Crude Oil Declines; Copper, Gold Increase: Commodities at Close
Oil fell for the first time in four days, paring a third weekly advance in New York, on speculation that its rise to a three-month high was not sustainable.
Oil for September delivery fell as much as 62 cents to $94.98 a barrel in electronic trading on the New York Mercantile Exchange. It was at $95.11 at 2:45 p.m. Singapore time. The contract increased $1.27 yesterday to settle at $95.60, the highest price since May 11.
Natural gas futures dropped for a third day in New York amid forecasts for cooler-than-normal weather that may reduce fuel demand for electricity generation and add to a supply glut.
Gas slipped as much as 0.9 percent today. Commodity Weather Group LLC predicted normal or below-normal temperatures in most of the eastern and central U.S. through Aug. 25 after a July that was the hottest month on record.
Japan naphtha’s premium to London-traded Brent crude futures rose $22.24, or 30 percent, to $96.51 a metric ton at 11:17 a.m. Singapore time, according to data compiled by Bloomberg. The premium is the widest since May. Naphtha swaps for September gained $3.25, or 0.3 percent, to $958.25 a ton, according to data from PVM Oil Associates Ltd., a broker.
The premium of gasoil to Dubai crude fell 35 cents, or 1.8 percent, to $19.30 a barrel, PVM data showed. The spread declined for the first time since Aug. 13. Gasoil swaps for September dropped 20 cents, or 0.2 percent, to $130.25 a barrel.
Copper rose for a second day after U.S. building permits climbed to a four-year high, indicating demand may improve from the second-largest user.
Copper for delivery in three months advanced as much as 0.4 percent to $7,475 a metric ton on the London Metal Exchange , before trading at $7,468 at 2:09 p.m. Shanghai time. The contract has lost 0.3 percent this week.
Gold is set to gain for a third day, paring a weekly loss, on speculation governments from China to U.S. may take steps to spur growth. Platinum rose to a five-week high after production disruptions at a mine in South Africa.
Gold for immediate delivery rose as much as 0.2 percent to $1,618.52 an ounce and was at $1,617.90 at 2:48 p.m. in Singapore. The price is down 0.1 percent this week. December- delivery bullion was little changed at $1,620.10 on the Comex in New York.
Spot platinum gained as much as 0.6 percent to $1,450 an ounce, the highest since July 10, before trading at $1,449.50. The metal rallied 3.3 percent yesterday amid disruptions at the mine owned by Lonmin Plc (LMI), the third-biggest producer.
GRAINS, OILSEEDS, SOFT COMMODITIES
Wheat gained, paring a second weekly loss, as inventories declined in Russia, last year’s third-biggest shipper, and the onset of El Nino threatens the Australian crop. Corn dropped.
December-delivery wheat advanced as much as 0.9 percent to $8.895 a bushel on the Chicago Board of Trade. Futures were $8.885 a bushel at 3:28 p.m., set for a 1.4 percent weekly loss.
December-delivery corn lost as much as 0.6 percent to $8.03 a bushel on the Chicago Board of Trade. The most-active contract was at $8.0525 a bushel, poised for a 0.5 percent loss this week. Futures, which reached a record $8.49 on Aug. 10, are up 25 percent this year, after the worst drought in a century parched crops.
Soybeans for November delivery were little changed at $16.2575 a bushel, heading for a weekly decline of 1.1 percent.
The November-delivery contract gained as much as 0.6 percent to 2,959 ringgit ($944) a metric ton on the Malaysia Derivatives Exchange, the highest price for the most-active contract since Aug. 1, and ended the morning session at 2,950 ringgit in Kuala Lumpur. Futures, which dropped to a 10-month low of 2,820 ringgit on Aug. 14, are poised to advance 2.4 percent this week.
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