The Standard & Poor’s GSCI gauge of 24 commodities rose 0.1 percent to 577.70 at 4:30 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials rose 0.08 percent to 1421.66.
Oil traded near the lowest close in eight months in New York before OPEC meets to discuss potential changes to its production quotas.
Oil for July delivery was at $82.63 a barrel, up 1 cent, in electronic trading on the New York Mercantile Exchange at 2:43 p.m. Singapore time. It earlier fell 0.4 percent. The contract slid 0.8 percent yesterday to $82.62, the lowest close since Oct. 6. Prices are down 16 percent this year.
Brent oil for July settlement, which expires today, gained 9 cents to $97.22 a barrel on the London-based ICE Futures Europe exchange. The more-actively traded August future was up 8
Natural gas traded near the lowest close in seven weeks in New York on forecasts for cooler weather that would reduce demand for the fuel at power plants.
Natural gas for July delivery was at $2.186 per million British thermal units, up less than 0.1 percent, on the New York Mercantile Exchange at 9:52 a.m. in Singapore. Yesterday’s $2.185 was the lowest settlement price since April 26. The
Asia fuel oil’s premium to crude increased, signaling rising profit for refiners making residual products. Naphtha swaps extended a decline.
Naphtha swaps for July decreased $6.50, or 0.9 percent, to $732.50 a ton, according to PVM. The petrochemical and gasoline feedstock is down for the fifth day in six.
Naphtha’s premium to London-traded Brent crude futures lost $4.62 to $2.61 a ton, according to data compiled by Bloomberg. This crack spread, a measure of processing profit, narrowed for a third day.
The premium of gasoil, or diesel, to Dubai crude dropped 13 cents to $15.62 a barrel, according to PVM. The difference, also known as the crack spread, narrowed for the third day this week.
Gasoil swaps for July slid $1, or 0.9 percent, to $109.65 a barrel, PVM data showed. That’s the lowest since June 4. Jet fuel’s premium to gasoil gained 5 cents to $1.05. That’s the highest regrade so far this month, signaling it is more profitable to produce aviation fuel over diesel.
High-sulfur fuel oil rose 12 cents to a 50 cent-a-barrel premium to Asian marker Dubai crude at 11 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The
Gold advanced for a fifth day in the longest winning streak since April on speculation the Federal Reserve will take more steps to buoy the economy, potentially hurting the dollar. Platinum rose to a one-month high.
Spot gold rose as much as 0.4 percent to $1,623.98 an ounce and was at $1,620.87 3:27 p.m. in Singapore. August-delivery bullion was little changed at $1,621.40, paring gains of as much as 0.3 percent on the Comex in New York.
Platinum for immediate delivery gained as much as 1.4 percent to $1,485.63 an ounce, the highest level since May 11, and was at $1,479.75. Spot silver climbed as much as 1 percent
Copper climbed for the first time in three days on speculation that the U.S. Federal Reserve will take more steps to safeguard the economic recovery, boosting demand for industrial metals.
Three-month delivery metal rose 0.5 percent to $7,424.75 a metric ton on the London Metal Exchange at 1:58 p.m. in Tokyo, reversing an earlier loss. Copper touched $7,233.25 on June 8, the lowest level since Dec. 19. The July-delivery contract rose 0.3 percent to $3.3351 a pound on the Comex in New York.
On the LME, aluminum rose 0.2 percent to $1,968.50 a ton, zinc climbed 0.3 percent to $1,888 a ton, and tin gained 0.5
GRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans dropped for a second day as rains in parts of the Midwest reduced concern that dry weather will hurt crops in the U.S. and a deepening European debt crisis damped investors’ appetite for commodities.
November-delivery soybeans lost as much as 0.8 percent to $13.095 a bushel on the Chicago Board of Trade, the lowest level since June 7. Futures were at $13.115 at 3:14 p.m. in Singapore.
Corn for December delivery gained as much as 0.6 percent to $5.135 a bushel in Chicago, before trading at $5.11. The most-active contract declined yesterday by as much as 2.5 percent. Wheat for December delivery was little changed at $6.595 a bushel.
Rubber climbed to a one-week high on concern that rains in Thailand, the largest producer, will cut supplies and as a rebound in crude oil boosted the commodity’s appeal as an alternative to synthetic products.
The November-delivery contract rose as much as 2 percent to 247.4 yen a kilogram ($3,115 a metric ton), before trading at 244.8 yen on the Tokyo Commodity Exchange at 2:40 p.m. local time. Futures fell 1 percent earlier today and have declined 7.1 percent this year.
Palm oil tumbled to the lowest in more than seven months on speculation that rain forecast in the soybean-growing areas of the U.S. may boost crops, while the deepening European crisis reduces demand for commodities.
The August-delivery contract fell as much as 1.8 percent to 2,896 ringgit ($910) a metric ton on the Malaysia Derivatives