Commodities rose as the recovering world economy spurred demand for raw materials, sending gold to a record and mining stocks higher. Oil advanced for a third day as the dollar fell.
Crude oil climbed to $79.92 a barrel at 10:07 a.m. in London as gold for immediate delivery reached a record for the second day this week, touching $1,147.72 an ounce. Copper jumped 2.3 percent to a 14-month high as the Dollar Index declined. Europe's Dow Jones Stoxx 600 Basic Resource Index gained 1.3 percent, led by shares of BHP Billiton Ltd., the world's biggest mining company, and Rio Tinto Group.
"For commodities as a whole, now there is no fear that there will be an economic calamity," Amrita Sen, a commodities analyst at Barclays Capital, said in London. "Investor sentiment remains extremely robust. We will continue to see that continue through the fourth quarter.
Signs the global economy is recovering from its worst recession since World War II stoked demand for fuel amid output reductions by the Organization of Petroleum Exporting Countries, while China's expansion sucked in imports of copper, aluminum and iron ore.
The MSCI Emerging Markets Index has doubled from its low point on March 2.
Industrial metals rallied on the London Metal Exchange, with copper for three-month delivery rising to $6,985 a metric ton, the highest price since Sept. 25, 2008. Nickel jumped 3 percent on speculation Chinese demand for stainless steel will counter lower consumption in the U.S.
Platinum Demand
Platinum for immediate delivery gained as much as 0.4 percent to $1,463.10 an ounce, the highest level since Aug. 29, 2008. Demand for platinum jewelry has risen to a six-year high on record consumption in China, Johnson Matthey Plc said yesterday.
President Barack Obama was scheduled to meet today with Premier Wen Jiabao at the end of his first trip to China. In talks yesterday with President Hu Jintao, Obama said China played a key role in helping to end the global recession and urged Hu to make good on a commitment to allow the yuan to appreciate.
Oil rallied after the American Petroleum Institute said yesterday that crude inventories fell by 4.37 million barrels last week to 333.1 million. The U.S. Energy Department will release its own weekly inventory report at 10:30 a.m. in Washington.
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