News Summary: Commodities rally on US job gains

Published August 3, 2012 7:30pm ET



PRICE RALLY: Most commodity prices rose after the government said 163,000 jobs were added in July after three months of weak hiring. Oil jumped nearly 5 percent, silver rose 3 percent and wheat ended up 3 percent.

THE IMPETUS: More jobs could strengthen demand for commodities because employed Americans would be likely to buy products made from them.

WHAT’S NEXT: The U.S. Agriculture Department will issue updated conditions for corn and soybeans Monday afternoon. The devastating drought has damaged both crops at a time when global inventories are low.