On Monday, Commodity prices across the board from the metals, energies to agricultural markets continued to surge – extending gains after posting their biggest weekly advance on record since 1960.
Gold prices jumped above $2,000 an ounce, while Copper and Palladium hit all-time highs. Nickel skyrocketed more than 30% higher to post its second-biggest intra-day gain ever. While, Wheat slammed the daily upward limit for the sixth day in a row and Crude Oil rallied above $130 a barrel, reaching its highest since July 2008.
Commodities already notched up a record-breaking week through to March 4, when the entire sector racked up blistering returns.
Oil prices soared over 26% to their highest level in a decade. Aluminium hit a fresh record, Zinc topped $4,000, Palladium rallied above $3,000 and Wheat prices jumped 40% to surpass an all-time record high.
Elsewhere, European Natural Gas prices shattered all records, skyrocketing a whopping 80% – setting a record for the biggest weekly rise ever in history.
As major macro-events unfold from rapidly surging global inflation, prolonged supply-chain shortages to geopolitical risks – many of the world’s most powerful financial institutions have raised their forecasts with “extremely bullish” calls for commodity prices to remain elevated and continue to hit fresh record highs in the months ahead.
All in all, the evidence is mounting that a new Commodity Supercycle is underway. It goes without saying, that Commodities are definitely one of the hottest and most exciting asset classes of 2022.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: