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Bloomberg: Commodities Comment
Posted by Tango
on February 23, 2021, 6:45 am
Commodities rose to their highest in almost eight years amid booming investor appetite for everything from oil to corn. Hedge funds have piled into what’s become the biggest bullish wager on the asset class in at least a decade, a collective bet that government stimulus plus near-zero interest rates will fuel demand, generate inflation and further weaken the U.S. dollar. The Bloomberg Commodity Spot Index, which tracks price movements for 23 raw materials, rose 1.6% on Monday to its highest since March 2013. The gauge has already gained 67% since reaching a four-year low in March. Copper lead the gains, surging above $9,000 a metric ton for the first time in nine years.