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Commodities climb most in two months as euro strengthens

Posted on 05 October 2012

Commodities climbed the most in two months as the euro rose against the dollar after the European Central Bank said it’s ready to buy bonds once necessary conditions are met. The Standard & Poor’s GSCI Spot Index of 24 raw materials increased 2.5 percent to 665.19, the biggest gain since Aug. 3. Oil futures in New York, which account for 30.25 percent of the GSCI index, rose 4.1 percent, the most since Aug. 3.
ECB President Mario Draghi said the bank is ready to start buying government bonds as soon as the conditions are fulfilled, putting the onus on Spain to decide whether it wants a bailout. ECB policy makers left the benchmark rate at a historic low of 0.75 percent………………………………………..Full Article: Source


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