Non-energy commodities rose by 2.9 percent in February—a second straight monthly increase—on various supply shortfalls and, in part, due to depreciation of the U.S. dollar (down 1.7 percent against a broad group of major trading partners). Agriculture and metals prices increased as weather-related supply losses affected tin output in Indonesia and soybean crops in Latin America, but there were also supply constraints elsewhere. Crude oil prices surged higher on supply losses and geopolitical tensions over Iran’s nuclear program.
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