Commodity prices have yet again soared, with oil and rice futures recording new settlement highs, as concerns among traders on decreasing supply, the weakening US market and the subsequent affect on the US dollar translated into yet further price rises in the volatile commodity market.
Oil prices soared to an intraday record of $115.21 a barrel on New York Mercantile Exchange (Nymex) on April 16, surpassing the pervious record, reported just one day prior of $114.02.
Legacy Chicago Board of Trade rice futures also rose to a new settlement high of $22.025 a hundredweight on April 14, jumping the 50-cent limit on worries about global supply.
Commodities overall have rallied in recent months due, in part, to record weakness in the US dollar but it is oil...