Wakeup call: commodity prices exploding

Commodity prices from oil and gas to wheat, coal and aluminium surged again overnight. (Image: Getty)

Fri, 04 Mar 2022

Biggest rise ever Commodity prices surged again overnight, capping the fastest weekly rise in commodity price indices in modern times as traders grasped the enormity of Russia starting Europe's biggest war since 1945. The S&P GSCI index of global raw material prices has risen 18% this week, which is the fastest weekly rise on record, going back to before the oil shocks of the 1970s, which were triggered by various wars in the Middle East. West Texas Intermediate crude futures rose to US$116/barrel (NZ$170) overnight, its highest le...

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