Metals lead gains for commodities as dollar slumps

Associated Press Modified: November 23, 2012 at 1:45 pm •  Published: November 23, 2012
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In agricultural contracts, wheat, corn and soybeans all advanced.

December wheat gained 3 cents, or 0.3 percent, to $8.48 a bushel. Corn for December delivery rose 4 cents, or 0.5 percent to $7.45, and January soybeans gained 12 cents, or 0.8 percent, to $14.20 a bushel.

The price of coffee was the only commodity to fall, dropping on signs that favorable weather in Brazil will produce a good crop, boosting supplies.

"The weather is good down in Brazil and they've had good flowering. That's keeping anyone from having much buying interest," said Jack Scoville, vice president at Price Futures Group in Chicago.

Brazil is the world's largest producer of coffee beans.

In other metals trading, platinum for January rose $33.20, or 2.1 percent, to $1,617.10 an ounce, and copper for December rose 3.2 cents, or 0.9 percent, to $3.528 a pound.

Trading volumes were lower Friday and the markets closed earlier than usual with many traders still on vacation after yesterday's Thanksgiving holiday.