AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- The past week witnessed multiple commodities surging to record highs.
- The rising inflation and the ongoing global power crisis may have triggered the recent rallies.
- The prices of Brent Crude oil futures traded around three-year high levels. Brent oil futures settled at ~US$85.66 per barrel on Friday.
As per the World Bank's Commodity Markets Outlook, the energy prices are anticipated to average 80% higher in 2021 compared to last year. Moreover, many financial institutions expect the energy prices to remain higher until the first half of 2022 and settle once the supply eases.
A rapid rise in energy prices may have ignited a new spark to global inflation and might even affect the economic growth of the energy-importing countries. The prices of various commodities have shot up to multi-year high levels. Additionally, an ongoing rally in coal and natural gas prices has prompted the power crisis in many countries.
Now, let's have a look at some commodities that were popular among traders during the last week.
Crude oil
Rising crude oil prices | Source: Copyright © 2021 Kalkine Media
The prices of Brent Crude oil futures traded around three-year high levels. Brent oil futures settled at ~US$85.66 per barrel on Friday. The prices have surged over 10.89% in the last month.
The price of WTI Crude oil futures surged to seven-year high levels on Friday to close at ~US$84 per barrel. The significant rise in crude oil prices is supported by an ongoing energy crunch in Asia and Europe.
Nickel
Nickel prices | Source: © Lorenzot81 | Megapixl.com
Nickel is an important precursor for manufacturing new-age batteries amid the burgeoning electric vehicle market. The prices of nickel rose to 10-year highs on 20 October 2021, to trade at US$21,000 per tonne.
The prices have surged on the back of supply disruptions in Philippines, the world's second-largest nickel producer, and the rising demand from the automobile sector.
Lithium
3D Lithium Element | Source: © 3dalia | Megapixl.com
Lithium is one of the key components for manufacturing lithium-ion batteries (LIBs). Last week, the lithium carbonate prices in China rose to an all-time-highs of CNY182,500 a tonne on the back of strong demand from the automobile sector.
Coal
Coal prices | Source: © Natalibabinska | Megapixl.com
In early October, Coal prices surged to record-high levels. GC Newcastle coal futures closed at ~US$230 per metric tonne on Friday, the lowest levels in the last three weeks. The prices have dipped nearly 15% from the highest levels after the Chinese economic planning agency announced that it was looking into ways to intervene to cool prices
