Oil Rises; Hogs Decline; Soybeans Climb: Commodities at Close
Oil rose from the lowest price in more than a week in New York as investors speculated that signs of a strengthening U.S. economy will bolster fuel demand in the the world’s biggest crude user.
Crude for April delivery climbed as much as 52 cents to $105.95 a barrel in electronic trading on the New York Mercantile Exchange. It was at $105.73 at 4:10 p.m. Singapore time. Yesterday, the contract fell $1.28 to $105.43, the lowest settlement since March 6. Prices are up 7 percent in 2012.
Natural gas futures declined in New York amid forecasts for warmer-than-normal weather through the end of the month that may limit demand for the heating fuel.
The premium of gasoil, or diesel, to Asian marker Dubai crude rose $1.04 to $16.32 a barrel at 12:15 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This crack spread, a measure of processing profit, is the widest since Feb. 17. Gasoil swaps for April were unchanged after advancing to $137.70 a barrel, the highest since May last year, PVM said.
April naphtha swaps fell $4.75, or 0.5 percent, to $1,061.75 a metric ton, according to PVM. The petrochemical feedstock is the lowest in five days. Naphtha’s premium to London-traded Brent crude futures, also known as the crack spread, was down $4.45 at $120.53 a ton, according to data compiled by Bloomberg.
Gold may snap a three-day decline, as the drop to the lowest level in two months encouraged purchases. Silver and platinum advanced.
Spot gold traded little changed at $1,647.24 by 3:34 p.m. Singapore time, after swinging between gains and losses. The metal, which lost 4 percent in the past three days, yesterday slumped to $1,634.53 an ounce, the lowest since Jan. 16, as the dollar advance to the highest level in a month against the euro and reached an 11-month high versus the yen.
Copper for three-month delivery climbed 0.1 percent to $8,470 a metric ton by 9:08 a.m. on the London Metal Exchange after dropping as much as 0.6 percent and climbing as much as 0.2 percent. The May-delivery contract rose 0.1 percent to $3.851 a pound on the Comex in New York.
GRAINS, SOFT COMMODITIES
Soybeans advanced for a third day to the highest level in six months on concern that forecasts of a lower harvest inBrazil would limit global supplies amid growing demand from China.
The May-delivery contract increased as much as 0.9 percent to $13.6175 a bushel on the Chicago Board of Trade, the highest price for a most active-contract since Sept. 16, and was at $13.5925 at 1:55 p.m. Singapore time. Futures have gained 12.5 percent this year.
Corn for May delivery gained 0.3 percent to $6.6075 a bushel, while wheat for delivery in the same month climbed 0.2 percent to $6.4525 a bushel.
The May-delivery contract climbed as much as 0.8 percent to 3,413 ringgit ($1,116) a metric ton on the Malaysia Derivatives Exchange, the highest level for a most-active contract since June 6, and was at 3,403 ringgit at 4:55 p.m. in Kuala Lumpur. Futures have gained 7.4 percent this year.
Cotton for May delivery fell 1 percent to settle at 87.14 cents a pound yesterday on ICE Futures U.S. in New York, the biggest drop for a most-active contract since March 7. The fiber has tumbled 56 percent in the past 12 months.
Orange-juice futures for May delivery advanced 1.1 percent to $1.878 a pound in New York. The price has climbed 11 percent this year.
Arabica coffee for May delivery slid 1.4 percent to close at $1.836 a pound at 1:46 p.m. on ICE Futures U.S. in New York.
Raw-sugar futures for May delivery climbed 1.3 percent to 24.44 cents a pound on ICE. Cocoa futures for May delivery tumbled 2.4 percent to $2,314 a metric ton in New York.
Cattle futures for June delivery declined 0.7 percent to settle at $1.239 a pound yesterday on the Chicago Mercantile Exchange. The price has gained 2 percent this year.