Commodity prices have tumbled over the past month, signaling underlying weakness in the global economy despite the U.S. stock market bouncing back from recession fears.
But commodity markets may be telling a different story about the global economy.
The Invesco DB Base Metals Fund is down more than 7% over the past month, while crude oil futures dropped 14% from July 5 through Aug. 5.
@HG.1 YTD mountain Copper futures, YTD Weakness in China, the world's second-largest economy, is weighing on copper and oil in particular, Melek said.
OPEC on Monday lowered its global oil demand growth forecast this year by 135,000 barrels per day as expectations in China have softened.
Persons:
Rob Ginsberg, Ginsberg, Bart Melek, DBB @HG, We've, Melek, I'm
Organizations:
U.S, Investors, Invesco DB Base Metals, Wolfe Research, TD Securities, DBB, Metals, Copper, CNBC, Global, Beijing, European Union, World Trade Organization, Federal Reserve, Securities
Locations:
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