Commodity Prices Climb to 24-Year High on Global Demand Growth

March 8 (Bloomberg) — Commodity prices surged to a 24-year high, led by gains in copper and crude oil, on concern that global economic growth is eroding inventories of raw materials faster than supplies can be replenished.

Copper reached a 16-year high, and oil rose near a record in New York, extending the rally in the Reuters-CRB Index of 17 commodities to the highest since January 1981. The index gained 7.1 percent in February, the most in any month since August 1983.