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Commodities Stand on Brink of Bull Market After Oil’s Recovery

  • Prices surged in 2016 on supply cuts and weather worries
  • Citigroup said last month commodities had turned the corner
Bloomberg business news

Metals Rally Running Out of Steam

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Bloomberg News
Updated on

Commodities are approaching a bull market after prices rebounded from the lowest in at least 25 years on a rally in oil, soybeans and zinc.

The Bloomberg Commodity Index, which tracks returns from 22 raw materials, climbed 0.7 percent to 87.31 by 8:44 a.m. in New York. A close above 87.45 would mark a 20 percent advance, meeting the common definition of a bull market. Prices briefly surpassed that level today. The index is still about 50 percent below the high reached in 2011.