Spotlight: Crude oil rose to a record after the dollar dropped to an all-time low against the euro. Notably, soybean exports from Brazil plunged 45 percent in February. Gold, silver, platinum and palladium may be the best-performing financial assets this year as inflation and slowing growth erode the value of the world's major currencies, bonds and stocks.
Energy: Crude oil rose to a record after the dollar dropped to an all-time low against the euro. Natural gas declined as speculators trimmed positions after the fuel surged as much as 2.6 percent to more than a two-year high. Heating oil futures rose to a record as investors bought contracts to hedge against inflation and a weakening dollar.
Agriculture: Soybeans and soybean oil soared to records on increased Chinese demand. Besides, wheat rose as investors bet crops will face adverse weather. Corn jumped on speculation that U.S. farmers will plant less to take advantage of surging soybean and wheat prices.
Cotton rose to highest since 1996 as demand from China grows. Sugar rose to a 19-month high as a slide in the dollar and U.S. equity markets fueled demand for commodities as an inflation hedge. Notably, coffee in New York rose after prices for Folgers coffee, the top-selling U.S. brand, were boosted to compensate for soaring bean costs.
Precious Metals: Gold rose to a record $992 an ounce, silver, platinum and palladium soared as the dollar fell to the lowest ever against the euro and crude oil closed at $102 a barrel, stoking concern that inflation will accelerate.
Industrial Metals: Copper futures closed at the highest price ever in New York as global inventories declined and China, the world's biggest user of the metal, boosted imports.
(Source: Bloomberg)
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