The pandemic that turned out to be cataclysmic for almost all commodities upon its outbreak, has now shaped up as one of the triggers sparking the price rallies for the same commodities. While the precious metals surged early on, the energy and base metals largely suffered sudden demand destruction, leading to significant decline in the prices.
While the coronavirus pandemic continues in 2021, economies across the globe have been trying to reinvigorate the economic recovery and a major focus is on infrastructure boost. The infrastructure development activities have boosted the prospects for base metals including iron ore, copper and aluminium. All of these three commodities have been trending and have surged to multi-year highs in the recent months.