Economics

Commodities Touch Two-Year High on Economic Growth Speculation

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By Steve Stroth and Alistair Holloway

January 12, 2011 at 5:37 PM UTC

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Commodity prices jumped to the highest in more than two years on expectations for global economic growth and lower U.S. forecasts for agricultural inventories. Grains, oilseeds and coffee led gains.

The Standard & Poor’s GSCI Spot Index of 24 commodities advanced 1.2 percent to 643.82 as of 11:34 a.m. in New York, after touching 645.72, the highest since Sept. 26, 2008. The measure has rallied 21 percent in the past year.