The Standard & Poor’s GSCI gauge of 24 commodities was little changed at 659.040 at 5:30 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials was little changed at 1,569.385. CRUDE OIL Oil fell as much as 0.8 percent as European equity markets declined and the euro weakened against the dollar, while talks continued between Greek officials and private creditors. Crude for February delivery dropped as much as 78 cents to $99.61 a barrel in electronic trading on the New York Mercantile Exchange and was at $99.90 at 5:30 p.m. in Singapore. The contract, which expires today, fell 20 cents yesterday to $100.39, the lowest settlement since Jan. 13. NATURAL GAS Natural gas futures dropped to the lowest price in almost 10 years after a government report showed that a U.S. inventory surplus widened last week as mild weather reduced demand for heating fuels. OIL PRODUCTS Benchmark Japan naphtha swaps were at a premium of $115.39 a metric ton to Brent crude futures at 2:37 p.m. Singapore time, according to data compiled by Bloomberg. This crack spread was at $112.83 yesterday and has increased 9.4 percent this week. Gasoil’s premium to Dubai crude fell 50 cents, or 2.8 percent, to $17.52 a barrel, based on data from PVM Oil Associates Ltd., a broker. This crack spread, a measure of refining profit from the fuel, narrowed 5.6 percent this week. PRECIOUS METALS Gold headed for a third weekly gain, the longest rally in two months, as signs of a recovering U.S. economy bolstered commodity prices. Platinum was poised for its best weekly run in six months and palladium in a month. Spot gold traded at $1,657.98 an ounce at 2:41 p.m. Singapore time after climbing to $1,669.97 yesterday, the highest level since Dec. 13. Platinum is 2.1 percent higher this week for the longest weekly rally since July, while palladium has advanced 5.4 percent. BASE METALS Copper gained, poised for a second weekly advance after, fewer-than-expected Americans filed claims for jobless benefits, and Spain and France sold bonds at lower yields. Three-month delivery copper climbed 0.2 percent to $8,383 a metric ton on the London Metal Exchange at 3:36 p.m. Shanghai time. The metal is heading for a 4.8 percent gain this week. Copper for March-delivery on the Comex in New York climbed as much as 0.9 percent to a four-month high of $3.834 per pound. week for the Chinese New Year holidays. Nickel rose as much as 1 percent to $20,400 per ton on the LME, the highest since Sept. 22. Base metals markets: NI BMMKTS GRAINS, SOFT COMMODITIES, LIVESTOCK Corn headed for the first weekly gain this month on speculation that demand for U.S. supplies is increasing as dry weather curbs production in Argentina, the second-largest shipper. Wheat also advanced. March-delivery corn climbed 0.6 percent to $6.0975 a bushel on the Chicago Board of Trade at 2:26 p.m. Singapore time, extending yesterday’s 2.1 percent advance, the biggest gain since Dec. 27. It is set for a 1.7 percent rise this week. Orange-juice futures rose the most in a week, heading for the biggest monthly gain in more than two years, on mounting concern that U.S. supplies will be limited by a government probe of imports. Cotton also rallied. Orange-juice futures for March delivery climbed 4.9 percent to settle at $2.0065 a pound at 2 p.m. on ICE in New York, the biggest advance since Jan. 10. Earlier, prices jumped the exchange’s 10-cent limit. Soybeans for delivery in March gained 0.2 percent to $11.9925 a bushel in Chicago, set for a 3.5 percent gain this week, the biggest increase since the five days ended Oct. 14. To contact the reporter on this story: Mike Anderson in Singapore at manderson34@bloomberg.net To contact the editor responsible for this story: Mike Anderson at manderson34@bloomberg.net

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