The Standard & Poor’s GSCI gauge of 24 commodities rose 0.4 percent to 695.39 at 5:13 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gained 0.1 percent to 1,612.612. CRUDE OIL Oil rose for a second day in New York on signs that sanctions on Iran are succeeding in cutting the nation’s crude exports. Oil for April delivery gained as much as 37 cents to $106.53 a barrel in electronic trading on the New York Mercantile Exchange and was at $106.44 at 3:34 p.m. Singapore time. The contract yesterday increased $1.46 to $106.16 a barrel, the highest close since March 5. Prices are 7.7 percent higher this year. NATURAL GAS Natural gas futures settled yesterday at a 10-year low in New York as the fourth-warmest U.S. winter on record crimped demand for the heating fuel while record production boosted stockpiles. OIL PRODUCTS The premium of gasoil, or diesel, to Asian marker Dubai crude was unchanged after dropping to $14.82 a barrel at 12 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This crack spread, a measure of refining profit, yesterday was the narrowest since Jan. 11 last year. Gasoil swaps for April climbed $1, or 0.7 percent, to $135.45 a barrel, PVM said. That’s the highest so far this week. April naphtha swaps increased $8.25, or 0.8 percent, to $1,055.50 a metric ton, according to PVM. The petrochemical feedstock is at the highest this week. Naphtha’s premium to London-traded Brent crude futures, also known as the crack spread, rebounded $7.80 to $119.93 a ton, according to data compiled by Bloomberg. PRECIOUS METALS Gold climbed for a second day as record bullion holdings in exchange-traded products signaled stronger investor demand, while Greece’s progress toward a second bailout boosted the appeal of equities and commodities. Spot gold gained as much as 0.3 percent to $1,689.52 an ounce, and traded at $1,688.38 an ounce at 3:37 p.m. Singapore time. Bullion assets in exchange-traded products expanded for a sixth day to 2,407.021 metric tons yesterday, according to data compiled by Bloomberg. BASE METALS Copper advanced from a three-week low after a report showed U.S. companies increased hiring, more investors signed on to a Greek debt swap and stockpiles of the metal used in pipes and wires declined. The three-month copper rose as much as 0.7 percent to $8,355 a metric ton on the London Metal Exchange and traded at $8,345 by 4:47 p.m. in Tokyo. The metal touched $8,176.75 yesterday, the lowest level since Feb. 17. The Comex May- delivery contract was up 0.3 percent at $3.7770 a pound. GRAINS, SOFT COMMODITIES Soybeans advanced on expectations the U.S. Department of Agriculture will cut tomorrow its harvest estimate for Brazil, the world’s largest shipper, prompting importers to seek U.S. supplies. The contract for May delivery gained as much as 0.4 percent to $13.315 a bushel on the Chicago Board of Trade before trading at $13.295 at 3:44 p.m. Singapore time. Corn for May delivery added 0.3 percent to $6.405 a bushel, while wheat for delivery in the same month rose 0.6 percent to $6.4325 a bushel. Palm oil climbed to the highest price in more than a week after a survey showed Malaysia’s inventories in February may have declined below 2 million metric tons for the first time in six months. May-delivery palm oil gained as much as 1.2 percent to 3,306 ringgit ($1,098) a ton on the Malaysia Derivatives Exchange, the highest level for the most-active contract since Feb. 28. It traded at 3,293 ringgit at 5:03 p.m. in Kuala Lumpur. Cotton for May delivery dropped 1.4 percent to close at 90.12 cents a pound yesterday on ICE Futures U.S. in New York. Orange-juice futures for May delivery slipped 0.7 percent to $1.885 a pound on ICE. The commodity has climbed 12 percent this year, touching a record $2.2695 on Jan. 23. Arabica coffee for May delivery fell 2.3 percent to settle at $1.886 a pound yesterday on ICE Futures U.S. Earlier, the price touched $1.862, the lowest for a most-active contract since Oct. 19, 2010. The price has tumbled 33 percent in the past 12 months. Raw-sugar futures for May delivery dropped 0.5 percent to 23.92 cents a pound. Earlier, the price touched 23.82, the lowest since Feb. 21. Cocoa futures for May settlement slid 0.3 percent to $2,277 a metric ton. Earlier, the price touched $2,260, the lowest since Feb. 14. Hog futures for April settlement rose 0.7 percent to settle at 87.35 cents a pound at 1 p.m. on the Chicago Mercantile Exchange. In the previous two days, prices dropped 4 percent, including a 3 percent plunge yesterday that was the biggest loss since June 27. The commodity has advanced 3.6 percent this year. Cattle futures for April delivery fell 0.2 percent to settle at $1.25575 a pound on the CME, after reaching $1.2515, the lowest since Jan. 13. The prices has slumped for four straight sessions, paring this year’s gain to 3.4 percent. 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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