The commodities that help build an economy have rallied, with lumber, copper, and iron ore reaching record prices in recent weeks --- and demand looks set to...
The commodities that help build an economy have rallied, with lumber, copper, and iron ore reaching record prices in recent weeks — and demand looks set to continue.
The S&P GSCI index SPGSCI, -2.31%, which tracks 24 exchange-traded commodity futures contracts, has climbed 27% year to date as of May 11. “The world isn’t running out of commodities,” he says. The “logistic system cannot handle such a spike in demand in a short period of time.” Copper futures climbed to a record settlement of $4.76 a pound on May 11. “Strong demand, but also speculative activity,” has led to the rise, with the metal considered a “macro-related commodity with lots of fund activity behind it,” says Kartsonas.
“You need ships to move the basic commodities in order to produce goods,” Kartsonas says. Freight is “highly correlated with economic activity over longer periods of time,” and this year, “strong demand for commodities has led to strong demand for oceangoing transportation.” Freight rates have increased, lifting the ETF’s returns.
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