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Commodities Notch Their Best Year Since Financial Crisis Rebound

  • Bloomberg Commodity Spot Index increased 27% this year
  • But outlook for 2022 is bearish as China slows, supplies rise
Construction workers frame a new home being built in Buda, Texas.

Construction workers frame a new home being built in Buda, Texas.

Photographer: Matthew Busch/Bloomberg

Commodities surged the most in over a decade this year as a rebound in demand from pandemic lockdowns was met with constrained supplies, fueling inflation around the world and forcing governments to act. But 2022 may tell a different story.

The Bloomberg Commodity Spot Index, which tracks 23 energy, metal and crop futures, is ending 2021 with a 27% gain, the biggest since the 2009 recovery from the great financial crisis. Prices for everything from gasoline and corn to copper and lumber have soared, making it more expensive to fill up the tank, build houses, eat meat, manufacture cars and heat homes.