Saxo Bank hæfter sig ved, at råvarerne havde det slemt i sidste uge – det største tab siden pandemiens start. Det varsler ilde for den kommende tid.
Market Quick Take
The commodity sector is heading for its biggest weekly loss since the start of the pandemic with all sectors, led by grains and precious metals trading lower.
Recent darlings like corn, copper, gold and even fortress crude oil all got dumped after the FOMC signaled it would speed up its expected pace of policy tightening. Inflation expectations as seen through 10-year breakeven rates dropped by 25 basis points while the dollar strengthened.
Adding to these continued efforts by the Chinese authorities to reduce inflation through commodity market intervention.
Last weeks grain market drop was the worst since 2009 with easing supply worries triggering a speculative exodus.
