COMMODITIES-Most commods jump as dollar falls on weak U.S. jobs data; wheat drops

3:25 p.m. EST (2025 GMT), the spot price of bullion
Friday, 10 Jan 2014 | 4:07 PM ET

drops@ NEW YORK, Jan 10 (Reuters) - Commodities surged on Friday, reversing the previous session's losses as weaker-than-expected U.S. job data for December stirred speculation the Federal Reserve might not hike rates or roll back stimulus money as quickly as previously thought. Gold, silver, copper, nickel, natural gas and crude oil rallied between 1 and nearly 4 percent, rebounding from Thursday's market liquidation sparked by concerns the U.S. economy might growing too firmly for the Fed to keep rates low for too long. New doubts about the strength of the economy arose after U.S. non-farm payrolls (NFP) showed only 74,000 workers were hired last month, the smallest increase since January 2011, and significantly under the 196,000 expected by analysts.

The dollar also fell broadly on the data, which suggested no quick end to the Fed's monetary expansion policies that had weighed heavily on the currency in the past. The Thomson Reuters/Core Commodity CRB index, a bellwether for commodities, rose 1.2 percent after Thursday's near 1 percent decline that took it to an 18-month low. Gold, a favorite hedge against the dollar, was the among the CRB's bigger gainers, rising 1.5 percent to hit a 3-week high. was at $1,245.59, after earlier scaling the Dec. 16 peak of $1,248.41. Gold plunged in 2013, losing nearly 30 percent after a 12-year rally. Since this year began it has risen more than 3 percent. But some analysts said it was too early to chase the rebound in the shiny metal, or to write off the recovery in the U.S. economy. "One swallow does not make a summer and one bad NFP print doesn't change 12 months of gold-bearish macroeconomic news," Macquarie analyst Matthew Turner said. "Nobody is now thinking the U.S. economy is near collapsing." Nickel had the biggest percentage gain of the day, jumping nearly 4 percent after traders priced in a ban beginning this weekend on exports of nickel ore from Indonesia, which supplies half of China's huge stainless steel-making industry. Benchmark nickel on the London Metal Exchange closed at $13,860 a tonne, up from Thursday's $13,350. London-traded copper and crude oil futures in New York rose more than 1 percent each. Wheat was one of the few commodities that fell, sliding nearly 3 percent after the U.S. Department of Agriculture put out crop data that forecast larger-than-expected supplies for the grain.

Prices at 3:26 p.m. EDT (2026 GMT)

LAST/ NET PCT CLOSE CHG CHG US crude 92.76 1.10 1.2% Brent crude 107.39 1.00 0.9% Natural gas 4.053 0.048 1.2% US gold 1246.90 17.50 1.4% Gold 1244.74 17.20 1.4% US Copper 3.34 0.04 1.3% LME Copper 7302.50 89.50 1.2% Dollar 80.639 -0.366 -0.5% CRB 275.423 3.129 1.2% US corn 432.75 20.75 5.0% US soybeans 1303.75 7.50 0.6% US wheat 569.00 -15.25 -2.6% US Coffee 120.65 1.30 1.1% US Cocoa 2712.00 28.00 1.0% US Sugar 15.57 0.09 0.6% US silver 20.223 20.026 1.6% US platinum 1434.70 17.00 0.0% US palladium 746.05 9.55 1.3%

(Editing by Meredith Mazzilli)