The Standard & Poor’s GSCI gauge of 24 commodities fell 0.1 percent to 649.6 at 4:35 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.04 percent to 1,539.18. CRUDE OIL West Texas Intermediate oil traded near a one-month high as tension eased over a bank tax in Cyprus that threatens to worsen Europe’s debt crisis. A report today may show U.S. crude supplies rose to the most since June. WTI for April delivery, which expires tomorrow, was at $93.75 a barrel, up 1 cent, in electronic trading on the New York Mercantile Exchange at 2:51 p.m. Singapore time. The more- active May future rose 2 cents to $94.13. The volume of all futures traded was 11 percent above the 100-day average. The front-month contract climbed 29 cents to $93.74 yesterday, the highest close since Feb. 20. Brent for May settlement slid 32 cents to $109.19 a barrel on the London-based ICE Futures Europe exchange. Volumes were 46 percent below the 100-day average. The European benchmark grade was at a premium of $15.07 to WTI futures for the same month. It closed at $15.40 yesterday, the narrowest differential since Jan. 17. OIL PRODUCTS Asia gasoil and kerosene front-month timespreads narrow to the lowest level in more than six weeks, indicating reduced demand from prompt supplies of the middle-distillate cargoes. • Light Distillates • Singapore naphtha’s discount to London Brent crude widens $1.02 to $9.31/bbl as of 11:40 a.m. Singapore time, according to data compiled by Bloomberg. The crack is at the lowest level since Dec. 7 • April Japan naphtha swaps down 35 cents at $902.47/mt • April East-West naphtha spread up 55 cents at $12.15/mt • Middle Distillates • Gasoil’s premium to Dubai crude up 55 cents at $17.78/bbl • April gasoil swaps up 38 cents at $123.45/bbl • April gasoil swap trades at 2 cents/bbl above May contract, the lowest since Feb. 1 • April East-West gasoil spread up 20 cents at $2.50/mt • Jet fuel regrade’s discount to gasoil narrows 1 cent to a 30 cents/bbl. The discount narrows for a fourth day • April kerosene swap trades 9 cents/bbl above May contract. The backwardation narrows to the lowest since Feb. 1 • Fuel Oil • Fuel oil’s discount to Dubai crude narrows 8 cents to $4.78/bbl. The crack narrows for sixth time in seven days • April 180-cst fuel oil swaps down 47 cents at $640.69/mt • April fuel oil swap trades $2.34/mt above May contract. The backwardation narrows for a second day • Viscosity spread widens 12 cents to $9.75/mt • April East-West fuel oil spread narrows 10 cents to $34/mt BASE METALS Copper fell to the lowest level in more than four months in London on rising stockpiles and ahead of taxation decisions from Cypriot lawmakers on bank deposits. Metal for delivery in three months lost as much as 0.6 percent to $7,531 a metric ton on the London Metal Exchange, the lowest since Nov. 9, before trading at $7,550.50 a ton at 3:28 p.m. Shanghai time. Lead declined 0.7 percent to $2,169.5 a ton and nickel fell 0.1 percent to $16,583 a ton. On the LME, aluminum, zinc and nickel were little changed. Tin gained 1.4 percent to $23,439 a ton. PRECIOUS METALS Gold held above $1,600 an ounce, trading near the highest level this month, before the U.S. Federal Reserve begins a two- day policy meeting. Silver advanced for a second day. Gold for immediate delivery traded at $1,605.56 an ounce at 2:43 p.m. in Singapore from $1,605.63 yesterday. The metal jumped to $1,611.33 yesterday, the most expensive since Feb. 27, as a levy on bank deposits in Cyprus boosted haven buying. Spot platinum slipped 0.2 percent to $1,576.75 an ounce, dropping for a sixth day in the worst streak this year. One ounce of platinum bought 0.9822 ounce of gold today, after trading at the biggest discount to bullion in two months, data compiled by Bloomberg show. Metal held by exchange-traded products expanded to an all-time high of 51.8324 metric tons yesterday, data compiled by Bloomberg show. Cash silver rose 0.2 percent to $28.94 an ounce. Silver assets in exchange-traded products climbed to a record 19,738.209 tons yesterday, data compiled by Bloomberg show. Palladium fell 0.3 percent to $761.40 an ounce. GRAINS, OILSEEDS, SOFT COMMODITIES Soybeans snapped the longest slump in more than a month on speculation that farmers in the U.S., last season’s largest grower, may withhold supplies after spot prices fell to the cheapest since June. The contract for May delivery gained as much as 0.4 percent to $14.155 a bushel on the Chicago Board of Trade, and was at $14.12 at 1:53 p.m. in Singapore with volume that was 56 percent below the 100-day average for that time of the day. Corn for May delivery rose as much as 0.2 percent $7.2175 a bushel, the highest price for the most-active contract in Chicago since Feb. 7. It last traded at $7.2125. Wheat gained 0.3 percent to $7.145 a bushel, trading at a discount to corn for a second day. Rubber rebounded from the biggest drop in almost eight months as Thailand said it would propose extending a reduction in shipments. The Japanese currency weakened, making yen-based contracts more attractive. The contract for delivery in August gained 0.9 percent to 273.3 yen a kilogram ($2,863 a metric ton) on the Tokyo Commodity Exchange. Futures plunged 4.2 percent yesterday, the most since July. Palm oil gained on speculation that stockpiles in Malaysia, the world’s second-largest producer, may decline as exports increase, and as concerns receded over Europe’s debt crisis. The contract for delivery in June, with the largest volume, advanced as much as 1.7 percent to 2,426 ringgit ($778) a metric ton on the Malaysia Derivatives Exchange, and ended the morning session at 2,422 ringgit in Kuala Lumpur. 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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