Overall it was a solid week for commodities. But one big loser were precious- and industrial metals. Driven by lower inflation expectations as well as higher yields the Realyield was surging and dragging metals down. The energy sector was once again on the winning side. Prices are already sky-high but the cold winter demand isn’t even priced in IMO. Grains also showed a good performance are in line with my expectations of a price decrease in this sector till year-end. The price action at Softs is still interesting, with Cotton, Sugar and Cocoa still deciding rather they break out to the up- or downside.
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