The Standard & Poor’s GSCI gauge of 24 commodities fell 0.6 percent to 672.09 at 5:37 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.6 percent to 1,555.812.
Oil fell from the highest price in three days in New York after Chinese oil demand declined to the lowest level in five months.
Crude for June delivery fell as much as 74 cents to $103.14 a barrel in electronic trading on the New York Mercantile Exchange and was at $103.26 at 3:53 p.m. Singapore time. The contract climbed 1.1 percent to $103.88 on April 20, the highest close since April 17. Front-month prices have advanced 4.5 percent this year.
Natural gas rose amid forecasts for snow and cold weather across the Northeast U.S.
The premium of gasoil to Dubai crude, a benchmark price for Asia, rose 37 cents, or 2.2 percent, to $16.93 a barrel at 2:28 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. That would be the highest for the crack spread since Feb. 17. Singapore gasoil swaps for May rose 30 cents to $132.20 a barrel.
Singapore fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, widened to $4.58 a barrel from $4.30 on April 20.
Gold declined for the first time in three days in London as a stronger dollar curbed demand for the metal as an alternative investment.
Bullion for immediate delivery fell 0.5 percent to $1,364.68 an ounce by 9:24 a.m. in London. Prices slipped 0.9 percent last week. June-delivery futures were 0.5 percent lower at $1,635.30 on the Comex in New York.
Copper fell in London on signs manufacturing may contract for a sixth month in China, the world’s biggest consumer of the metal.
Copper for three-month delivery dropped 1.5 percent to $8,069 a metric ton by 9:48 a.m. on the London Metal Exchange, paring last week’s 2.5 percent gain. The July-delivery contract fell 1.5 percent to $3.6495 a pound on the Comex in New York.
GRAINS, SOFT COMMODITIES
Soybeans, trading near the highest level in almost eight months, advanced for a third day after drought harmed production in South America, curbing global supplies. Corn advanced.
Soybeans for July delivery rose as much as 0.5 percent to $14.5725 a bushel on the Chicago Board of Trade and were at $14.5075 at 3:11 p.m. in Singapore. Futures surged as much 2.7 percent to $14.5875 on April 20, the highest since Aug. 31. USDA said April 19.
Corn for July delivery gained as much as 0.5 percent to $6.0575 a bushel and traded at $6.045. July-delivery wheat was little changed at $6.2375 after declining 1.2 percent last week.
Rubber declined for a third day as a stronger Japanese currency cut the appeal of yen-denominated contracts even after the International Monetary Fund pledged more than $430 billion to safeguard the global economy.