Oil futures hit a 13-month high as global stocks rally with US markets closed

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The rally in commodities, which some say is the start of a supercycle, continued Monday, boosting resource stocks. The West Texas Intermediate CL.1 contract, + 1.82%, the leading benchmark for oil in the US, exceeded $ 60 per barrel for the first time since January 2020. Other commodities, including platinum PL00 , + 2.57% also advanced.

“The robust recovery in oil and industrial metals prices in recent months is driving the idea of ​​a new commodity supercycle in which prices remain above trend for many years,” said Hussein Sayed, strategist Head of FXTM Market. Also Read: Fifth Commodity Supercycle Has Started, Says JPMorgan Up 12 Lead Analyst From Past 15 Weeks, Stoxx Europe 600 SXXP, + 0.97% Up 0.6% In Morning, With Winners Including Miners Rio Tinto RIO , + 3.24% and Grupo BHP, BHP, + 3.80% and Total FP oil producer, + 3.17%. The Nikkei 225 NIK, + 1.91% was up 1.9% in Tokyo to a new 30-year high, and the Kospi Composite 180721, + 1.50% was up 1.5% in Seoul. The US market is closed for the Presidents’ Day holiday, and the Hong Kong and Chinese markets are closed for the Lunar New Year. US Stock Futures ES00, + 0.46% YM00, + 0.53%, electronically traded, advanced. The launch of vaccines and progress on the $ 1.9 trillion stimulus proposed by the Biden administration is helping fuel moves in global asset markets this year, the so-called reflation trade. Last week, the yield of the 10-year Treasury bond TMUBMUSD10Y, 1.209% exceeded 1.20% for the first time in a year. Vivendi VIV, the + 16.28% shares traded 18% more in Paris after it said it would distribute 60% of the share capital of the subsidiary Universal Music Group to shareholders and list the record label in Amsterdam by the end of the year . The investment group Bollore BOL, + 12.31%, owns more than a quarter of Vivendi, gained 13%. Lanxess LXS, + 4.34% rose to 6% after agreeing to purchase US specialty chemicals company Emerald Kalama Chemical for $ 1.04 billion from private equity firm American Securities. Other notable moves on Monday included the US dollar falling below USDTRY 7 Turkish lira, -0.90% for the first time since August. Turkey’s central bank more than doubled interest rates, to 17% from 8.25%, since September.