Nickel jumped 5.2 percent, the most since May 2010, cotton rallied 3.8 percent and crude oil rose the most in three weeks.
Commodities headed for the biggest gain in almost four weeks, led by metals and crude oil, on speculation that more stimulus and low interest rates aimed at reviving global growth also will boost demand for raw materials.
The Standard & Poor’s GSCI Index of 24 commodities rose 2.1 percent to 671.69 by 2:49 p.m. in New York, which would be the biggest gain since Aug. 11. Nickel jumped 5.3 percent, the most since May 2010, cotton rallied the exchange limit in New York and crude oil rose as much as 4.3 percent. The index had fallen for three straight sessions on deepening concern that Europe’s sovereign-debt crisis will further slow global economic growth.