Strategy Note /

Commodity 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

Commodity exposure in EM: Stick or twist
Hasnain Malik
Hasnain Malik

Strategy & Head of Equity Research

Tellimer Research
21 June 2022
Published byTellimer Research


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