Metals, agriculture products lead commodity surge.
Bloomberg News (10/30, Chanjaroen) reports, "Crude oil, copper, wheat, and sugar led the biggest commodity surge in at least five decades on expectations that lower borrowing costs will aid a rebound in demand for raw materials." According to one index, "19 raw materials rose as much as 6.4 percent," the largest rise on record. Eugen Weinberg, a commodities analyst at Commerzbank AG, said, "Commodities are pricing in a recovery in demand that will be sooner than people had earlier expected." He added that "a decline in the dollar against currencies such as the euro and a rebound in global stock markets also buoyed commodities." The article notes that, "on the London Metal Exchange, industrial metals rallied." Additionally, "corn and wheat rose the maximum permitted by the Chicago Board of Trade," with soybeans also up.
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