Grains aside, commodities remain in the doldrums

The prices of US grains and soybeans jumped in June on weather-related supply fears, but most other commodities are still becalmed – at best. Industrial metals continued to struggle, despite additional Chinese policy stimulus, as a slump in Chinese equities added to demand concerns. Elsewhere, global financial markets have largely shrugged off the crisis in Greece, although we continue to expect a surge in safe-haven demand for gold later in the year.