Nine Critical Energy Minerals For Investors
https://www.zerohedge.com/commodities/n ... e_vignette
Money managers held a net position of almost 58,600 contracts used to bet on lower prices for a basket of 20 raw materials in the week ended July 30. For more than eight years — including the peak of the pandemic — investors had held a net bullish wager on prices.
The reversal underscores mounting concerns about economic growth in China, which has for decades been the top demand engine, and ampler supplies of key commodities including corn and nickel. The move was exacerbated by an algorithmic sell-off in the oil market.
The Bloomberg Commodity Index, which tracks a basket of energy, crop and metals futures, is down 4% in 2024, reversing gains seen earlier this year. The gauge fell 13% in 2023, its biggest loss in five years.
Users browsing this forum: No registered users and 2 guests