Commodities' Record Run Hands Investors Second Win, by a WhiskerBy
Bloomberg Commodity Index closes year higher as dollar slides
Major constituents of gold, copper and oil saw closing rallies
Well, that was close. Returns on commodities only just avoided closing 2017 lower.
The Bloomberg Commodity Index, which tracks returns on 22 raw materials, posted a record 12 straight days of gains to close the year 0.8 percent higher. On Dec. 27, with just two trading days left in the year, the measure was still flashing red.
The index has started 2018 in positive territory.
The index’s second annual advance came as a weaker dollar bolstered major constituents. Copper rallied 10 straight days to Dec. 28, while gold scored seven higher closes and Brent crude oil advanced eight out of nine sessions to Dec. 29. The rallies also continued their momentum as chartists recognized positive indicators.
“Markets crossed a number of critical technicals last week, with oil prices, natural gas prices, and many industrial and precious metals prices surging above technical resistance levels, and the dollar falling below a critical support level,” Jason Schenker, president of Prestige Economics LLC, said by email on Monday.