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Oil, Copper Rise on China Stimulus Outlook: Commodities at Close

July 13 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities rose 0.7 percent to 619.19 at 5:04 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials advanced 0.9 percent to 1527.37.


Oil futures advanced in New York, extending a weekly gain, as investors speculated that China’s government will boost stimulus measures and the U.S. tightened sanctions on Iran.


Natural gas rose for a third day in New York as forecasts for hotter-than-normal weather in the Northeast next week signaled higher demand for power-plant fuel.


The premium of gasoil to Dubai crude fell 5 cents, or 0.3 percent, to $17.50 a barrel at 10:15 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The spread has widened 1.2 percent so far this week, the second weekly increase.

Singapore fuel oil’s discount to Dubai crude widened by 40 cents, or 24 percent, to $2.10 a barrel, PVM data showed. The discount is the biggest since June 5, signaling growing losses from making the fuel.


Spot gold was unchanged at $1,571.93 an ounce at 2:31 p.m. in Singapore, 0.7 percent lower this week after falling 0.9 percent last week. Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange-traded product, fell to 1,269.73 metric tons yesterday, the least since May 23, company data showed.

Spot silver rose as much as 0.5 percent to $27.31 an ounce, and was last at $27.285, reversing a 0.3 percent drop. The metal ended last week at $27.1125.


Three-month copper climbed as much as 0.7 percent to $7,605.50 a metric ton on the London Metal Exchange. The contract traded at $7,583 at 1:46 p.m., set for a weekly advance.


December-delivery corn rose as much as 1 percent to $7.3975 a bushel on the Chicago Board of Trade, near the highest price since September, and was at $7.3925 at 2:05 p.m. in Singapore. That took this week’s advance to 6.7 percent. The last time the most-active contract advanced for four straight weeks was in the period to Nov. 4. Prices have rallied 16 percent this month.

Soybeans for November delivery gained 0.4 percent to $15.3575 a bushel, set for a fourth weekly gain. Wheat for September delivery rose 0.7 percent to $8.5225 a bushel, also poised for a fourth weekly increase.

December-delivery rubber gained 0.7 percent to settle at 247.9 yen a kilogram ($3,128 a metric ton) on the Tokyo Commodity Exchange. The most-active price lost 2.9 percent this week, extending this year’s decline of 5.9 percent.

To contact the reporter on this story: Ee Chien Chua in Singapore at

To contact the editor responsible for this story: Alexander Kwiatkowski at

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