Cotton gains 9%, sugar 7.1%, Brent oil 7%, soybean 5.4% last week
Commodity markets continued to follow a positive course with strong rises last week.
While global stock markets ended last week on a high note fueled by generally eased concerns over the banking sector and expectations that “hawkish”monetary policy steps are fading, commodity markets were on the upswing.
Easing inflation figures in both Europe and the US calmed worries about more rate hikes by the Federal Reserve and the European Central Bank.
The concerns shifted from a possible banking crisis to monetary policies due to the steps of the US government and the Fed in the wake of the banks’ sudden demise.
Gold fell 0.5% last week, while silver rose 3.5%, palladium 3.1%, and platinum 1.3%.
Base metals benefited from lower demand for the US dollar last week.
In the over-the-counter market, copper gained 0.9%, aluminum 3.1%, nickel 0.9%, and zinc 2%.
Brent oil finished last week with a 7% surge, as growing geopolitical risks triggered concerns about global oil supply.
On the Chicago Mercantile Exchange, wheat rose by 0.5%, corn 2.7%, and soybean 5.4%, while rice decreased by 2.6%.