Strategy Note /
GlobalCommodity exposure in EM: Stick or twist
Average commodity prices, ex-gold, are down 8% from the ytd peak, seen at the start of June, as recession fear sets in
The ytd outperformance of large EM commodity exporters eroded this month; Brazil and Saudi are down c15% so far in June
We scan EM for net export exposure to commodities overall, and fuel and food individually, and compare with valuation
Hasnain Malik
Strategy & Head of Equity Research @ Tellimer Research
21 June 2022
Published byTellimer Research
