Saturday 18 November 2017

Maeve Dineen: Never mind banks in crisis, food prices are our real worry

Maeve Dineen

COMMODITY trading was never seen as sexy in the cut-throat word of high finance. Such was the humdrum, low margin nature of the job that companies used to describe it as the "commodity business", put their less ambitious employees to work there and then basically ignored it.

How things have changed -- commodities is where it's all happening at the moment. The oil price stands at its highest since October 2008, just shy of $100 per barrel.

World food prices are back at their peak of July of that year. Copper prices, which have jumped by 17pc since the start of November, are at an all-time high and steel prices are set to jump by 66pc this year.

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