Commodities prices rise broadly as manufacturing reports show economic rebound
By APMonday, January 4, 2010
Commodities higher on growth hopes, weaker dollar
NEW YORK — Commodity prices rose broadly on Monday, led by energy and metals futures, helped by signs of economic growth, a weakening dollar and a cold weather snap.
Several reports showing global growth in manufacturing activity boosted hopes that demand for commodities will rise throughout the year.
The Institute for Supply Management’s index of U.S. manufacturing activity rose more than expected in December. Reports also showed growth in China, Great Britain and the 16 countries that use the euro.
The dollar also declined against most other major currencies, continuing a months-long trend that has supported commodities prices.
Oil jumped above $80 a barrel for the first time in two months, rising $2.15 to settle at $81.51 a barrel.
Gold climbed $22.10 to $1,118.30 an ounce.
