This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Commodities Benefit From Hopeful Economic Signs


Commodity prices rose broadly Monday amid hints of progress in U.S. budget negotiations and in solving Greece's debt problems.

The gains were spread wide. Gold, copper, oil and sugar ending higher. Orange juice, cotton and natural gas fell.

Investors were encouraged after President Barack Obama and congressional leaders held talks Friday about ways to avoid tax increases and mandatory government spending cuts set to take effect Jan. 1. Without a compromise, economists say, the U.S. could eventually drop into a recession.

The negotiations appeared to ease fears among investors who have been cautious about putting money into riskier assets like commodities because of the uncertainty about where the U.S. economy was headed.

If the U.S. and global economies improve, it could mean more demand for such materials as oil, copper and agricultural crops.

Separately, the Greek government presented emergency legislation aimed at landing the country's next bailout payment. It's an indication that Greece is hoping to remain in the European Union, said Matt Zeman, an analyst with Kingsview Financial.

"In the markets, that's a sign of relief, I think," he said.

Commodities also benefited from a weaker dollar. Because commodities are priced in dollars, a weaker dollar makes them cheaper for traders who use other currencies.

Trading was light across the board ahead of the Thanksgiving weekend. That tends to make price swings more exaggerated, particularly in the smaller commodity markets.

Sugar rose 0.79 cent, or 4.1 percent, to finish at 19.94 cents per pound. Although rain caused some problems for the Brazilian sugar cane harvest, investors appeared to be more influenced by the encouraging economic signals, analysts said. Global sugar inventories remain plentiful.

In metals trading for December delivery, gold gained $19.70 to finish at $1,734.40 an ounce, silver rose 81.9 cents to $33.189 per ounce, copper rose 7.6 cents to $3.5275 per ounce, and palladium gained $18.85 to $645.30 per ounce. January platinum increased $22 to end at $1,583.80 per ounce.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs