The world’s recovery from the coronavirus pandemic has sent prices for energy, metals and food soaring, helping big commodity exporters while hammering those nations that buy the bulk of their raw materials from others.
Commodities as a whole have risen more than 20% this year, and around 50% in the case of crude oil. The Bloomberg Commodity Spot Index is at a decade high and heading for its fourth-straight monthly increase. Big Oil companies and miners, awash with cash, are returning billions of dollars to shareholders through dividends and buybacks.
Few analysts expect the gains to reverse soon and many think …
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