Summary Box: Manufacturing data supports metals

AP News
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Posted: Feb 01, 2012 3:17 PM
Summary Box: Manufacturing data supports metals

METAL POLISH: Industrial metals rallied on reports that showed manufacturing expanded in January, which is offering some hope that companies may need more raw materials in the future. U.S. factory production grew at the fastest pace in seven months, while China and Europe also showed improvement.

WHEAT SUPPLIES: The price of wheat climbed on speculation that cold weather damaged crops in Russia and the Ukraine. Corn and soybean prices also were higher.

TUMBLING GAS: Natural gas plunged nearly 5 percent after some energy companies decided against making production cuts despite plentiful inventories. Oil and most energy products also were lower.