China trade report sends metals, oil higher

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Associated Press

Posted on January 10, 2013 at 3:07 PM

Prices for gold and other metals are jumping, propelled by an encouraging report about China's trade growth.

Contracts for gold and copper rose 1 percent or more. Contracts for silver, palladium and platinum rose 2 percent or more. Energy commodities also closed higher, with oil and wholesale gasoline adding value.

Prices rose amid signs that the global economy could be improving. China's exports and imports rose. And Mario Draghi, head of the European Central Bank, said the struggling euro area should start growing again later this year.

Agricultural prices were less decisive. Wheat was essentially flat, corn rose and soybeans fell. Late winter snows have made some traders concerned about the possibility of a second straight dry season.

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