Commodities Overview

Commodities Weekly Wrap

1 February, 2019

Recent optimism unlikely to last

Commodity prices have generally had a positive week, boosted by the US-China trade talks and the dovish tone adopted by the Fed at its FOMC meeting. However, the strong US employment report on Friday has tempered hopes that the Fed has finished its tightening cycle. Either way, we still expect the US economy to slow later in the year, with negative implications for most commodity prices, but notably oil.

China’s weak manufacturing PMI data published late in the week weighed on prices, but perhaps

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