Further To Go For Commodities…

February 2005 | Market Strategy

On 15 February we suggested that there was upside potential for commodities. Since then, copper has jumped to set new highs above US$1.50/lb, front-month Brent crude has breached US$50.00/b amid colder weather in the northern hemisphere, and gold has returned to the strong side of US$435.00/oz. We expect these long-term uptrends to continue for now, even though there has been much talk in the market of commodities now being at extreme levels. Indeed, the Commodity Research Bureau (CRB) index is currently at 300.23, up 65% since the low of 181.83 in November 2001. Major resistance comes in 315, but we

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