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Bloomberg commodity index gains 3.9%

FXStreet (Mumbai) - Commodity prices are on track for their best week since 2012 on the back of a rise in oil prices and the resulting risk-on in the financial markets.

Oil/commodity driven risk-on

The Bloomberg Commodities Index advanced 3.9%, mainly on account of an almost 10% rise in Zinc price after the mining giant Glencore announced a cut in the production. The index has recovered sharply this week from the 16-year low seen in August.

This has also resulted in the risk-on in equities as the uptick in the raw material prices has triggered a rally in the energy and mining shares across the globe. European stocks have rallied for the sixth consecutive session, with FTSE 350 mining index rallying 18% this week.

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