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Commodities weekly: The great divergence – metals surge while energy slumps
The Bloomberg Commodity Index (BCOM) is heading for a weekly decline of around 1.5%, trimming the year-to-date gain to just over 16%. On the surface, it has been a softer week for the broader complex, but once again the headline number masks an increasingly pronounced divergence beneath. Energy prices continued to weaken, led by a sharp slump in US natural gas, while metals delivered yet another outsized performance, with silver and copper both pushing into fresh record territory and gold showing renewed signs of strength. This growing gap between sectors is becoming one of the defining features of the commodity ... (full story)