Commodities Hit 6-Year High With Rebound Lifting Oil, Copper
- Brent earlier topped $50 benchmark for first time since March
- Optimism that vaccine is being rolled out seen spurring gains
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The world’s commodities markets are staging a comeback as the global economy rebounds back from the steepest downturn since the Great Depression.
The Bloomberg Commodity Spot Index rose 1.3% on Thursday to its highest since 2014 with the roll out of Covid-19 vaccinations and the transition to a new U.S. president well underway. That has Wall Street regaining its appetite for risk, delivering commodities their best run in years. Copper, long seen as a bellwether for the global economy, is surging; oil is recovering from the worst effects of the lockdowns; and extreme weather and strong Chinese demand are driving up crop prices around the world.