Global commodity prices jumped late Friday on stock market gains and good news from Europe, setting the stage for sharp gains today on domestic futures markets.

After falling all last week, the three-month copper contract on the London Metal Exchange (LME) ended 2.5 percent higher after rising 0.9 percent in Asian trading. The contract, the benchmark for the global copper market, closed at $7,655 per ton, down 2.9 percent for the week.

Nymex crude oil continued to climb Friday, reaching a 15-week high, according to Reuters. The December West Texas Intermediate crude oil contract settled at $98.99 per barrel, up 1.2 percent for the session, and more than 5 percent for the week.

The S&P 500 rose 1.95 percent Friday after Greece got a new Prime Minister and the Italian parliament paved the way for an austerity package aimed at calming the bond markets, Reuters reported.

Meanwhile, Comex gold futures rose. The most active December contract gained 1.6 percent Friday to settle at $1,768.00 per ounce, tracking a decline in the US dollar. The contract was up 1.8 percent for the week.

The US Dollar Index, which measures the value of the dollar against a basket of currencies, finished Friday down 0.9 percent at 76.91 - about even with the closing level of the previous Friday.

A weaker dollar makes dollar-denominated commodities less expensive for buyers using other currencies, which bolstered prices.