Spotlight: Commodity prices surged to a record, as oil jumped above $100 a barrel and copper rallied, on signs that increased global demand for raw materials and the weakening dollar are fueling inflation. Gold and platinum rose.
Energy: Crude oil rose to a record $100.01 a barrel on speculation OPEC will cut production when it meets next month. Besides, natural gas advanced to the highest in 15 months on cold weather and crude oil touched a record. Gasoline, heating oil also rose to a record on refinery explosion.
Agriculture: Soybean rose to a record, and corn gained on speculation China will boost imports to rebuild grain reserves after food inflation quickened. However, wheat rose on speculation U.S. farmers may switch more acres to soybeans.
Coffee soared as inventories dwindle and commodities soared to a record as the dollar’s slump. Sugar extended its rally to an 18-month high as commodity prices surged and on speculation demand for alternative fuels is gaining. Notably, cocoa dropped from 24-year high on speculation a rally was overdone. Besides, orange-juice touched a five-month low on speculation that an increase in U.S. production will leave a glut as domestic demand declines.
Precious Metals: Gold futures rose the most in almost seven weeks on speculation a weaker dollar and higher commodity costs will boost the appeal of the precious metal as an inflation hedge. Platinum and palladium soared on concern about South African supply.
Industrial Metals: Copper jumped 5.5 percent to a four-month high in New York on signs of expanding demand in China, the world's largest metals buyer.
(Source: Bloomberg)
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