Commodity prices across the board have been on an absolute tear – racking up double to triple-digit gains on a week to week basis as the sector-wide Supercycle continues to break new records.
Last week, Oil prices soared above $130 a barrel to hit their highest level in a decade. While Gold extended its parabolic rally from just under $1,800 an ounce to a high of $2,070 an ounce – just $5 short of an all-time high reached in August 2020.
The bullish momentum also split over into other commodities with Aluminium, Platinum, Palladium, Copper, Zinc, Wheat, Coffee and Lumber prices blasting through all-time highs.
Elsewhere, European Natural Gas prices skyrocketing a whopping 90% to post their biggest weekly rise ever.
But the best performing commodity was Nickel.
Nickel prices snatched the headlines with a blistering gain of over 250% in a single day to register the biggest one-day move ever seen in the history of the commodities markets.
In total 27 Commodities ranging from metals, energies to soft commodities have tallied up astronomical gains already within the first quarter of 2022.
And this is just the beginning!
As major macro-events continue to 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 targets with “extremely bullish” calls for Commodity prices to hit fresh record highs in the months ahead.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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AUD/USD consolidates below 0.6600 amid the US election uncertainty
AUD/USD remains on the defensive below the 0.6600 mark on Tuesday as traders seem reluctant ahead of this week's key event risks – the US presidential election and the FOMC policy meeting. In the meantime, the unwinding of the Trump trade continues to weigh on the USD and offers some support to the currency pair.
EUR/USD posts modest gains above 1.0850, all eyes on the US presidential election results
The EUR/USD pair trades with mild gains near 1.0880 during the early Asian session on Tuesday. The US Dollar edges lower as traders brace for the outcome of the US presidential election and a likely interest rate cut from the Federal Reserve, which supports some support for the major pair.
Gold trades around $2,730
Gold price is on the defensive below $2,750 in European trading on Monday, erasing the early gains. The downside, however, appears elusive amid the US presidential election risks and the ongoing Middle East geopolitical tensions.
RBA widely expected to keep interest rate unchanged amid persisting price pressures
Australia’s benchmark interest rate is set to stay unchanged at 4.35% in November. The focus remains on Reserve Bank of Australia Governor Michele Bullock’s comments and updated economic forecasts. The Australian Dollar could wilt if RBA Governor Bullock ramps up bets for a December rate cut.
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The US Dollar has regained lost momentum against its six major rivals at the beginning of the final quarter of 2024, as tensions mount ahead of the highly anticipated United States Presidential election due on November 5.
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