Oil Trades Near $100, Natural Gas Rises: Commodities at Close

Author: Spencer Ogden
Date posted24/Jan/2012
Author: Spencer Ogden
The Standard & Poor’s GSCI gauge of 24 commodities slid 0.2 percent to 657.81 at 5:48 p.m. Singaporetime. The UBS Bloomberg CMCI index of 26 raw materials was little changed at 1,581.084.


Oil traded near $100 a barrel in New York on concern Iranmay respond to a European embargo on its crude exports by following through on threats to disrupt Persian Gulf shipping.





Gold bullion for immediate delivery fell $2.80, or 0.2 percent, to $1,674.38 an ounce by 9:09 a.m. in London. Gold for February delivery was down 0.2 percent at $1,674.40 on the Comex in New York.

Silver for immediate delivery was little changed at $32.3369 an ounce after reaching $32.785 yesterday, the most since Dec. 8. It’s the best-performing precious metal this year with a gain of 16 percent.


Three-month copper rose 0.4 percent to $8,395.25 per metric ton on the London Metal Exchange at 3:39 p.m. in Tokyo after gaining 1.8 percent yesterday. The price touched $8,428.50 on Jan. 20, the highest price since Sept. 20. The March-delivery contract advanced 0.3 percent to $3.809 per pound on the Comex. Markets in China are closed for Lunar New Year holidays.


Soybeans for March delivery lost as much as 0.5 percent to $12.11 a bushel on the Chicago Board of Trade and were at $12.1575 at 3:33 p.m. in Singapore. The contract rose 2.6 percent yesterday, the most since Jan. 9. Corn for March fell 0.2 percent to $6.19 a bushel.

Wheat futures lost as much as 0.6 percent to $6.16 a bushel and traded little changed at $6.1925.

Arabica coffee for March delivery fell 2.6 percent to settle at $2.1945 pound at 2 p.m. on ICE Futures in New Yorkyesterday, the biggest drop for a most-active contract since Jan. 13. The commodity has declined 3.3 percent in January.

Raw-sugar futures for March delivery rose 0.3 percent to 24.96 cents a pound in New York. The price advanced for the sixth straight session, the longest rally since November 2010. The commodity has climbed 7.1 percent in January. Cocoa futures for March delivery advanced 0.4 percent to $2,269 a metric ton in New York. The price has climbed 7.6 percent this month.