Originally published Friday, December 26, 2008 at 1:15 PM
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Commodities jump alongside oil prices
Metals and grains rose alongside energy prices in light trading Friday, after a nine-day plunge in oil encouraged investors to buy back into the struggling commodities market.
AP Business Writer
Metals and grains rose alongside energy prices in light trading Friday, after a nine-day plunge in oil encouraged investors to buy back into the struggling commodities market.
But so far, there is little evidence that crude oil or other battered commodities are in for a serious rebound. The job market remains uncertain, global trade is falling, and holiday retail sales were dismal. All these signs point to weaker demand around the world.
Gold has been performing better than other commodities. On Friday, gold for February delivery $23.00 to settle at $871.20 an ounce on the New York Mercantile Exchange.
The precious metal is traditionally viewed as a safe investment in turbulent times. Its price plummeted as hedge funds and other large investors were forced to sell assets to raise cash, but the metal has been recovering from its mid-November lows as the economy and U.S. dollar fall.
On Friday, the dollar dipped against the euro, but rose against the British pound.
Grain prices have also been advancing over the past few weeks on the Chicago Board of Trade, and extended their gains on Friday.
March wheat futures rose 17 cents to finish at $5.9925 a bushel, while March corn futures rose 14.25 cents to close at $3.98 a bushel. March soybeans rose 37.5 cents to settle at $9.565 a bushel.
Energy and industrial metals have been lagging. But they rose on Friday, despite news from Japan that industrial production sank by 8.1 percent in November - the worst monthly drop in more than 50 years.
Light, sweet crude for February delivery advanced $2.36, or more than 6 percent, to settle at $37.71 a barrel. U.S. markets were closed on Thursday, and on Wednesday, crude prices had fallen for the ninth straight day.
In other Nymex trading Friday, gasoline futures rose 5.17 cents to settle at 88.4 cents a gallon, while heating oil rose 4.67 cents to settle at $1.245 a gallon.
March copper futures added 2.95 cents to close at $1.3035 a pound.
March silver gained 18 cents to close at $10.53 an ounce.
Copyright © 2008 The Seattle Times Company
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