Commodities have surpassed Bitcoin to become the most crowded trade, as per 26% of respondents in the latest global fund manager survey by Bofa Securities.
The surge in global commodity prices was triggered by reopening of the world economy and aggressive imports by China for its infrastructure development and transition to electric vehicles.
Not just base and industrial metals, prices of agricultural commodities food and non-food as well as precious metals have also been on an upswing.
According to the survey, 63% of the respondents expect a signal on tapering bond purchases by the US Federal Reserve in August or September, with 38% seeing it coming at the annual Jackson Hole summit in August.