Summary Box: Commodities post strong start to 2012

AP News
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Posted: Jan 03, 2012 3:42 PM
Summary Box: Commodities post strong start to 2012

BROAD GAINS: Commodity prices jumped across the board Tuesday on positive economic news from the United States, China and other countries. Silver ended up 5.9 percent, copper increased 2.7 percent and corn rose nearly 2 percent.

MANUFACTURING GROWTH: U.S. manufacturing expanded in December at the fastest pace in six months and construction spending rose 1.2 percent in November. In addition, China reported growth in its manufacturing sector.

IRAN-WATERWAY: Oil prices skyrocketed on concerns that Iran may try to close a strategic waterway in the Persian Gulf to oil tankers if Western nations impose new sanctions.