Crop Prices Gain; Crude Climbs; Gold Rises: Commodities at CloseChristian Schmollinger
The Standard & Poor’s GSCI gauge of 24 commodities rose 0.4 percent to 652.41 at 5:56 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials increased 0.4 percent to 1,581.513.
Oil gained in New York, heading for the highest close since September, while Brent crude’s premium to West Texas Intermediate fell to a four-month low after the start of a pipeline that may reduce a glut in the U.S. Midwest.
Crude for February delivery rose as much as 73 cents to $94.29 a barrel and was at $94.18 in electronic trading on the New York Mercantile Exchange at 3:50 p.m. Singapore time. Volume for all contracts was 11 percent higher than the 100-day moving average. Prices fell 26 cents to $93.56 on Jan. 11 and climbed 0.5 percent last week.
Brent for February settlement was at $111.02 a barrel, up 38 cents, on the London-based ICE Futures Europe exchange. The number of contracts changing hands was 32 percent higher than
Asia’s naphtha crack spread shrinks to the narrowest in 10 weeks, signaling reduced profit for refiners making the petrochemical and gasoline feedstock.
• Light Distillates • Naphtha’s premium to London Brent crude down $21.64 at $76.80/ton at 10:33 a.m. Singapore time, according to data compiled by Bloomberg • Crack spread narrowest since Nov. 6 • February naphtha swaps down $19, or 2%, at $913/ton, according to PVM Oil Associates Ltd. • Gasoline reforming margin on Jan. 11 rose 25 cents to close at $14.88/bbl, data compiled by Bloomberg show
• Middle Distillates • Gasoil’s premium to Dubai crude down 32 cents at $19.72/bbl at 10:19 a.m. Singapore time, according to PVM • Crack spread narrowest in four days • February gasoil swaps down 85 cents, or 0.7%, at $125.85/bbl • Jet fuel regrade unchanged after rising to premium of 40 cents/bbl
• Fuel Oil • High-sulfur fuel oil’s discount to Dubai crude widens 26 cents to $5.82/bbl at 10:19 a.m. Singapore time, according to PVM • Crack spread increases for first time in a week • February HSFO swaps down $5, or 0.8%, at $637/ton
Copper gained after Federal Reserve Bank of Chicago President Charles Evans said the U.S. central bank should keep policy accommodative to support the economy and China equities jumped by the most in three weeks.
Metal for delivery in three months on the London Metal Exchange rose as much as 0.8 percent to $8,110 a metric ton, before trading at $8,098.50 at 2:10 p.m. in Shanghai. It declined 0.5 percent last week. Tin advanced to $24,980 a ton,
Gold advanced after Federal Reserve Bank of Chicago President Charles Evans said the U.S. central bank should keep policy accommodative to support the economy while lawmakers reduce government spending.
Gold for immediate delivery climbed as much as 0.4 percent to $1,669.47 an ounce and traded at $1,669.05 at 3:27 p.m. in Singapore. Prices advanced 0.4 percent last week, the first weekly gain since Nov. 23. Bullion for February delivery rose 0.5 percent to $1,668.90 on the Comex in New York.
Silver for immediate delivery climbed as much as 1.1 percent to $30.7950 an ounce and traded at $30.7575. Spot
GRAINS, OILSEEDS, SOFT COMMODITIES
Crop prices climbed, with corn heading for the longest rally since February, as U.S. government estimates showed shrinking stockpiles after the worst drought since the 1930s wilted crops across the Midwest.
Corn for March delivery climbed as much as 1.8 percent to $7.215 a bushel in Chicago, near the highest level since Dec. 18, before trading at $7.2125 at 2:46 p.m. in Singapore.
Wheat for March delivery rose 1.6 percent to $7.6675 a bushel, while soybeans gained 1.6 percent to $13.9475 a bushel.
March-delivery palm oil contract trades at 2,362 ringgit at