July 12 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.7 percent to 608.31 at 4:53 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials fell 0.4 percent to 1507.5.
Oil fell in New York on concern global demand will falter after South Korea unexpectedly cut interest rates, Australia’s jobless rate rose and economists said European manufacturing stagnated last month.
Crude for August delivery declined as much as 68 cents to $85.13 a barrel in electronic trading on the New York Mercantile Exchange. It was at $85.19 at 3:15 p.m. Singapore time. The contract yesterday climbed $1.90 to $85.81, the highest close since July 9. Prices have decreased 14 percent this year.
The premium of gasoil, or diesel, to Asian marker Dubai crude fell $1.05 to $17.15 a barrel at 11:45 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This crack spread, a measure of processing profit, narrowed the most since March 19.
High-sulfur fuel oil was down 57 cents at $2.07 a barrel below Dubai crude, according to PVM. That’s the biggest discount since June 5, indicating widening losses for refiners turning crude into residual products.
Gold for immediate delivery lost 0.5 percent to $1,568.27 an ounce by 9:15 a.m. in London. It dropped as much as 0.7 percent to $1,564.63, the lowest since June 29. August-delivery gold fell 0.5 percent to $1,568.10 an ounce on the Comex in New York.
Copper dropped after the minutes of Federal Open Market Committee’s meeting in June disappointed investors looking for additional stimulus from the U.S. central bank, hurting the outlook for demand. Zinc and lead fell.
The metal for delivery in three months lost as much as 0.3 percent to $7,514.50 a metric ton on the London Metal Exchange, before trading at $7,517.50 at 3:32 p.m. in Shanghai. September futures on the Comex fell 1 percent to $3.412 a pound.
GRAINS, OILSEEDS, SOFT COMMODITIES
December-delivery corn increased as much as 1.9 percent to $7.1725 a bushel on the Chicago Board of Trade before trading at $7.135 at 3:13 p.m. in Singapore. Prices have surged 41 percent since mid-June as U.S. crops withered under dry, hot weather.
Soybeans for November delivery fell 0.5 percent to $15.145 a bushel. The most-active contract jumped yesterday by as much as 2.4 percent to $15.75, the highest price since July 2008.
Wheat for September delivery was little changed at $8.265 a bushel, after reaching $8.485 yesterday, the highest level for the most-active contract since April 27, 2011. The price has jumped 28 percent since the end of May, partly because of dry weather in parts of Russia and Ukraine.
December-delivery rubber gained as much as 1.2 percent to 247.3 yen ($3,118 a metric ton) on the Tokyo Commodity Exchange before settling at 246.3 yen. That pared this year’s loss for the most-active contract to 6.5 percent.
Palm oil fell the most in almost a month on concern that a global economic slowdown will reduce demand for food and fuel as signaled by declining exports from Malaysia, the world’s second-largest grower.
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