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Commodity prices drop to March levels as supply outlook shifts, Daniel Lacalle notes
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, observes that the global commodity index has returned to levels last seen in early March.
He notes that markets are moving away from pricing in geopolitical risk premiums and are shifting from concerns over supply shocks to a focus on abundant supply.
Earlier this week, Lacalle observed that markets had started discounting supply concerns as geopolitical risk eased, with both the Baltic Dry Index and oil prices correcting from previous highs. He also reported that U.S. consumer confidence and key Fed activity indexes exceeded expectations. The recent movement in commodity prices aligns with these earlier trends.
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