Commodity bulls are getting some much-needed relief after the worst month in almost four years.
The Bloomberg Commodity Index that tracks 22 raw materials posted the biggest intraday gain since February on Monday amid increased Chinese crude-oil imports, supply disruptions at copper mines and worsening crop conditions for corn.
The gauge last month had its worst performance since September 2011 amid a stronger U.S. dollar, expanding gluts in many raw materials and signs of a slowing economy in China. Money managers cut their net-long positions in commodities by 67 percent in the past year, according to U.S. government data released Friday.
Oil on Monday climbed from the lowest price in almost five months after China’s crude imports rose to a record, easing demand concerns in the Asian nation, the biggest consumer of commodities ranging from cotton to zinc. Rains in Chile caused deadly mudslides and halted work at some of the world’s biggest copper mines, while excessive moisture from Nebraska to Ohio this summer threatened the U.S. crop yield.
The Bloomberg Commodity Index rose as much as 2.3 percent to 92.5516.
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