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Originally published Friday, August 3, 2012 at 12:31 PM

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News Summary: Commodities rally on US job gains

PRICE RALLY: Most commodity prices rose after the government said 163,000 jobs were added in July after three months of weak hiring. Oil jumped nearly 5 percent, silver rose 3 percent and wheat ended up 3 percent.

The Associated Press

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PRICE RALLY: Most commodity prices rose after the government said 163,000 jobs were added in July after three months of weak hiring. Oil jumped nearly 5 percent, silver rose 3 percent and wheat ended up 3 percent.

THE IMPETUS: More jobs could strengthen demand for commodities because employed Americans would be likely to buy products made from them.

WHAT'S NEXT: The U.S. Agriculture Department will issue updated conditions for corn and soybeans Monday afternoon. The devastating drought has damaged both crops at a time when global inventories are low.

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