Base Metals & Iron Ore

The metals mania is fueling extreme volatility. 

In particular, the price of copper has become detached from fundamentals and is vulnerable to the downside.

This report looks at the FX implications of the Trump tariffs, and the review of our Q1 trades.

In this Special Report, we outline the three themes that we believe will drive commodity markets this year: (1) demand growth will remain sluggish across cyclical commodities (2) supply-side developments will ultimately be bearish for oil prices, and (3) traditional relationships between commodity prices and financial variables may not hold.