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Bloomberg
Commodities are set for the best annual performance since 2016, with crude to copper posting annual gains.
The Bloomberg Commodity Spot Index has hit the highest since November 2018 as trade tensions ebb, a risk-on mood sweeps markets, and the dollar eases. The gauge is now up 11% in 2019.
Commodities are benefiting from an end-of-year surge as the outlook for 2020 appears, at least at present, to be more promising than conditions that prevailed for much of this year. The US-China phase-one pact — expected to be formally concluded next month — hinges on the Asian nation increasing purchases of farm goods. In addition, prospects for a deal have helped spur restocking by raw material users, according to Oversea-Chinese Banking Corp.