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Oil Poised for Weekly Gain; Copper Rises: Commodities at Close

Nov. 30 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities fell 0.2 percent to 647.78 at 5:50 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped less than 0.1 percent to 1,589.64.

CRUDE OIL

Oil headed for its first monthly gain since August in New York amid signs of economic growth in the U.S. and China, the world’s biggest crude consumers.

Crude for January delivery was at $87.88 a barrel, down 19 cents, in electronic trading on the New York Mercantile Exchange at 4:07 p.m. Singapore time. The contract increased $1.58 yesterday to $88.07. Prices are up 1.9 percent this month and down 0.5 percent this week.

OIL PRODUCTS

BASE METALS

Copper advanced to a five-week high, poised for a monthly gain, as further signs of recovery from China to the U.S. boost optimism that demand will gain and as Codelco has seen solid interest from Chinese customers.

PRECIOUS METALS

Gold headed for a monthly gain as holdings in exchange-traded funds climbed to the highest ever. Palladium is poised for the best monthly advance in two years.

GRAINS, OILSEEDS, SOFT COMMODITIES

Palm oil is set for a third monthly decline on concern that stockpiles in Malaysia may expand from a record and as Godrej International Ltd.’s Dorab Mistry predicted that vegetable oils may tumble into a bear market next year.

To contact the reporter on this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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