There are more commodities futures contracts trading in backwardation than at any point since at least 1997.

“Aluminum markets are facing a melt-up in prices this year, driven by simultaneous deficits in both China and ex-China drawing on already low stock of inventory,” Goldman analysts say.

LME copper stocks give every appearance of experiencing a second grab-it-while-you-can impulse wave, writes Andy Home.

Supply-chain snags dominated headlines through most of 2021, catapulting commodities prices to the highest in more than a decade.

Global production hit 170,000 tonnes last year, up 20% over 2020, according to preliminary data released by the USGS.

In 2021, Wheaton went on a shopping spree that totalled over $1 billion, adding streams from six separate mines to its portfolio.