In other commodities, 11 of 22 traders and analysts surveyed by Bloomberg expect copper to gain next week and five predicted a drop. The metal for delivery in three months, the London Metal Exchange’s benchmark contract, added 1.3 percent to $7,699 a ton this year.
Five of 10 people surveyed said raw sugar will decline next week and four expect an increase. The commodity slid 15 percent to 19.83 cents a pound since the start of January on ICE Futures U.S. in New York.
Thirteen of 23 people surveyed anticipate higher corn prices next week and five were bearish, while 17 of 23 said soybeans will increase and three predicted declines. Corn jumped 28 percent to $8.285 a bushel in Chicago this year and reached a record $8.49 on Aug. 10 as the worst U.S. drought in half a century damaged crops. Soybeans set an all-time high yesterday and are up 43 percent this year at $17.2725 a bushel.
The S&P GSCI gauge of raw materials entered a bull market on Aug. 21, climbing more than 20 percent from this year’s lowest close on June 21. The global economy will expand 3.5 percent this year and 3.9 percent in 2013, the IMF estimates. Developing nations will grow 5.6 percent in 2012, it predicts.
“In the short-term, it would be difficult to see considerably higher commodity prices without quantitative easing from central banks,” said Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt. “In the long term, I don’t think that commodities need quantitative easing measures, as they can rise without it. The economy should recover and demand in emerging markets is still relatively robust.”
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