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Oil Rises; Hogs Decline; Soybeans Climb: Commodities at Close

15 Mar 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.1 percent to 703.88 at 5:59 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gained 0.2 percent to 1,631.077.


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 swung between gains and losses in London as investors weighed more evidence of slowing growth in Chinaagainst signs of U.S. economic expansion.

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.


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.

Palm oil climbed to the highest level in more than nine months on speculation that exports from Malaysia, the world’s second-biggest supplier, will increase for the first time in five months.

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.