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Copper, Crude Oil Rise; Gold Prices Drop: Commodities at Close

29 May 2012
The Standard & Poor’s GSCI gauge of 24 commodities fell 0.4 percent to 631.26 at 5:13 p.m. Singaporetime. The UBS Bloomberg CMCI index of 26 raw materials decreased 0.4 percent to 1,495.480.


Oil rose for a third day in New York as speculation that economic growth will boost fuel demand in the U.S. and China, the world’s biggest crude consumers, countered concern Europe’s debt crisis will worsen.

Crude for July delivery climbed as much as $1.13 to $91.99 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.36 at 2:08 p.m. Singapore time. Floor trading was closed yesterday for the U.S. Memorial Day holiday and transactions will be booked with today’s trades for settlement purposes. Front-month prices are down 7.6 percent this year.


Natural gas extended its decline in New York amid forecasts that cooler weather will follow a heat wave, limiting demand for fuel at power plants.

Gas for June delivery fell as much as 3.4 percent from the settlement on May 25. Floor trading was closed yesterday for the U.S. Memorial Day holiday and transactions will be booked with today’s trades for settlement purposes.


The premium of gasoil, or diesel, to Asian marker Dubai crude fell 2 cents to $14.92 a barrel at 2:18 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This crack spread, a measure of processing profit, is the narrowest since March 26. Gasoil swaps for June declined 80 cents, or 0.7 percent, to $119.05 a barrel, PVM said.

High-sulfur fuel oil swaps for June were down $6, or 0.9 percent, at $654 a metric ton, according to PVM. Prices slid the most since May 18. Fuel oil was at a discount of $1.14 a barrel to Dubai crude, PVM data showed. That’s the biggest gap in five days, indicating widening losses for refiners turning crude into residual products.

Naphtha swaps for June dropped $12, or 1.4 percent, to $858 a ton, according to PVM. The petrochemical and gasoline feedstock ended a two-day advance.


Gold declined for the first time in three days, set for the worst run of monthly losses since 1999, as concern that Europe’s fiscal turmoil is worsening boosted the dollar. Platinum fell.

Spot gold lost as much as 0.6 percent to $1,571.43 an ounce and was at $1,578.37 at 3:04 p.m. in Singapore. Bullion is 5.2 percent lower this month, the biggest drop since December and the fourth straight monthly decline. The dollar has gained 4.4 percent against a six-currency basket including the euro in May.

Spot silver rose as much as 0.8 percent to $28.6275 an ounce, and was last at $28.6225. Palladium climbed as much as 0.6 percent to $609.13 an ounce, extending yesterday’s 2.6 percent advance, and last traded at $608.25.


Copper rose for a fourth day, paring the biggest monthly drop since September, on speculation that China will do more to boost growth in the world’s biggest user and as concern eased that Greece will exit the euro.

Copper for three-month delivery on the London Metal Exchange gained 0.8 percent to $7,747.75 a metric ton at 4:40 p.m. Seoul time. Prices are down 7.8 percent this month, heading for a third monthly loss and trimming this year’s gains to 1.9 percent, amid concerns that Europe’s debt crisis will crimp demand. The July-delivery contract rose 1.3 percent to $3.494 a pound on the Comex in New York.

Copper for September delivery on the Shanghai Futures Exchange fell 0.2 percent to close at 56,080 ($8,837) a ton.