Commodity Prices Rise As Traders Await Fed – What’s Next?

Last week, Silver, Platinum and Copper took centre-stage – rocketing to multi-year highs on hopes that rising demand for industrial metals in 2021 will surpass supply and support a long-term rally.

The industrial metals complex is expected to benefit from tight supplies, strong investment demand and the global recovery – positioning this specific group of metals as one of the most lucrative asset classes to watch in 2021.

Silver prices edged higher on Friday, trading near $27 an ounce, only $3 away from its February peak. Meanwhile, Copper prices rallied for a fifth straight session, hitting a 10-year high – up over 60% since the start of the year.

Copper is not the only industrial metals that has seen monumental gains in 2021.

The most impressive metal has to be Platinum, which surged to a six-and-a-half-year high on Friday. A year ago today, Platinum was trading at $526 an ounce. Currently, it’s trading near $1,300 an ounce – up over 147%, in the past 12 months.

Elsewhere, after a healthy correction last week, Gold prices are trading solidly higher on Monday, back above $1,800 an ounce.

Looking ahead to this week, the key events that traders will be watching closely for clues on the markets next big move include; Federal Reserve Chair Jerome Powell’s testimony, U.S Q4 GDP and Core PCE price data.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.