Amid depreciating US currency and expectations of renewed energy demand on the improved economic outlook, commodities prices continue to surge, as indicated by the Bloomberg Commodity Spot Index.
Key takeaways
“The Bloomberg Commodity Spot Index, which tracks price movements for 23 raw materials, rose 0.7% Monday. The index is at levels not seen since 2012.”
“Prices for everything from copper to oil to timber have sky-rocketed as the world’s largest economies recovers from the pandemic, with growing signs of shortages across markets.”
“Hedge funds have increased bullish bets in commodity futures for three consecutive weeks, according to data compiled by Bloomberg.”
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