Rubber, Palm Oil, Gold Climb; Crude Falls: Commodities at CloseChristian Schmollinger
The Standard & Poor’s GSCI gauge of 24 commodities was at 675.95 on Feb. 15. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.1 percent to 1,597.301.
West Texas Intermediate oil fell for a second day, extending the biggest drop in two weeks, while Brent futures advanced. Saudi Arabia’s crude shipments slid to a 15-month low in December.
Crude for March delivery fell as much as 41 cents to $95.45 a barrel in electronic trading on the New York Mercantile Exchange. It was at $95.60 at 3:55 p.m. Singapore time. The contract dropped $1.45 to $95.86 on Feb. 15. April futures were down 28 cents at $96.13. The volume of all contracts traded was 25 percent below the 100-day average.
Brent oil for April settlement on the London-based ICE Futures Europe exchange gained 7 cents to $117.73 a barrel with trading volume 42 percent below the 100-day average. The European benchmark crude was at a premium of $21.60 to WTI
OIL PRODUCTS The East-West fuel oil spread was at the narrowest level in more than two weeks. Asia’s gasoil crack rises.
• Fuel Oil • Singapore fuel oil’s discount to Dubai crude narrows 11 cents to $8.60/bbl at 11:14 a.m. Singapore time, according to data compiled by Bloomberg. • March 180-fuel oil swap up $1.49 at $664.55/mt • March fuel oil swap trades $1.23/mt below April contract • Viscosity spread widens 7 cents to $6.75/mt • March East-West fuel oil spread at $26.89/mt, lowest since Jan. 31
• Middle Distillates • Singapore gasoil’s premium to Dubai crude up $1.01 at $21.45/bbl • March gasoil swap up $1.13 at $134.70/bbl • March gasoil swap trades 60 cents/bbl above April contract • March East-West gasoil spread down 5 cents at $3.75/mt • Jet fuel regrade at 20 cents/bbl, unchanged from last week • March kerosene swap trades 90 cents/bbl above April contract
• Light Distillates • Singapore naphtha’s discount to London Brent crude widens 8 cents to $5.75/bbl • March Japan naphtha swaps up $1.98 at $1,006.81/mt • March East-West naphtha spread up 12 cents to $10.60/mt
• Crude • Brent crude for April settlement on ICE Futures Europe
Aluminum in London declined by the most in three weeks as markets in Shanghai reopened after a week-long holiday amid expectations of growing supplies. Copper, zinc, lead, nickel and tin also fell.
Aluminum for delivery in three months fell as much as 1.2 percent to $2,143 a metric ton on the London Metal Exchange, the most since Jan. 25. The metal climbed to $2,174 on Feb. 15, the highest in six weeks and recorded a 2.3 percent weekly advance. Futures for delivery in May on the Shanghai Futures Exchange closed 0.7 percent lower at 15,140 yuan ($2,427) a ton.
Copper for delivery in three months on the LME fell 0.5 percent to $8,166 a ton as of 3:44 p.m. Shanghai time, while its
Gold advanced, rebounding from its worst weekly performance since May, as prices at the cheapest in six months lured buyers. Silver and platinum gained.
Spot gold rose as much as 0.6 percent to $1,618.90 an ounce, and traded at $1,614.23 by 3:01 p.m. in Singapore. Gold slumped to $1,598.23 on Feb. 15, the lowest since August. Silver and platinum added at least 0.4 percent, while palladium fell.
Cash silver climbed 0.9 percent to $30.06 an ounce, after slumping to a six-week low of $29.6775 on Feb. 15. Spot platinum
GRAINS, OILSEEDS, SOFT COMMODITIES
Rubber rose from the largest weekly loss since November as Japan’s currency weakened, boosting the appeal of yen-denominated contracts amid declining output of the commodity during a low production season.
The contract for July delivery gained 0.9 percent to close at 324.2 yen a kilogram ($3,448 a metric ton) on the Tokyo Commodity Exchange. Futures fell 2.7 percent last week, the most since the week through Nov. 9.
Palm oil advanced for the first time in four sessions on speculation that Malaysia may boost exports this month before a tax is imposed in March, reducing near record inventories in the world’s second-largest producer.
The contract for delivery in April, the most-active by open interest, climbed as much as 1.7 percent to 2,525 ringgit ($815) a metric ton on the Malaysia Derivatives Exchange, and was at