|

Bloomberg Commodity Spot Index jumps to levels not seen since 2012

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.” 

Related reads

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

More from Dhwani Mehta
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD posts modest gains above 1.1700 as ECB signals pause

The EUR/USD pair posts modest gains around 1.1710 during the early Asian session on Monday. The Euro strengthens against the Greenback after the European Central Bank left its policy rates unchanged and took a more positive view on the Eurozone economy, which has shown resilience to global trade shocks. Financial markets are likely to remain subdued as traders book profits ahead of the long holiday period.

GBP/USD gains ground near 1.3400 ahead of UK Q3 GDP data

GBP/USD gains ground after three days of losses, trading around 1.3390 during the Asian hours on Monday. The pair depreciates as the Pound Sterling holds ground ahead of the release of the United Kingdom Gross Domestic Product for the third quarter.

Gold sits at record high near $4,400 amid renewed geopolitical woes

Gold is sitting near $4,400 early Monday, renewing lifetime highs, helped by renewed geopolitical tensions. Israel-Iran conflict and US-Venezuela headlines drive investors toward the traditional store of value, Gold. 

Top Crypto Gainers: Audiera, Midnight, MemeCore sustain weekend gains

Audiera, Midnight, and MemeCore recorded double-digit gains on Sunday and remain top performers over the last 24 hours. Audiera extends the rally while Midnight takes a breather, and MemeCore struggles at a crucial moving average. 

De-dollarisation by design: Gold’s partner in the new system

You don’t need another 2008 for the system to reset. You just need enough nations to stop settling trade in dollars. And that’s already happening. "If gold is the anchor, what actually moves value in a post-dollar world?” It’s a question most gold investors overlook. We think in terms of storage and preservation, but in the new rails being built, settlement speed matters just as much as soundness of money.

XRP rebounds amid ETF inflows and declining retail demand demand

XRP rebounds as bulls target a short-term breakout above $2.00 on Friday. XRP ETFs record the highest inflow since December 8, signaling growing institutional appetite.