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Commodities Gain; Cotton Nears Biggest Weekly Gain in Nearly Four Decades

Commodities finished higher as gold surged on a weaker-than-expected employment report while crude oil futures also climbed to a two-year high.

Crude oil for January delivery finished up $1.19, or 1.24%, to $89.19 a barrel. In other energy futures, heating oil was up 1.5% to $2.49 a gallon while natural gas rose 0.32%, to $4.35 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 1.4% to $38.28. The United States Natural Gas ETF ( UNG ) is up 0.34% to $5.96.

Gold for February delivery finished up $16.90 to $1,406.20 an ounce. In other metal futures, silver rose 2.29% to $29.22 a troy ounce while copper was up 0.2% to $3.98 a pound.

In metal ETFs, SPDR Gold Trust ( GLD ) is up 1.69% to $137.49. Market Vectors Gold Miners ( GDX ) is up 2.75% to $62.83. iShares Silver Trust ( SLV ) is up 2.29% to $28.57.

Commodities to watch:

--Cotton futures are near their biggest weekly gain in 39 years on growing concern that India supplies will be limited, reports Bloomberg. Cotton for March delivery was up $0.066 to $1.33 a pound at 2.27 pm EST, according to the most recent quote from CME Group.

Commodity stocks to watch:

--Shares of Cobalt International Energy (CIE) are sharply higher in late trading after getting a new "overweight" rating at Morgan Stanley. Cobalt shares are up 8.45% to $12.45.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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