Metals News
Oil, Natural Gas, Gold, Copper Decline: Commodities at Close
industry news
May 24,2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 1 percent to 622.03 at 7:02 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials decreased 1.1 percent to 1,472.192.

Oil declined for a second day in New York after Iran agreed to grant access to United Nations nuclear inspectors and the euro slumped to a 21-month low against the dollar.

Crude for July delivery declined as much as $1.14 to $90.71 a barrel in electronic trading on the New York Mercantile Exchange. It was at $90.99 at 10:57 a.m. London time. The contract slid 1.1 percent to $91.85 yesterday, the lowest close since May 18. The June futures contract, which expired, fell 91 cents yesterday to $91.66. Front-month prices are 7.9 percent lower this year.

Natural gas fell after nearing a four-month high yesterday on speculation that warmer-than-normal weather will increase demand.

Naphtha’s premium to London-traded Brent crude futures was little changed at $53 a metric ton at 5:30 p.m. Singapore time, according to data compiled by Bloomberg.

Gasoil’s premium to Asian benchmark Dubai crude fell 26 cents, or 1.7 percent, to $15.46 a barrel, according to data from PVM Oil Associates Ltd., a broker. This crack spread has declined for three of the past four days.

Gold for immediate delivery fell 0.8 percent to $1,556.38 an ounce by 10:14 a.m. in London. Prices dropped 1.5 percent yesterday, the most in two weeks. June-delivery futures were 1.3 percent lower at $1,555.70 on the Comex in New York.

Copper for three-month delivery slid 1.9 percent to $7,595 a metric ton by 9:46 a.m. on the London Metal Exchange. Prices are at the lowest level in more than four months. July-delivery metal fell 1.8 percent to $3.4255 a pound on the Comex in New York.


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