GB : Strategy - Some ‘bounce’ perspective

Last week, Commodity World reported a surprising, bullish jolt to prices. The bounce got commodity-/equity-investors excited again, after weeks of directionless trading conditions. Some asked for details on the fundamental kick behind the event. However, all other signals fail to reflect the price hike. Primary driver? It’s all US macro: more bullish macro-data + manageable inflation + strong local debt demand (weighing on yields; preserving US Fed’s dovish pitch). For now, recovering US aggregate demand vs. subdued USD offers support for US$-denom. commodities. Here, we give these price performances some perspective + remind everyone that we’re still flat-to-bearish on the short-term price outlook ().

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