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Gold, Rubber, Wheat Rise; Palm Oil Falls: Commodities at Close

19 Dec 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.2 percent to 641.11 at 5:28 p.m. Singaporetime. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.02 percent to 1,580.982.


Oil traded near the highest level in two weeks in New Yorkafter an industry report showed stockpiles fell the most in more than three months in the U.S., the world’s biggest crude consumer.

Crude for January delivery was at $88.01 a barrel, up 8 cents, in electronic trading on the New York Mercantile Exchangeat 3:54 p.m. Singapore time. The contract expires today. The more-actively traded February future added 8 cents to $88.48. The volume traded for all contracts was 53 percent below the average of the past 100 days. Front-month futures rose 0.8 percent yesterday to $87.93, the highest close since Dec. 4.


Asia fuel oil’s discount to Dubai crude widened. Naphtha’s premium to Brent crude gained for the second time in the past three days.

• Fuel Oil• High-sulfur fuel oil’s discount, or the crack spread, to Dubai crude widens 10 cents to $7.46/bbl at 10:21 a.m. Singapore time, according to PVM Oil Associates.• Discount to crude is the biggest since Dec. 6• High-sulfur fuel oil swaps for Jan. rise $2.25 to $617.75/ton.• Feb. swaps trade at $2.75/ton premium to Jan. swap• Viscosity spread unchanged at $10.25/ton

• Middle Distillates• Gasoil crack to Dubai unchanged at $19.21/bbl, PVM data showed• Jan. gasoil swaps rose 45 cents to $123.95/bbl• Jet fuel regrade at a premium of 30 cents/bbl

• Light Distillates• Japan naphtha’s crack to Brent crude rose $5.35 to $115.85/ton, according to Bloomberg data• Jan. naphtha swap rose $6.25 to $936.75/ton, PVM data showed• Gasoline reforming margin yesterday rose 38 cents to $13.18/bbl in Singapore, Bloomberg data showed


Copper traded near the lowest level in more than a week as inventories at London Metal Exchange warehouses climbed to a nine-month high. Zinc, lead and nickel also declined.

Metal for delivery in three months was little changed at $8,021.50 a metric ton on the LME at 2 p.m. Shanghai time. It fell to $8,006.25 on Dec. 17, the lowest since Dec. 7. Copper for March delivery on the Shanghai Futures Exchange fell 0.4 percent to 57,630 yuan ($9,250) a ton.


Gold rebounded from the lowest price in more than three months as some investors ended bets on declines, with U.S. lawmakers seeking an agreement on a new budget to avert automatic spending cuts and tax rises.

Gold for immediate delivery gained as much as 0.3 percent to $1,676.85 an ounce and was at $1,675.50 at 1:45 p.m. in Singapore. The price fell to $1,661.10 yesterday, the lowest since Aug. 31, as optimism that a deal may be reached boosted equities and pared demand for the metal as an alternative asset.