Uncertain outlook gives forecasters a headache
Fears lurk in the market of a commodities slump. Oil and copper prices are the most important bellwethers of what might lie ahead – in both cases the news is less than bright. Brent perked up a little last week but is 6% down year-on-year. So weak was Brent a few weeks ago that Opec+ delayed planned production cuts to keep prices falling below $70 a barrel.As for the red metal, copper didn't see a repeat of the surge that marked Donald Trump 's unexpected election win in 2016.
The scale of oversupply is more than double that forecast when the group last met in April.Aluminium, zinc and PMIsBut there are two sides to the story. Aluminium and zinc are ahead 20% apiece; gold is up 33% and silver has been on a run, too. And on a 12-month lead time copper futures are up 8.8%.
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