(Javier Blas & Steve Matthews – Bloomberg)
The strongest manufacturing activity since the aftermath of the global financial crisis is slowly draining commodities surpluses, sending prices to a 3-year high as investors pour money into everything from oil to copper.
“Rarely has the outlook for a New Year been as encouraging as it is today,” said Holger Schmieding, chief economist at Berenberg Bank in London.
With factories around the world humming, demand for raw materials is fast increasing. The Bloomberg Commodities Spot Index, tracking the price of 22 raw materials, jumped to its highest since December 2014 on Thursday. The gauge has risen for a record 14 days in a row. Click here to read more.
- Global Manufacturing PMI Ends 2017 at Near Seven-Year High (Steel Guru)
- Global Manufacturers Strain to Keep Up With Faster Economy (Bloomberg)