Oil futures reach 13-month highs as global equities advance with closed US markets

The commodity rally, as some say, is the start of a superbike, continued Monday and encouraged resource stocks.

The West Texas Interim Contract
CL.1,
+ 1.98%
,
the leading benchmark for oil in the United States topped $ 60 per barrel. barrel for the first time since January 2020. Other raw materials including platinum
PL00,
+ 4.21%

also advanced.

“The robust recovery in oil prices and industrial metals over the last few months is driving the idea of ​​a new commodity supercycle, where prices will remain above trend for many years to come,” said Hussein Sayed, chief marketing strategist at FXTM.

Also read: The fifth commodity supercycle has started, says the leading JPMorgan analyst

Up 12 of the last 15 weeks, Stoxx Europe 600
SXXP,
+ 1.07%

increased 0.9% in morning trading with winners including miners Rio Tinto
RIO,
+ 3.44%

and BHP Group,
BHP,
+ 3.38%

and oil producer Total
FP,
+ 3.72%
.

Nikkei 225
NIK,
+ 1.91%

rose 1.9% in Tokyo to a new 30-year high and Kospi Composite
180721,
+ 1.50%

rose 1.5% in Seoul. The US market is closed for President’s Day holidayand markets in Hong Kong and China are closed for lunar new years. US stock futures
ES00,
+ 0.41%

YM00,
+ 0.49%
,
which trades electronically, advanced.

The rollout of vaccines and progress with the Biden administration’s proposed $ 1.9 trillion stimulus are helping to stimulate movement in global asset markets this year, the so-called reflection trade. Last week was the return on the 10-year treasury
TMUBMUSD10Y,
1,209%

topped 1.20% for the first time in a year.

Vivendi
WE V,
+ 18.62%

shares traded 18% higher in Paris after saying they would distribute 60% of the subsidiary Universal Music Group’s share capital to shareholders and list the music brand in Amsterdam before the end of the year. Investment Group Bollore
BOL,
+ 13.52%
,
which owns more than a quarter of Vivendi, got 13%.

Lanxess
LXS,
+ 3.65%

rose as much as 6% after agreeing to buy US specialty chemical company Emerald Kalama Chemical for $ 1.04 billion. from the private equity firm American Securities.

Other notable moves on Monday included the US dollar falling back below 7 Turkish lira
USDTRY,
-1.01%

for the first time since August. Turkey’s central bank more than doubled interest rates to 17% from 8.25% since September.

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