Commodities ripe for a rebound [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Commodities ripe for a rebound The near shutdown of the economy in response to COVID-19 has reduced demand for commodities like oil, lumber and copper and triggered sharp drops in their prices, but some analysts predict the stage is set for a rebound. Energy has borne the brunt of the selling as cars stay parked longer, airlines cut back on flights and cruise ships remain idle. A collapse in crude oil prices stunned the market last week as U.S. oil futures for May delivery plunged below zero for the first time ever. Oil is down about 78% this year. Other commodities are also mostly lower. The Bloomberg Commodity Index, which tracks a diversified basket of commodities, is down 25.7% this year and hit its lowest level ever last month. Even so, the sharp drop in prices could pave the way for a long-term rally for commodities, analysts say, noting that commodity prices have been mostly declining for nearly a decade because supply has been exceeding demand. “What we’ve seen in 2020 is just
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