Commodities Gauge Soars to Fresh Record Amid Supply Crunch
- Global commodities index has rallied 36% so far this year
- Gains in natural gas, wheat were behind Monday’s advance
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Spot commodity prices surged to a fresh record high as energy and food supplies continue to be roiled by the war in Ukraine, while China rolls back demand-curbing Covid-19 lockdowns.
The Bloomberg Commodity Spot Index, which tracks prices for 23 raw materials, rose 1.9% Monday to its highest-ever level. The move was mostly driven by a jump in futures contracts for natural gas and wheat amid renewed supply fears. The gauge has climbed 36% this year, heading for the biggest annual advance in more than a decade.