Oil, metals start February higher after January losses

Oil and gold settled up 2 per cent on Monday and copper overcame early weakness to end higher as commodity markets started February on a steadier note after their worst fall in more than a year last month. US crude's benchmark front-month contract ended up $1.54 at $74.43 a barrel as stronger manufacturing data in the United States prompted optimism about economic recovery. The dollar's decline against the euro also boosted demand for oil. Copper rebounded after initially falling to 2-1/2 month lows on extended worries about potential credit tightening in China, the No 1 market for the metal. In New York, benchmark copper futures for March finished up 3.10 cents, or 1 per cent, at $3.0835 a lb. The contract fell earlier to $2.9905 - its lowest level since November 13. In London, copper for delivery in three months closed up $46, or 0.7 per cent, at $6,791 a tonne. Raw sugar for March ended New York trade down 0.62 cent, or 2.1 per cent, at 29.28 cents per lb after hitting a 29-year top at 30.40 cents.