The Standard & Poor’s GSCI gauge of 24 commodities fell 0.04 percent to 645.61 as of 4:47 p.m. in Singapore. The UBS Bloomberg CMCI index of 26 raw materials advanced 0.2 percent to 1,518.97 on Dec. 24. CRUDE OIL Oil traded near the highest settlement in two weeks amid speculation the U.S. economy will continue to recover, bolstering demand for raw materials in the world’s biggest crude consumer. Crude oil for February delivery was at $99.53 a barrel, down 15 cents from the Dec. 23 settlement in electronic trading on the New York Mercantile Exchange at 3:55 p.m. in Singapore. Futures have climbed 8.9 percent this year after increasing 15 percent in 2010. NATURAL GAS OIL PRODUCTS Fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, widened 26 cents, or 7 percent, to $3.74 at 10:13 a.m. Singapore time, the biggest gap since Dec. 16, according to data from PVM Oil Associates Ltd. The discount has narrowed 66 percent so far this year, data from the London-based broker showed. High-sulfur fuel-oil swaps fell 75 cents, or 0.1 percent, to $658.75 a metric ton. The premium of 180-centistoke fuel oil to the 380-centistoke grade was unchanged at $11.50 a ton. Gasoil’s premium to Dubai crude fell 14 cents, or 0.8 percent, to $17.86 a barrel, PVM data showed. January swaps for gasoil was unchanged at $122.95 a barrel. The fuel remained at a discount of 10 cents to jet fuel, PVM data showed. January swaps for naphtha, a feedstock for petrochemicals and gasoline, fell $5.50, or 0.6 percent, to $907.50 a ton, PVM data showed. PRECIOUS METALS BASE METALS Copper for March-delivery on the Comex dropped for the first time in five days, losing as much as 3 percent to $3.365 per pound, before trading at $3.423 by 4:07 p.m. Shanghai time. The metal for delivery in March on the Shanghai Futures Exchange closed 0.3 percent lower at 55,050 yuan ($8,708) a metric ton. The London Metal Exchange is closed for a public holiday. GRAINS, OILSEEDS, LIVESTOCK Corn futures for March delivery rose 0.3 percent to close at $6.195 a bushel on Dec. 23 on the Chicago Board of Trade, capping the first six-session gain since December 2010. Soybean futures for March delivery rose 0.1 percent to close at $11.725 a bushel, the seventh straight gain and the longest rally since July 15. Wheat futures for March delivery rose less than 0.1 percent to $6.22 a bushel, after gaining 7.3 percent in the prior five sessions. Cattle futures for February delivery rose 0.7 percent to settle at $1.24325 a pound on Dec. 23 on the Chicago Mercantile Exchange, after reaching $1.2435, the highest for a most-active contract since Dec. 2. The contract jumped by the exchange limit of 3 cents yesterday. SOFT COMMODITIES Arabica-coffee futures for March delivery dropped 0.8 percent to settle at $2.1965 a pound on Dec. 23 on ICE in New York. Still, prices rose 2.1 percent this week, the first such advance since mid-November. The commodity has retreated 8.7 percent this year, heading for the first annual decline since 2008. Cocoa futures for March delivery slid 0.1 percent to $2,218 a metric ton on ICE. The chocolate ingredient surged 5.6 percent last week, its second straight weekly gain and the most since late October. Prices have tumbled 27 percent in 2011, which would be the biggest annual loss since 1999. Raw sugar for March delivery rose 0.6 percent to settle at 23.59 cents a pound on ICE Futures U.S. in New York on Dec. 23. The sweetener rose 2.2 percent this week, the first weekly gain since Dec. 2. Orange-juice futures for March delivery climbed 2 percent to $1.673 a pound on ICE, rising for a second session. The price is up 2.2 percent in 2011, its third straight annual gain. To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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