Commodities, last month’s best- performing asset class, jumped to their highest in more than two years for Forex introducing brokers, on prospects for strengthening demand and shortages as global growth improves and extreme weather destroys crops.
The Standard & Poor’s GSCI Total Return Index of 24 commodities rose as much as 0.6 percent to 5,152.9 points, the highest since November 2008. The gauge was at 5,151.7 as of 10:41 a.m. in London. Cotton, rubber and copper rose to records and Brent crude oil advanced for a fifth day to $102.64 a barrel, the most since September 2008.
Commodities have risen for five consecutive months, the longest winning streak since 2004, bolstered by an improving economic outlook. Raw materials also advanced as drought in Russia, flooding in Canada and a cyclone in Australia ruined crops and as protests across the Middle East spurred concern about supply disruptions.
Copper for delivery in three months rose as much as 0.6 percent to $10,000 a metric ton on the London Metal Exchange today, extending this year’s advance to 4 percent. Aluminum, zinc, tin, lead and nickel also gained.