Gold Climbs for Fifth Day; Copper Advances: Commodities at Close

Author: Spencer Ogden
Date posted05/Jan/2012
Author: Spencer Ogden

The Standard & Poor’s GSCI gauge (SPGSCI) of 24 commodities fell 0.3 percent to 667.84 as of 5:09 p.m. in Singapore. The UBS Bloomberg CMCI index (CMCIPI) of 26 raw materials declined 0.3 percent to 1,556.S


Oil traded near the highest in almost eight months as speculation that sanctions against Iran will curb crude supplies countered concern that Europe’s debt crisis will worsen and slow demand.

Crude for February delivery was at $103.28, up 6 cents, in electronic trading on the New York Mercantile Exchange at 4:13 p.m. in Singapore. It earlier rose as much as 0.5 percent after falling 0.4 percent. The contract yesterday climbed to $103.22, the highest close since May 10. Prices advanced 8.2 percent in 2011, the third annual increase.





Gasoil, or diesel, swaps for February climbed $2.25, or 1.8 percent, to $128.45 a barrel at 11:30 a.m. Singapore time, according to PVM Oil Associates Ltd., a broker. Prices are the highest since Nov. 17.

Gasoil’s premium to Asian marker Dubai crude rose 51 cents to $18.85 a barrel, PVM said. This crack spread, a measure of processing profit, is the widest since Dec. 9.

Japan’s open-specification naphtha swaps increased $16.75, or 1.8 percent, to $944 a ton, according to PVM data. The petrochemical feedstock is the highest since Sept. 21.

Naphtha’s premium to London-traded Brent crude futures added $4.52 to $80.40 a ton, based on data compiled by Bloomberg. This crack spread is the widest in three days.


Cash gold rose as much as 0.8 percent to $1,623.97 an ounce, the highest since Dec. 21, by 3:10 p.m. in Singapore. The metal rose 4.9 percent in the four trading sessions from Dec. 30 as tension between Europe and Iran increased over its nuclear program. February-delivery bullion advanced as much as 0.8 percent to $1,625 on the Comex.


Three-month copper increased as much as 1.5 percent to $7,653.75 per metric ton on the London Metal Exchange and traded at $7,635 by 3:11 p.m. Seoul time. The price yesterday fell 3.2 percent, the biggest drop since Dec. 14. The March-delivery contract rose 1 percent to $3.4685 a pound on the Comex.


March-delivery wheat fell 0.5 percent to $6.47 a bushel on the Chicago Board of Trade at 2:19 p.m. Singapore time. Corn for March delivery slipped 0.2 percent to $6.5725 a bushel, erasing an earlier gain of 0.2 percent. Soybeans for delivery in March were little changed at $12.305 a bushel.

The March-delivery palm oil contract declined as much as 0.6 percent to 3,206 ringgit ($1,021) per metric ton on the Malaysia Derivatives Exchange and was at 3,220 ringgit at 12:21 p.m. in Kuala Lumpur. The contract closed unchanged at 3,225 ringgit yesterday from Jan. 3, the highest close since Nov. 18.

Hog prices fell yesterday from a one-week high on speculation that U.S. pork supplies are increasing. Cattle futures were little changed. Carcasses averaged 211.49 pounds (95.9 kilograms) on Dec. 30, the highest since Jan. 7, 2011 and more than 2 pounds heavier than a year earlier, U.S. Department of Agriculture data show.

Hog futures for February settlement fell 0.4 percent to settle at 85.175 cents a pound yesterday on the Chicago Mercantile Exchange. Earlier, the commodity reached 86 cents, the highest since Dec. 28. The price has climbed 10 percent in the past year.