Commodities follow stock market higher

Prices for metals, energy and key agricultural commodities are closing higher for the day, following a rally on the stock market.

Precious and industrial metals are up, led by a 4 percent jump in silver. Copper, which is used to gauge manufacturing activity, rose nearly 3 percent.

Prices for wheat, corn and soybeans are also up, helped by reports expecting warm, dry weather over the next two weeks, a crucial period for the U.S. planting season. A small dip in the dollar also helped. Because U.S. commodities are denominated in dollars, a weaker dollar makes those commodities cheaper to foreign buyers.

Benchmark oil prices in the U.S. and London also rose. The stock market was up on a report that Europe was working on a rescue plan for Spanish banks.

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