Commodity And Oil Prices Higher In 2010, Shares Move Up (FCX, AKS, GLD, GDX, CAL, AMR, DAL)

According to the International Monetary Fund (IMF) forecast, commodity prices are set to rise higher this year, with faster expansion in the global economy. The IMF stated that the industrialization of emerging countries supports consumption, as a result of which commodity prices might remain high by historical standards in the long term.

In the near term, commodity prices are likely to surge upwards, with global activity expected to grow significantly, according to the IMF. Following the predictions made by the IMF and a weakening US dollar, commodity stocks moved up on the first trading day of the year. Freeport-McMoRan Copper & Gold Inc (NYSE: FCX) shares have risen by 3.49% and AK Steel Holding’s (NYSE: AKS) stock has climbed 5.53% to $22.53. Meanwhile, Dupont (NYSE: DD) shares are up 2.85% to 34.63, SPDR Gold Shares (NYSE: GLD) moved up 2.43% and Market Vectors Gold Miners ETF (NYSE: GDX) rose 3.59%. Also helping commodities was a weak US dollar, which fell 0.5% against a basket of currencies. .

Oil prices have crossed $80 a barrel and February crude futures gained 2.1% to reach a two-month high. Russia’s oil pricing dispute with Belarussian refineries has pushed up oil prices. With oil prices moving up and extra security checks hindering plane movements, US airline stocks are suffering. Shares of Continental Airlines Inc (NYSE: CAL) have slipped by 1.73% to $17.61, of AMR Corporation (NYSE: AMR) by 2.30% to $7.55 and of Delta Air Lines Inc (NYSE: DAL) by 2.64% to $11.08.