Sept. 6 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.8 percent to 673.91 at 4:19 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gained 0.5 percent to 1,608.469.
Oil rose for a second day in New York after an industry report showed stockpiles shrank to the lowest in more than five months in the U.S., the world’s biggest crude consumer.
in Draghi and I’d expect the price of crude to go up.’’ Crude for October delivery climbed as much as 90 cents to $96.26 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.11 at 2:25 p.m. Singapore time. The contract increased 6 cents yesterday to close at $95.36. Futures have lost 2.8 percent this year.
Japan naphtha’s premium to London-traded Brent crude futures declined $3.49, or 2.9 percent, to $115.98 a metric ton, according to data compiled by Bloomberg. Naphtha swaps for October rose 50 cents to $972 a ton at 10:16 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker.
Gasoil’s premium to Dubai crude, a benchmark price for Asia, gained 4 cents to $19.04 a barrel, PVM data showed. Gasoil swaps for October were unchanged at $129.85 a barrel, PVM data showed.
Copper may decline from a six-week high before a European Central Bank meeting today and on concern that a further slowdown in China could damp demand from the largest user.
Gold topped $1,700 an ounce for the first time since March as speculation that the European Central Bank will announce unlimited purchases of government bonds to defuse the region’s debt crisis boosted the euro.
Spot gold rose as much as 0.5 percent to $1,701.60 an ounce, and was at $1,701.38 at 2:20 p.m. in Singapore. The last time immediate-delivery bullion was above $1,700 an ounce was March 13. Assets in exchange-traded products expanded to a record 2,470.67 metric tons yesterday, data compiled by Bloomberg show.
December-delivery gold gained as much as 0.6 percent to $1,703.90 an ounce on the Comex in New York and was at $1,703.80. The price has risen 8.7 percent this year.
GRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans fell for a second day, declining to the lowest level in more than a week, on signs the drought-hit crop in the U.S., the world’s largest grower last year, could be bigger than a government forecast.
November-delivery soybeans declined as much as 1.3 percent to $17.255 a bushel on the Chicago Board of Trade, the lowest price since Aug. 29, and were at $17.365 at 2:26 p.m. Singapore time. Futures, which reached a record $17.89 on Sept. 4, are up about 44 percent this year on concern the worst U.S. drought in half a century will cut global supply.
Corn for December delivery gained 0.2 percent to $7.925 a bushel. The most-active contract reached an all-time high of $8.49 a bushel on Aug. 10. Wheat for December delivery advanced 0.6 percent to $8.725 a bushel.
Palm oil fell for a third day to a three-week low on speculation that a bigger-than-estimated soybean crop in the U.S. may boost global vegetable-oil supplies, and on concern that stockpiles in Southeast Asia are rising.
The November-delivery contract fell as much as 2 percent to 2,929 ringgit ($939) a metric ton on the Malaysia Derivatives Exchange, the lowest price for the most-active contract since Aug. 16, and was at 2,930 ringgit at 12:16 p.m. in Kuala Lumpur.
Rubber climbed for the first time in three days as speculation grew that European Central Bank President Mario Draghi will announce measures to tame the region’s sovereign-debt crisis, supporting raw-material demand.
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