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Silver leads the commodity comeback
It’s been the best weekly performance for commodities since September last year, with the Dow Jones UBS Commodity Index up by more than three per cent. Precious metals, energy and grains led the gains. There’s been a big drop, however in orange juice prices.
Gold has been rising again, dragged along by silver which has now entered into a technical bull market. It’s rallied more than twenty percent from recent lows.
Port strikes in Libya, and of course fears of a spillover from the violence in Egypt, has kept crude oil prices higher. The crisis in Egypt raises the risk of supply disruptions, especially in the Suez-Med pipeline which handles some 4.5 million barrels a day.
A bigger than expected area of US land was abandoned this Spring as wet weather conditions prevented farmers from getting their crops sowed on time. This has helped corn and soybean prices to soar, as has current very hot temperatures which raise the prospect of a smaller crop this Autumn.
And orange juice futures are significantly down amid a general decline in demand globally.
01:45 minutes
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