Commodities Advance to Five-Week High on Stimulus Speculation
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Commodities rose to a five-week high, led by energy, on speculation that central banks in the U.S., Europe and China will ease monetary policy to spur their economies, boosting demand for raw materials.
The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 3.4 percent to close at 618 at 3:51 p.m. in New York, after reaching 618.42, the highest since May 29. Crude oil surged as much as 5.1 percent, and industrial metals including aluminum jumped. Gold reached the highest in two weeks, and corn rallied rallied to a nine-month high.