Commodities Gain, Crude Oil Leads (USO, UNG, GLD, SLV)

Commodities were trading higher on Monday after a U.S. manufacturing survey was positive but remained under some pressure.Gold futures for June delivery added $11.40, or 0.70%, to $1,683.30 an ounce on the Comex division of the New York Mercantile Exchange after rising over 1% in the previous trading session. Silver also gained up 66 cents, or 2%, to $33.14 an ounce. May copper soared 8 cents, or 2%, to $3.91 a pound.

Commodities started to gain after manufacturing data, and gained some momentum as the Institute for Supply Management’s index rose to 53.4% in March from 52.4% in February. Economists were estimating a rise to 53.5%.Jewelers in India, one of the world’s largest markets for the yellow metal, are expected to resume for business after a two-week strike protesting an increase in duties, analysts at India’s ICICI Bank said in a note.

In the energy space, Crude-oil futures turned higher and added $1.01, or 1%, to $104.03 a barrel on the New York Mercantile Exchange, off session low of $102.Crude oil was up 0.2% on Friday, bringing quarterly gains to 4.2%. Speculation concerning the release of emergency oil supplies from several developed countries contributed to the bearish tone that gripped the oil market most of the last week, however.May gasoline gained up 5 cents, or 1.50%, to trade at $3.36 a gallon. May heating oil rose 5 cents, or 1.5%, to $3.23 a gallon.Natural gas continued to hover around 10-year lows, with the May contract was down 2 cents, or 0.7%, to $2.11 per million British thermal units.
United States Oil Fund LP (ETF)(NYSEARCA:USO) was up 0.49 (1.25%) at $39.72, United States Natural Gas Fund, LP(NYSEARCA:UNG) fell - 0.10 (-0.63%)$15.82. SPDR Gold Trust (ETF)(NYSEARCA:GLD) is up 1.12 (0.69%) to $163.26, iShares Silver Trust (ETF)(NYSEARCA:SLV) surged 0.80 (2.55%) to $32.17.