Futures Market News
Thursday was a good day for commodities
Nov 19, 2010 09:46 AM
The U.S.' largest automaker's stock sale and increased manufacturing in metropolitan Philadelphia prompted the value of industrial metals to rise on Thursday, the Associated Press reports.
Also pushing up the price of commodities was Ireland inching closer to accepting a bailout for its banks' debt, which weakened the dollar. That, in turn, also boosted commodity futures. Businesses using raw materials bought the supplies cheap when prices were low, capitalizing on the decline in prices.
The manufacturing index of the Philadelphia Federal Reserve Bank increased to 22.5 in November, the highest numbers thus far this year, according to the Bank. The firms surveyed for the Index cited having seen more lively and active manufacturing this month in Philadelphia, Delaware and part of New Jersey. Last month the index for the same category registered at 1.0.
Requiring a federal bailout after going insolvent, General Motors released stock to kick off a new beginning. Attributed to GM's actions is Thursday's strong performance of palladium and platinum, both of which are used for catalytic converters.
Ireland also moved closer to accepting a bailout to rescue its banks, which did its part to placate some financial networks' uncertainties.
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