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S&P GSCI Commodity Index Rises to 6-Month High; Metals Gain

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Feb. 17 (Bloomberg) -- Commodities rose for a third day, climbing to a six-month high, as metals and energy futures advanced on improving U.S. economic data and optimism Greece will get a bailout.

Americans last week filed the fewest claims for jobless benefits since 2008, less than the most optimistic estimate of 45 economists surveyed by Bloomberg News.

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose as much as 0.5 percent to 689.7, the highest intraday level since Aug. 1. The gauge was up 0.2 percent at 687.95 at 9:37 a.m. in London.

Industrial metals advanced the most, with nickel up 0.9 percent. Three-month copper climbed 0.6 percent to $8,345.25 a metric ton on the London Metal Exchange while U.S. crude futures rose 0.4 percent to $102.74 a barrel in electronic trading on the New York Mercantile Exchange.

Among the GSCI components, 18 commodities were rising and six falling. Cocoa was the biggest decliner, down 1.5 percent.

To contact the reporters on this story: Stephen Voss in London at sev@bloomberg.net John Deane in London at jdeane3@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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