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Copper Rises; Soybeans, Palm Oil Decline: Commodities at Close

17 Jan 2013

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.1 percent to 654.16 at 5:08 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials increased 0.02 percent to 1,579.270.


Oil traded near the highest level in four months in New York as a surprise drop in U.S. crude stockpiles countered concern the global economic recovery may falter and curb fuel demand.

Crude for February delivery was at $93.99 a barrel, down 25 cents, in electronic trading on the New York Mercantile Exchange at 3:39 p.m. Singapore time. The contract climbed 96 cents to $94.24 yesterday, the most since Jan. 2. It was the highest close since Sept. 18.

Brent for March settlement on the London-based ICE Futures Europe exchange was up 7 cents at $109.75 a barrel. The European benchmark crude was at a premium of $15.76 to New York-traded West Texas Intermediate for the same month. The spread was at $16.37 yesterday, the narrowest since Sept. 19.

OIL PRODUCTS Asia gasoil’s premium to Dubai crude rose to the highest level in four months. Fuel oil’s discount shrank by the most in almost two weeks.

• Middle Distillates• Gasoil crack rises 47 cents to $20.71/bbl at 9:53 a.m.Singapore time, according to PVM Oil Associates• Crack is the widest since Sept. 19• Feb. gasoil swap falls 35 cents to $125.70/bbl• Jet fuel’s premium to gasoil unchanged at 55 cents/bbl, the widest in seven weeks

• Fuel Oil• High-sulfur fuel oil’s discount to Dubai narrows 74 cents to $5.50/bbl, PVM data show• Fuel oil crack shrinks 12 percent, the most since Jan. 4, signaling smaller refining losses from the fuel• HSFO swap for Feb. falls 50 cents to $631.75/ton• March swaps trade at discount of 50 cents/ton to Feb. swaps• Viscosity spread unchanged at $7.25/ton

• Light Distillates• Japan’s naphtha crack to Brent falls $3.70 to $83.22/ton, according to Bloomberg data• Feb. naphtha swap slips $10.25 to $910/ton, PVM data shows• Gasoline reforming margin widened $1.88 to $15.52/bbl yesterday, according to Bloomberg data


Copper climbed for the first time in five days after economic data raised expectations that demand will improve inChina and the U.S., the two largest users.

Metal for delivery in three months rose as much as 0.4 percent to $7,978.25 a metric ton on the London Metal Exchange, before trading at $7,958 at 2:06 p.m. in Shanghai. Copper fell to $7,920 yesterday, the lowest level since Dec. 31. Futures for March delivery on the Comex in New York gained 0.2 percent to $3.615 per pound.