COMMODITIES-Oil and most markets rally on US jobs data
NEW YORK, Dec 6 (Reuters) - U.S. crude oil ended up for a sixth day on Friday in its longest rally since July and gold and many other commodities rose too as stronger-than-expected hiring by American employers in November boosted confidence in the No. 1 economy.
Cocoa gained its most in nearly 3 weeks and coffee prices jumped as favorable supply-demand fundamentals added to the bullish mix.
Commodities traded broadly higher through the day as stocks on Wall Street rose along with the dollar and Treasury yields after data showing U.S. employers added 203,000 jobs to nonfarm payrolls in November, exceeding forecasts.
Until Thursday, stocks were down for five straight sessions and most markets were in a flux on worries that a strong November jobs report could prompt the U.S. Federal Reserve to cut sooner rather than later its stimulus money that had been a lifeblood to markets.
Friday's jobs report, however, sent markets rallying as investors saw a clear sign of economic recovery. Some also cast aside concerns that the Fed would be in a haste to taper its stimulus, which involves monthly purchase of bonds and mortgage-backed securities worth $85 billion.
"I expect we (will) remain range trading (in the first quarter)," said Peter Fertig, consultant at London's Quantitative Commodity Research. "Even if the Fed is going to taper then, it is because the economy is sufficiently strong."
The 19-commodity Thomson Reuters/Core Commodity CRB index closed up 0.4 percent at 278.6573, after a session high at 279.2487, which marked a peak since Oct. 31. For the week, the CRB rose 1.3 percent, its biggest weekly advance since mid-August.
Cotton futures marked the biggest gains for the day on the CRB, rising about 2 percent while lean hogs was the weakest performer, closing down around 1 percent.
U.S. crude, the CRB's largest component accounting for nearly a quarter of the index's weighting, closed up 0.3 percent at $97.65 a barrel. Benchmark Brent crude out of London finished up 0.6 percent at $111.61.
Gold trimmed its early gains to end slightly higher.
The spot price of bullion edged up 0.4 percent at above $1,228 an ounce late evening in New York, after moving between a broad range of $1,211.80 to $1,243.
Prices at 5:47 p.m. EDT (2247 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US crude 97.82 0.27 0.3% 6.5% Brent crude 111.60 0.62 0.6% 0.4% Natural gas 4.114 -0.018 -0.4% 22.8% US gold 1229.00 -2.90 -0.2% -26.7% Gold 1229.65 1.41 0.1% -26.6% US Copper 3.25 0.02 0.6% -11.1% LME Copper 7122.00 53.00 0.7% -10.2% Dollar 80.256 0.021 0.0% 4.5% CRB 278.657 1.037 0.4% -5.5% US corn 424.00 1.25 0.3% -39.3% US soybeans 1325.50 -2.50 -0.2% -6.6% US wheat 637.25 -0.75 -0.1% -18.1% US Coffee 106.40 0.40 0.4% -26.0% US Cocoa 2803.00 49.00 1.8% 25.4% US Sugar 16.59 -0.10 -0.6% -15.0% US silver 19.523 19.327 1.6% -35.4% US platinum 1356.30 -7.20 0.0% -11.9% US palladium 736.15 -0.70 -0.1% 4.7%
(Editing by Andrew Hay)