Tags: commodities | oil | gold | copper

Commodities Rise Most in 3 Months on Manufacturing Growth

Monday, 02 Apr 2012 12:57 AM

 

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The Standard & Poor’s GSCI Index of 24 commodities rose the most in three months on Monday, led by gains in petroleum and metals, after a report showed manufacturing in the U.S. expanded at a faster pace than forecast.

The index climbed 1.8 percent to 701.04 as of 3:30 p.m. in New York, the biggest one-day gain since Jan. 3, after the Institute for Supply Management’s factory index increased to 53.4 last month from 52.4 in February, the Tempe, Arizona-based group’s data showed. The median forecast in a Bloomberg News survey called for a gain to 53.

“The markets just took off,” said Dan Flynn, a trader at PFG Best in Chicago. “It’s all economic based.”

Crude oil for May delivery rose $2.21, or 2.1 percent, to settle at $105.23 a barrel on the New York Mercantile Exchange, the biggest one-day increase since Feb. 21. Prices are up 6.5 percent this year.

Gasoline for May delivery advanced 7.41 cents, or 2.2 percent, to settle at $3.3822 a gallon in New York.

Natural gas for May delivery jumped 2.6 cents, or 1.2 percent, to settle at $2.152 per million British thermal units in New York, the biggest gain since March 16. The futures have declined 28 percent this year, making gas the worst-performing commodity on the S&P GSCI index of 24 raw materials.

Gold futures for June delivery climbed 0.5 percent to settle at $1,679.70 an ounce on the Comex in New York. Bullion advanced 6.7 percent last quarter.

Copper rose the most in more than five weeks. Futures for May delivery climbed 2.5 percent to $3.921 a pound on the Comex in New York.

© Copyright 2014 Bloomberg News. All rights reserved.

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