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Commodities Soar: Index at 8-year high

Feb 23, 2021 10:34 IST

The commodity space continued to hog the spotlight with the Bloomberg Commodity Index rising the most since March 2013. The Index which tracks over 23 raw materials jumped to a 8-year high backed by a rally in oil and copper.

Crude prices which have already rallied 20% in 2021 got another booster from Goldman Sachs that expects another 20% rise from here. The global brokerage expects oil prices to rise to $75 per barrel before September this year. 

All eyes now shift onto the OPEC meeting on March 4 with hopes of the global supply levels to be raised. OPEC had slashed global production 10 months ago keeping back 7% of global supply.

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