July 31 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities fell 0.2 percent to 643.64 at 4:56 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials was little changed at 1568.839.
Oil in New York headed for the first monthly increase since April before meetings of central bank policy makers to discuss the economy and a report tomorrow that may show U.S. crude stockpiles declined.
Crude for September delivery was at $89.62 a barrel in electronic trading on the New York Mercantile Exchange, down 16 cents, or 0.2 percent, at 8:47 a.m. London time. The contract yesterday slid 0.4 percent to $89.78, the lowest close since July 26. Prices have climbed 5.5 percent this month and have dropped 9.3 percent this year.
Natural gas rose from a seven-month high in New York after forecasters said the weather will be hotter than normal, which may boost demand from power plants.
Naphtha swaps for August remained unchanged at $860 a ton, according to PVM. Naphtha’s premium to London-traded Brent crude futures, or crack spread, rose 0.3 percent to $60.04 a ton, according to data compiled by Bloomberg.
Gasoline’s premium to naphtha fell 17 cents to $23.55 a barrel yesterday from $23.72, the highest in nine months, data compiled by Bloomberg showed. A narrowing reforming margin means it is less profitable to make motor fuel.
The premium of gasoil, or diesel, to Dubai crude increased 19 cents to $17.96 a barrel, according to PVM. The crack spread was the widest since July 23.
Gold headed for a second monthly gain, the best run since November, on speculation that central banks around the world may take additional measures to spur growth, boosting demand for bullion as a store of value.
Spot gold was little changed at $1,621.75 an ounce at 2:15 p.m. in Singapore, after reaching a six-week high of $1,629.35 on July 27. Bullion is 1.5 percent higher this month following a 2.4 percent advance in June, and is up 3.7 percent this year.
Spot silver added as much as 0.4 percent to $28.295 an ounce, up for a fifth day in the best run since January. The price was at $28.1650, set for the first monthly gain in five.
Cash platinum rose as much as 0.5 percent to $1,423.75 an ounce, gaining for a fifth day in the best run since October. The metal, poised for monthly decline, traded at $1,421.
Copper advanced, trimming a monthly decline, as China increased its railway spending plan for the second time in a month, boosting demand prospects.
Three-month copper rose as much as 0.6 percent to $7,590 a metric ton on the London Metal Exchange and traded at $7,566.50 by 4 p.m. in Tokyo. The metal is still down 1.5 percent this month. The September-delivery contract advanced 0.4 percent to $3.43 a pound on the Comex.
Copper for November delivery added 0.4 percent to close at 55,050 yuan a ton on the Shanghai Futures Exchange.
GRAINS, OILSEEDS, SOFT COMMODITIES
Corn surged to a record for a second day and headed for its best month in more than two decades as crop conditions deteriorated for an eighth week amid the worst U.S. drought in half a century.
The December contract added 0.5 percent to $8.18 a bushel on the Chicago Board of Trade, before trading at $8.175. Futures rallied 29 percent this month, the most since June 1988. Wheat for September dropped 0.3 percent to $9.12 a bushel, paring the monthly gain to 20 percent, the most in two years.
Soybeans for November delivery fell 0.2 percent to $16.405 a bushel, trimming the monthly advance to 15 percent.
Rubber declined for a fifth month amid concerns that Europe’s debt crisis will be prolonged, weakening demand for the commodity used for tires and gloves.
January-delivery rubber fell as much as 1.8 percent to 228.3 yen a kilogram ($2,960 a metric ton) before settling at 229.8 yen on the Tokyo Commodity Exchange. The most-active contract lost 4.3 percent this month.
Palm oil futures declined, widening a third monthly drop, as an industry estimate showed that exports from second-largest producer Malaysia fell in July, signaling a switch to shipments from Indonesia.
The October-delivery contract lost as much as 1.9 percent to 2,948 ringgit ($942) a metric ton on the Malaysia Derivatives Exchange and was at 2,960 ringgit at 4:23 p.m. in Kuala Lumpur. Futures are poised to retreat 2.1 percent this month.
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