Palm Oil Climbs; Gold Prices Set to Gain: Commodities at Close

By Christian Schmollinger - Apr 17, 2012 5:35 PM GMT+0800

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.4 percent to 678.38 at 5:29 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gained 0.1 percent to 1,564.482.

CRUDE OIL
Oil traded near the highest close in two days in New York after a bigger-than-projected gain in U.S. retail sales countered concern that rising crude prices will curb economic growth.

Crude for May delivery was at $102.84 a barrel, down 9 cents, in electronic trading on the New York Mercantile Exchange at 3:09 p.m. Singapore time. The contract yesterday gained 10 cents to $102.93, the highest close since April 12. Prices are 4.1 percent higher this year.

NATURAL GAS
Natural gas futures fell after rising yesterday for the first time in five days on concerns of excess supply.

OIL PRODUCTS
The premium of gasoil, or diesel, to Asian marker Dubai crude rose 92 cents to $16.80 a barrel at 11:20 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This crack spread, a measure of processing profit, widened by the largest percentage since Dec. 7. Gasoil swaps for May fell 70 cents, or 0.5 percent, to $131.50 a barrel, PVM said. That’s the lowest since Feb. 14.

High-sulfur fuel oil swaps for May declined $6.75, or 0.9 percent, to $718.75 a metric ton, according to PVM. That’s the lowest since Feb. 8. Fuel oil increased 58 cents to $4.12 a barrel below Dubai crude, PVM said. That’s the smallest discount in nine weeks, indicating reduced losses for refiners turning oil into residual products.

PRECIOUS METALS
Gold may gain for the first time in three days in London as concern about the euro area’s debt crisis spurs demand for the metal as a protection of wealth.

Bullion for immediate delivery slipped 0.1 percent to $1,650.60 an ounce by 9:14 a.m. in London. June-delivery futures gained 0.1 percent to $1,651.30 on the Comex in New York.

BASE METALS
Copper may fall for a third day in London amid signs economies are slowing in China and the U.S., the world’s two biggest consumers of the metal.

Copper for three-month delivery slipped 0.1 percent to $7,975 a metric ton by 10:22 a.m. on the London Metal Exchange. The July-delivery contract fell 0.4 percent to $3.6225 a pound on the Comex in New York.

GRAINS, SOFT COMMODITIES
Soybeans rose for the first time in three sessions on signs that demand is increasing in China, the world’s biggest consumer. Wheat also gained and corn was steady. support is coming from the recovery in Chinese meal prices.’’

Soybeans for July delivery climbed 0.5 percent to $14.32 a bushel on the Chicago Board of Trade by 10:08 a.m. London time. The price fell 1.4 percent in the previous two sessions as rains boosted soil moisture in the U.S. Midwest before planting starts in the next month. Corn futures for July delivery were little changed at $6.14 a bushel.

Wheat for July delivery rose 0.5 percent to $6.2425 a bushel in Chicago. Futures lost 3.6 percent in the past two sessions. In Paris, milling wheat for November delivery rose 0.4 percent to 199.50 euros ($262.62) a ton on NYSE Liffe, after dropping 2.2 percent the previous two days.

Palm oil, little changed, may gain for the first time in four days as rainfall in the biggest producing region in Malaysia disrupt harvests, and as soybeans advanced on oilseed supply concerns.

The July-delivery contract climbed as much as 0.4 percent to 3,500 ringgit ($1,140) a metric ton on the Malaysia Derivatives Exchange, and ended the morning session at 3,491 ringgit in Kuala Lumpur.

Rubber declined on concern that slower Chinese economic growth and the worsening European debt crisis may damp demand for the raw material used to make tires.