Commodities Climb to 4-Week High on U.S. Budget Optimism
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Commodities rose to a four-week high on optimism that a deal will be reached to avoid automatic U.S. spending cuts and tax increases, boosting the outlook for economic growth and demand for metals, energy and grains.
The Standard & Poor’s GSCI Spot Index of 24 raw materials rose as much 2.3 percent to 651.75, the highest since Oct. 22. Gains were led by sugar, which jumped the most since June. Oil reached the highest in four weeks amid concern that unrest in the Middle East will disrupt supplies. Copper climbed the most in nine weeks.