Oil Rises From Week Low, Gold Declines: Commodities at Close
Oil rose from the lowest in almost a week in New York before European leaders meet to discuss how to tame the region’s debt crisis and fight off a recession that may curb demand for commodities.
Crude for January delivery climbed as much as 57 cents to $101.06 a barrel in electronic trading on the New York Mercantile Exchange. Yesterday, the contract fell 0.8 percent to $100.49, the lowest settlement since Dec. 1. Futures are up 10 percent this year after advancing 15 percent in 2010.
Naphtha’s premium to London-traded Brent crude futures fell to $75 a ton from $85 a ton at the end of Asian trading yesterday, according to data compiled by Bloomberg. Japan’s open-specification naphtha forward contracts for second-half January delivery were bid at $909 a ton against offers at $912, based on data from Ginga Petroleum Singapore Pte, a broker.
The premium of gasoil, or diesel, to Asian marker Dubai crude fell 37 cents to $18.58 a barrel, according to PVM Oil Associates Ltd., a broker. This crack spread narrowed for the third time in four days.
Three-month delivery copper swung between gains and losses before trading little changed at $7,820.50 a metric ton on the London Metal Exchange. Copper for February delivery on the Shanghai Futures Exchange closed 0.9 percent lower at 57,860 yuan ($9,094) a ton.
Immediate-delivery gold fell for the first day in three, losing as much as 0.4 percent to $1,734.88 an ounce. Palladium futures dropped 1.2 percent to $677.60 an ounce.
GRAINS, OILSEEDS, LIVESTOCK
The March-delivery wheat contract fell as much as 0.9 percent to $5.95 per bushel on the Chicago Board of Trade, the lowest level since Nov. 29, extending yesterday’s 2 percent drop. Corn for delivery in the same month shed as much as 0.9 percent to $5.875 per bushel.
Soybeans for January delivery slid as much as 0.8 percent to $11.2225 a bushel after advancing as much as 0.3 percent.
Cotton for March delivery dropped 1.6 percent to settle at 92.31 cents a pound on ICE Futures U.S. in New York yesterday, ending a four-session rally. The price has tumbled 36 percent this year as demand waned in China and global production rose.
Why Spencer Ogden
We’ve won awards for what we do
Proactive, professional and passionate about recruitment is how we do it. Our Graduate Academy is an intensive training ground for the world’s top graduates. Thanks to the know-how of leading managers and directors, we turn them into the best recruitment professionals in the industry.Join our team