.7 percent to $6.345 a bushel, extending last week’s 2.9 percent advance. It last traded at $6.34, after declining 1.8 percent on June 8.
Rubber climbed from a 31-month low after car sales in China, the world’s biggest consumer, expanded more than analysts estimated in May, easing concern that demand may weaken.
November-delivery rubber advanced as much as 3.7 percent to 246.4 yen a kilogram ($3,096 a metric ton) and settled at 244.5 yen on the Tokyo Commodity Exchange. The most-active contract fell to 232.2 yen in after-hours trading on June 8, the lowest level since November 2009.
Palm oil climbed on speculation that inventories in Malaysia, the second-largest producer after Indonesia, may be lower than expected in May, and as better-than-expected trade data from China improved investor sentiment.
To contact the reporter on this story: Sharon Chen in Singapore at email@example.com
To contact the editor responsible for this story: Alexander Kwiatkowski at firstname.lastname@example.org