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These big market moves have presented savvy traders with a series of highly lucrative opportunities to profit from the recent macro-driven rally as well as the huge price reversal that has subsequently followed.<\/p>\n
The good news is that this trend is here to stay and set to continue throughout the rest of the year.<\/p>\n<\/div>\n<\/div>\n
Commodity prices across the board have been on an absolute tear, since Saudi Arabia announced plans to extend its 1 million barrel per day production cut until the end of the year. A move which sent Brent Crude Oil prices soaring within striking distance of $100 a barrel.<\/p>\n
Usually, when one Commodity goes the others follow suit, very quickly.<\/p>\n
And that\u2019s exactly what\u2019s happened!<\/p>\n
Oil\u2019s unstoppable rally also pulled many other Commodities higher including Aluminium, Copper, Cobalt, Nickel, Lithium, Palladium, Platinum, Zinc and Uranium \u2013 which is currently trading at the highest level since 2011.<\/p>\n
The higher Oil prices go, the more expensive it becomes for companies to mine, produce, and transport essential Commodities \u2013 opening the door to a major squeeze in prices.<\/p>\n
Oil prices trading between $65 to $75 a barrel is considered as a \u201csweet spot\u201d for producers and justifiable enough to generate lofty margins. Oil trading above that level does not incentivize mining companies and makes economic sense to simply shut down production.<\/p>\n
WTI Crude Oil<\/a> hit a 10-month high of $92 per barrel earlier this week \u2013 extended its gains by whopping 41% since mid-June. While Brent Crude Oil topped $95 a barrel to hit a fresh 2023 record high. Over the last three months, the world\u2019s most traded Oil benchmark has racking up a stunning gain of over 49% from its 2023 lows \u2013 officially entering a new bull market.<\/p>\n<\/div>\n<\/div>\n Not by a long shot!<\/p>\n Since the beginning of this year, a long list of Wall Street banks from Goldman Sachs, JPMorgan to Bank of America have described commodities as their \u201cpreferred asset class over the next decade\u201d.<\/p>\n In recent days, that chorus has once again become louder with Wall Street\u2019s biggest institutions raising price forecasts for the rest of the year and signalling pullbacks should be viewed as buying opportunities because prices won\u2019t stay this low for long!<\/p>\nIs the Rally Over and Has All the Money Been Made?<\/h2>\n
Commodity Price Forecast<\/h2>\n