Commodities 12/24/2006

Commodities
Wheat Rises, Extends Rally to Biggest Annual Gain in 15 Years on Drought Wheat rose the most in a month, extending the biggest one-year gain in 15 years, on speculation that drought damage to global crops will limit supplies in 2007.
Copper Falls to 8-Month Low as Slowing U.S. Economyu Erodes Use of Metals Copper prices fell to an eight-month low in New York after a report showed demand for metals in the U.S. is waning.
Corn Rise to 3-Week High on Signs U.S. Ethanol Makers Will Double Demand Corn rose to a three-week high in Chicago on speculation that U.S. ethanol makers will double production capacity in the next two years, boosting demand for the grain.
Nickel Increases in London as Inventory Drops, Signaling a Tight Market Nickel rose for the first session in six after stockpiles fell, signaling supplies of the metal used in stainless steel remain tight and may lag behind demand.
Gold Has First Weekly Gain in Three as Investors Diversify Their Holdings Gold rose, capping the first weekly gain in three, on speculation demand will increase as investors seek to diversify their holdings.
Crude Oil May Rise on Speculation OPEC Production Cuts Will Curb Supplies Crude oil may rise next week on speculation inventories will decline as the Organization of Petroleum Exporting Countries reduces production.