Commodities are partying like it is 2008. The oil price stands at its highest since October of that year, just shy of $100 per barrel. World food prices-as measured by The Economist's index-are back at their peak of July 2008. Copper prices, which have jumped by 17% since the start of November, are at an all-time high. The recent gains reflect reduced concern about global economic prospects, helped along by the Federal Reserve, which announced a second dose of quantitative easing in November last year.
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