Commodity markets are poised to break out of a two-year slump as a rally in precious metal and agriculture prices drives the sector to a 26-month high, closing in on the range it traded at during the 2022 boom.

The Bloomberg Commodity Total Return Index, which trades a basket of 24 energy, metals, and agricultural futures, has already jumped 5.9 per cent this year to its highest level since the end of 2022 – which was a golden year for raw materials as economies returned from COVID-19 hibernation and the war in Ukraine wreaked havoc on supply chains.