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.