Commodities from oil to precious metals showed their strength early Wednesday, April 18, pushing higher across the board.
While gold futures for June delivery were little changed, up 0.18% to $1,351.90 per ounce, other metals were rallying harder. Silver futures for May delivery gained 0.97% to $16.93 per ounce. Copper futures for July delivery soared 1.97% to $316.40 per pound. Platinum spot prices jumped 0.84% to $944.91 per ounce.
Aluminum surged, as London-listed futures rallied to their strongest level since 2011 early Wednesday. Aluminum futures gained 0.25% to $2,405 per metric ton. The rapid price gain came in tandem with increased trader concern over supply following U.S. sanctions on Russian aluminum producer Rusal. Prices have gained more than 20% since the sanctions were announced earlier this month.
Energy commodities also surged Wednesday as the possibility of supply disruptions amid an unstable Middle Eastern political scene worried traders. The move this weekend by U.S., U.K. and French allies to launch an air strike on Syria raised concerns that access to crude supplies in the region might be interrupted.
West Texas Intermediate crude oil futures for May delivery jumped 1.44% to $67.48 per barrel Wednesday. Brent crude oil futures for June delivery rose 1.3% to $72.51 per barrel. Last week, oil prices notched a three-year high as threats to Middle Eastern supply were at their height. As the geopolitical risk has abated some, prices came off records but remain elevated.
Other energy products including gasoline, natural gas and heating oil were also higher early Wednesday.