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Commodity prices rallied on Tuesday as concerns over COVID-19 in China eased. Iron ore rose 8% and oil traded back above $70 a barrel after a sharp sell-off the previous week linked to the Delta variant.
Easing worries about Chinese demand lift oil prices, although the report's main focus is iron ore, which is not a feed commodity.
ft.comHenry Sanderson, David SheppardAug 24, 2021After 35 past disease events, WTI moved a median -4.7% over 5 sessions (20% higher; middle half -11.7% to -1.7%), and -5.7% over 20.
After 30 past disease events, BRENT moved a median -5.2% over 5 sessions (27% higher; middle half -8.9% to -0.1%), and -6.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
