Commodity prices reach one-month high

Commodity prices have soared to a one-month high, thanks to speculation that demand from China and the U.S. will support the markets for metal and energy.

The S&P GSCI Total Return Index, which includes 24 different commodities, increased 0.9 percent to 4,247.8, the highest level since August 11. Among the commodities experiencing a rise in a value are zinc, which jumped 2.9 percent, aluminum, which increased 2.2 percent, and crude oil, which gained 0.9 percent, according to BusinessWeek.

"News that Chinese production is growing more than expected is very supportive," Thorbjoern Bak Jensen, a Global Risk Management analyst based in Middelfart, Denmark, told BusinessWeek. "U.S. data this week may further write off the prospect of a double-dip."

In fact, industrial production in China - which is the largest consumer of industrial metals - rose 13 percent in August over the same time last year. Another metal buoyed by the Chinese market is copper, according to a report from FOX Business.