February 2023 - State of The Commodity Market

Our commodity-related macro framework for the month - All the macro fundamentals that investors with commodity exposure need to know

The commodity markets are off to a mixed start in the new year. Industrial metals shine with strong price gains. Some soft commodities are also trading near all-time highs. Meanwhile, the energy sector is in free fall.

Here is our monthly macro update on economic development, the USD, interest rates and much more.