Commodities: Waiting before the recovery sets in

by: Hans van Cleef , Georgette Boele , Casper Burgering , Nadia Menkveld

Since mid April, the CRB index has declined by roughly 5%. This move was triggered by pressure on all commodity categories. The best performer was Palladium (+21%), while Iron ore prices declined by 27%, followed by TTF Natural gas (-21%). Disappointing Chinese trade data triggered speculation on lower future demand. This added pressure to several commodities, mainly base and ferrous metals as well as energy. The upcoming OPEC meeting (25th May) may prove to be crucial for oil prices… and for our oil price forecasts. We expect the CRB index to remain within a 180-195 range for the coming three months.

Monthly-Commodity-Update-May-2017.pdf (623 KB)
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Energy: Uncertainty ahead of OPEC meeting leads to increased volatility

Precious Metals: Range-trading in gold prices in the near term

Base Metals: Weaker macro-data pressured base metals prices

Ferrous Metals: Sentiment in ferrous markets cooled down

Agri: After two years of a deficit sugar is now heading for a surplus