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Pedal to the metal: 6 trades on commodities

Key metal prices broadly spiked on Friday and silver saw a roughly 3 percent gain. The jump follows a stretch in which prices in the broader commodities market have dropped steadily.

Trader Tim Seymour believes commodities may be close to a bottom. If metal values climb, the SPDR S&P Metals and Mining ETF could prove a wise move, he said.

"It gives you chance to essentially get a lot of that," Seymour said.

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He would also look at steel companies ArcelorMittal and Posco.

Gold
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Trader Guy Adami focused on gold. If a correction hits the dollar, gold and gold miners will benefit, he noted.

He looked at the Market Vectors Gold Miners ETF. Trader Steve Grasso discussed a cheap oil play in the ProShares UltraShort Oil and Gas.

He noted, however that investors need to tread with care "because it recalibrates very quickly."

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Many agricultural commodity prices rose on Friday, as well. The PowerShares DB Agriculture Fund could profit on that move, trader Brian Kelly said.

Disclosures:

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.

Steve Grasso

Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, NVIV, PFE, POT, SO, T, TMUS, TWTR and YHOO. His firm is long FCX, NE, NEM, VALE, RIG, OXY, USO and AMZN. His kids are long EFG, EFA, EWJ, IJR and SPY.

Brian Kelly

Brian Kelly is long BTC=, U.S. dollar, GLD, CTRL calls, HYG puts, BBRY call spreads and TLT. He is short EWA, EWG, EWQ, EWZ, EWW, Australian dollar, British pound, Canadian dollar and yuan.

Tim Seymour

Tim Seymour is long AAPL, BAC, BX, C, DIS, F, GE, GM, GOOGL, INTC and SUNE. Tim's firm is long BABA, BIDU, BX, CCU, DSKY, KNDI, MCD, NKE, NOK, SINA, SBUX, TSL and VIP.