The Associated Press November 1, 2010, 3:41PM ET

Industrial metals gain on manufacturing data

NEW YORK -- Industrial metals are gaining ground on fresh evidence of growth in the manufacturing sectors of the United States and China.

The manufacturing reports and a third that showed a slight improvement in U.S. construction spending were issued Monday.

The news is sending industrial metals such as copper, platinum and palladium higher. Oil also is benefiting.

Traders are optimistic but many are looking ahead to the outcome of this week's midterm elections and the Federal Reserve's decision on whether to take additional steps to stimulate the economy.

In other commodities, wheat, corn and soybeans are lower.

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