After hitting multi-year highs, commodity prices pulled back on the final trading day in February as traders booked profits.
Copper prices rallied throughout February hitting a 10-year high – up over 60% since the start of the year. Copper is not the only metal that has seen monumental gains in 2021.
The most impressive metal has to be Platinum, which surged to a six-and-a-half-year high last week. A year ago, Platinum was trading at $526 an ounce. Last week, it’s trading near $1,300 an ounce – up over 147%, in the past 12 months.
Platinum’s explosive rally also pulled sister metal Palladium higher, which is now up 70% in the past 12 months.
Elsewhere, Oil prices soared above $65 a barrel to hit 13-month highs – up over 260% from the lows seen in April 2020.
In total 27 commodities – ranging from the metals, energies to soft commodities have all posted double to triple digit gains over the last six months to date and this is just the beginning.
Looking ahead to this week, the key events that traders will be watching closely for clues on the markets next big move include; a host speeches from a number of Fed speakers, including Fed Chair Powell. ADP Employment Change and Jobless Claims as well as the biggest event of the week – Non-Farm Payrolls data on Friday.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: