Soybeans Fall; Brent at Nine-Month High: Commodities at Close
Brent traded near a nine-month high in London after climbing for a fourth week, the longest streak of gains since July. World powers will be unable to stop Iran’s technological advancement, President Mahmoud Ahmadinejad said.
Brent for March settlement was at $118.61 a barrel, down 29 cents, on the London-based ICE Futures Europe exchange at 4:03 p.m. Singapore time. The number of futures exchanged was 36 percent below the 100-day average. The contract increased $1.66 to $118.90 on Feb. 8, the highest since May 1. The European benchmark grade was at a premium of $23.06 to WTI. It closed at $23.18 on Feb. 8, the widest since Nov. 26.
WTI crude for March delivery was at $95.55 a barrel, down 17 cents, in electronic trading on the New York Mercantile Exchange. The contract slid 11 cents to $95.72 on Feb. 8, the lowest since Jan. 23. The volume of all contracts traded was 41 percent below the 100-day average.
Tin advanced on prospects for a fourth year of shortages as copper declined on concerns that slowing industrial production from Europe to the U.S. may curb demand amid the highest stockpiles since November 2011.
Tin for three-month delivery gained 0.7 percent to $25,029 a metric ton on the London Metal Exchange at 3:39 p.m. in Singapore. Copper lost as much as 0.2 percent to $8,280 a ton and traded at $8,284. Markets in China, the world’s biggest metals consumer, and in Hong Kong, Japan, Korea, Singapore and Malaysia are closed today for Lunar New Year holiday.
Zinc was little changed at $2,206 a ton after reaching $2,218 on Feb. 8, the most expensive since Jan. 26, 2012. LME inventories dropped for a third week to the lowest since November, data compiled by Bloomberg show.
Aluminum rose 0.4 percent to $2,127 a ton, lead lost 0.1 percent to $2,419 a ton and nickel was little changed at $18,325 a ton.
Silver gained, while gold was little changed before European finance chiefs meet today to discuss aid to Cyprus and Greece. Palladium declined.
Silver for immediate delivery advanced as much as 0.3 percent to $31.495 an ounce before trading at $31.4775 at 1:16 p.m. in Singapore. Cash gold traded at $1,668.25 an ounce, while palladium fell 0.4 percent to $752.25 an ounce. Markets in Japan, China, Hong Kong, South Korea, Taiwan, Vietnam, Singapore and Malaysia are closed today for public holidays.
Gold for April delivery rose as much as 0.2 percent to $1,670 an ounce on the Comex and was at $1,668.60. Futures were little changed at 30,827 rupees per 10 grams ($1,785.52 an ounce) on the Multi Commodity Exchange of India Ltd.
Spot platinum was also little changed at $1,715.75 an ounce after climbing 1.9 percent last week.
GRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans declined for a fourth day, the longest losing streak in a month, after the U.S. Department of Agriculture raised its estimate for world inventories. Corn fell to the cheapest level since Jan. 11.
Soybeans for March delivery dropped as much as 1.4 percent to $14.3225 a bushel on the Chicago Board of Trade, the lowest level since Jan. 25, extending a 2.3 percent slump on Feb. 8. Futures were at $14.3475 by 2:30 p.m. Singapore time. Corn for delivery in the same month lost as much as 0.5 percent to $7.055 a bushel and traded at $7.0575. Wheat for March delivery declined 0.2 percent to $7.545 a bushel.
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