The S&P GSCI Total Return Index of 24 commodities advanced in November after surging 9.8 percent in October for its best monthly performance since May 2009.
West Texas Intermediate crude oil futures traded in New York had some of the biggest gains among raw materials, rallying 7.7 percent to $100.36 a barrel. The futures rose after Enbridge Inc. and Enterprise Products Partners LP announced plans to start shipping oil from Cushing, Oklahoma, the contract's delivery point, in 2012.
The change would add an outlet for North American crude at Gulf Coast refineries, easing a glut at the hub that helped cut the price of the U.S. benchmark against London-traded Brent crude. Brent cost $10.16 per barrel more than West Texas Intermediate oil as of yesterday. The gap has narrowed from a record $27.88 a barrel Oct. 14.
West Texas Intermediate will average $90 a barrel and Brent will average $108.50 a barrel in the fourth quarter, based on the median forecast in a Bloomberg survey of banks.
Concern that Europe's crisis will curb global growth weighed on demand for other raw materials, with cocoa and nickel posting the biggest losses for the month.
Cocoa futures traded in the U.S. slumped 14.5 percent as exports from Ivory Coast, the world's biggest producer, resumed after a civil war. Nickel on the London Metal Exchange tumbled about 11 percent as global stockpiles swelled.
"You can't get really optimistic or really bullish about the commodity markets," Jeremy Friesen, commodity strategist at Societe Generale SA, said by phone from Hong Kong on Nov. 29. As long as Europe's crisis lingers, he said, "it's not going to be a great market for anything that's levered to global growth."
The MSCI All Country World Index retreated after October's 11 percent rally. The equity benchmark tracking 45 global markets has declined 6.2 percent this year.
The MSCI index is valued at 12.4 times reported profit, 18 percent below the median from the past five years, according to data compiled by Bloomberg. The price-earnings ratio reached 10.4 in September, the lowest in more than two years.
Denmark's OMX Copenhagen 20 Index rose 6.2 percent and Ireland's ISEQ Overall Index climbed 0.9 percent, for the only monthly advances among 24 developed markets, according to data compiled by Bloomberg. Venezuela's IBC Index was the biggest gainer among benchmark emerging market indexes, climbing 7.3 percent.