Global commodity markets ended 2020 on a strong note, with recovering demand and widespread stimulus packages buoying prices after a roller coaster ride caused by the global coronavirus pandemic. Rollouts of vaccines to combat the virus and trillions of dollars in fiscal support are expected to boost investment and spending in 2021, spurring demand for raw materials from oil to copper. “It’s been a tumultuous year for the commodity market, as the oil meltdown in March changed how we measure and gauge risk in the entire commodity sphere,” Stephen Innes, chief global market strategist at brokerage Axi, told Reuters. “But thanks to the Fed’s unwavering support to dig the U.S. and global economy out of a hole,” commodity markets have flourished, he added. Dalian iron ore futures and silver are up around 50 percent in 2020, leading the gains in commodity futures. Energy Overall, spot Asian LNG led the energy …
Volatile Commodity Markets End 2020 Strong With Vaccines, Stimulus in Sight
January 4, 2021
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